An auction, or an eAuction (its digital counterpart), is a business transaction between auctioneer and bidder, be it B2B, B2C, or C2C. Just so, eAuctions occur in an electronic marketplace, where all involved parties are welcome to participate in a timely manner in this transparent environment. Auctions are typically classified into two main types: the forward auction (in which an auctioneer offers products or services and interested parties submit their bids, causing the price to increase) and the reverse auction (in which several sellers bid for one buyer/host’s order, attracting the buyer by lowering the price).
Waging your personal battle to succeed in a competitive and globalized market, think of the auction as a weapon in your business’s armory. As any “weapon”, it is exactly as effective or as ineffective as the person wielding it; the usefulness or value of an auction expands or collapses in proportion to one’s own capabilities and knowledge. Many people refrain from dabbling in auctions, scarred by misinformation or past failures.
In this paper, we seek to debunk the most popular and harmful of these myths. We furthermore lay out a foundation for explaining and exploring the purpose, benefits, and authenticity of these business transactions. Conducted knowledgeably and ethically, auctions open the door to a plethora of opportunities, insights, and savings.
