Introduction to e-Auctions

e-Auctions initiated by the buyer use the internet to share communications, and this provides both buyers and suppliers with visibility of bid status in real-time and allows an instant response.

Information about Introduction to e-Auctions

The use of on-line auctions (e-auctions) has increased rapidly in the last few years since they came onto the purchasing scene in the late 1990’s through the development of internet-based applications. Research undertaken by CIPS in conjunction with Oracle and the University of West England - IAdapt, -estimates that, within the UK alone, during 2002 there have been at least 2500 individual e-auctions undertaken by buyers and that they have grown at least ten fold each year since their arrival. The Financial Times stated on 13/03/02 that worldwide e-auctions turnover had reached $30bn with savings of $6.4bn.

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