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Trust in Online Auctions - Case Study Example

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This paper "Trust in Online Auctions" discusses an E-auction as a real-time affair that takes place on “World Wide Web”, permitting numerous sellers in geographical areas to leave and amend their bids on an item concurrently. It is possible for buyers to modify e-auctions to their tailor needs…
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Trust in Online Auctions
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Extract of sample "Trust in Online Auctions"

Download file to see previous pages As the fig 1.0 demonstrates, an e-auction is a module of sourcing, choosing a trader and approving a contract. It consequently erects on high-quality procurement practice and is not an alternative for it.

During this modern era, the accessibility of the internet has augmented at an express speed and approximately every person in western humanity has contact with the internet. In harmony with the mounting convenience of the internet, the exercise of electronic marketplaces, particularly of E-auction podiums has to turn out to be extra lucrative and famous. Predominantly, SME’s and clients have started to connect more effectively in online marts biased on platforms similar to “e-Bay and On Sale.” (Holden, 2007)An annual internal update of E-Bay reveals that as of the current situation the company is having over 240 million records registered users in all over the world, which is a market share of hefty 86 % and amid those users there are thousands of non- professional vendors earning with retailing on e-Bay. (Holden, 2007)

This paper will give an answer to this question taking e-Bay as a representative for the whole Internet auction industry. First, it will define the differences between traditional auctions and the online auctions. Subsequently, a brief description of how E Bay auctions work, what the typical auction rules are and how auctions fix prices will be given. Afterward what impact trust has for the consumers and if trust between consumers can be established will be discussed.

E Bay is an early leader of a specific class of e-commerce i.e. web auctions. The company was established in the year 1990 and altered to a public limited company in the year 1998, eBay offered to buy and sell podium in WWW and acted as launchpad given that pre-sales and post-sales VAS for 3 crucial categories of e-auctions. (Holden, 2007)
The traditional auction procedure entails a series of rising bids by the budding buyers till the uppermost bid is acknowledged by the auctioneer. ...Download file to see next pagesRead More
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