| Compared to traditional e-commerce sites, the auction | | | | for auction. Similarly, a person does not need to wait to |
| based e-commerce model has certain advantages: | | | | place a bid and like the forex market, online auction |
| Worldwide Access | | | | sites are open 24x7 the year round. |
| The biggest downside of traditional e-commerce sites | | | | No restrictions on products |
| is that they are usually restricted to a particular | | | | Unlike traditional e-commerce sites, auction sites are |
| geographic location. For example, an Indian buyer can | | | | not restricted to a particular group of products. Users |
| only buy US products if he pays hefty international | | | | can buy and sell anything from teddy bears to cars on |
| shipping, and there is a chance that the US seller does | | | | online auctions sites. Traditional, e-commerce cannot |
| not offer international shipping. Online auction sites are | | | | compete with online auctions sites as it would require a |
| the ideal ground for people to meet buyers that are | | | | considerable amount of money to stock and store |
| from the same country or offer international shipping. | | | | such a wide variety of products. Online auctions sites |
| For example, an Indian buyer can find other Indian | | | | epitomize the term ‘one stop shop'. |
| sellers through online auction sites, something that was | | | | Competitive for both buyers and sellers |
| not possible with e-commerce sites. | | | | Online auctions are advantageous to both buyers and |
| Another advantage of online auction sites is that there | | | | sellers. Buyers can find the most competitive deal |
| are no geographic limitations whatsoever. People from | | | | possible. Most online auction sites have more than one |
| all over the world can access online auction sites and | | | | seller offering the same product, and buyers can buy |
| buy and sell products and the reason for the | | | | products from a seller that is offering the most |
| phenomenal success of online auction sites is their | | | | competitive price. Similarly, a seller can choose to |
| amazing world wide coverage. | | | | auction products at a minimum price and anything over |
| No time constraints | | | | and above the price is a bonus for the buyer. |
| Since online auction sites are accessed by people | | | | Interestingly, a seller can choose not to sell a product if |
| from all over the world, there are no time constraints | | | | the minimum auction price is not met and many sites |
| whatsoever. A user from India does not need to wait | | | | allow sellers to retract their auction if they feel the |
| for the US office to open before putting up a product | | | | transactional will be ‘counter productive'. |