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Since their introduction several years ago, online auctions, such as eBay, have been one of the hottest destinations on the World Wide Web. Auction sellers are attracted by the prospect of a broad venue for their products and the possibility of high profits. Bidders on online auction sites are drawn to the unique shopping opportunities and potential to purchase hard-to-find items at low prices.
One such website in Mauritius is www.mauritiantrader.com . As an online marketplace, MauritianTrader offers a window of opportunities to businesses and individuals by allowing them to buy and sell almost anything online. It even gives buyers the opportunity to request a specific item from sellers (reverse auction). Items sold can be new or used ones and they cover all categories from electronics, fashion items, books, cars, antiques, furniture etc.
What makes online auctions so attractive to businesses is the number of people bidding against each other. It provides an instant audience that secures the seller the best price. As for the buyer, the speed, simplicity and variety of goods on offer can vastly speed up procurement.
Benefits of buying on auction websites
Bidding for products has advantages over traditional purchasing for both buyer and supplier. Businesses save time spent on procurement by finding, comparing, ordering and paying for products in one sitting. Repeat orders can also usually be made quickly and cheaply. Experienced bidders save time by using software to keep track of several auctions at once, setting up automated searches and bid alerts.
Many businesses use online auctions for buying items that are non-critical to their business such as office furniture, or to track down specialist equipment, that can be picked up second-hand at a keener price.
As for individuals, the convenience of sitting at home and shop for something is thrilling. Just a few clicks and you can find what you are looking for at great prices in a matter of seconds.
Benefits of selling on auction websites
Businesses selling products or services at an online auction are likely to see reduced marketing costs, as they are tapping into a ready-made community of buyers at a well-established auction. Moreover, they get access to a much wider market - small suppliers gain a worldwide audience.
Many companies find selling at auctions gives them useful feedback on their products and services - they treat it as an opportunity to test products and gauge value. Another key benefit is being able to offload excess stock quickly and cheaply. It can also help cut out the middle man.
Some individuals go for auction websites simply because they want to make some extra money. So, they buy products on sale and sell them at a slightly higher price but lower than the regular market price. Other people may just want to clear up clutter around the house by selling second hand items or even may want to start their own business by advertise their products online.
Mauritians have been lagging behind on online trading mainly because there was no local auction website in the past. Moreover Mauritians still hold on to their traditional ways of doing business. They feel the need to see-touch-feel a product before buying. However, with a local website like MauritianTrader, where users are mostly Mauritians, they can arrange to meet and view the item before making any payment.
Mauritians may feel skeptical at first to adopt this new way of doing business. Just like millions of people around the world buying and selling online, Mauritians will quickly realise the benefits they would derive from online trading. The uncertainty of a buyer's or seller's reliability may be another cause for not choosing online auctions. However, like eBay, MauritianTrader has a feedback feature. The buyer/seller gets a feedback at the end of each transaction. The more transactions, the more feedback and therefore the more a buyer/seller's "reputation" can be evaluated accurately.
It is high time Mauritians make use of this service, especially small businesses that do not necessarily have the powerful tools for effective marketing. Not only will they be selling to Mauritians but also obtain global exposure. Mauritius should make the next step and catch up with the latest methods of doing business effectively.
Z.Khan Economic Analyst
Tea prices fall on subdued demand at Kochi auctions
The Hindu BusinessLine
A subdued demand from blenders impacted tea prices at Kochi auctions this week with several varieties seeing drop in rates. The market for good liquoring teas in CTC dust was irregular and lower by ₹2-3 and sometimes more, following quality. Medium and ...
Virgin Islands Daily News
IG report: Lt. Governor's Office added thousands in fees to property sales to cover ad losses
Virgin Islands Daily News
In attempting to recoup nearly $300,000 lost in advertising for a dozen property tax auctions that reaped only $20,000, the Lt. Governor's Office artificially inflated dozens of subsequent transactions that resulted in thousands of dollars in improper ...
'It's rare': Why two North Melbourne auctions had five bidders each in a weak market
When vendor Liz Aird saw the roses in bloom in front of her mother's former North Melbourne home on Saturday, she took it as a favourable omen for the auction to come. The terrace at 487 Dryburgh Street had been in the family for close to 50 years and ...
The Indian Express
Royal Challengers Bangalore sell Quinton de Kock to Mumbai Indians in first IPL player tradeoff
The Indian Express
RCB, who bought de Kock for Rs 2.8 crore at the 2018 auctions, have sold him to Mumbai at the same price. To offset the deal, Mumbai have released Bangladesh seamer Mustafizur Rahman, who was bought for Rs 2.2 crore at the 2018 auctions and Sri ...
BigIron Realty seeing business boom with online land auctions
The business, once known as Stock Realty and Auction Co., years ago branched out into the web space and has become a powerhouse in several areas, such as for those interested in buying and selling farmlands. BigIron has rapidly grown in part thanks to ...
Auctions and fairs: what's coming up in art and antiques
West Cork Country House Auction, Sunday, October 21st, 4pm. To include collections from two large private houses – Simla in Passage West, the home of the Roberts family for almost 100 years. and Milton in Bandon, a period home dating from around 1810.
IPL 12 Auctions Likely to be Held on December 16: Report
IPL 12 Auction: The cash-rich Indian Premier League auctions are slated to take place later this year according to an ESPN Cricinfo report. The IPL 12 auctions are set to take place in Goa if the report is to be believed. The auctions usually take ...
NHA auctions nine vehicles for Rs13.7m
ABBOTTABAD: The National Highway Authority auctioned its nine vehicles here on Friday fetching Rs13.7 million. The auction was held at the NHA general manager's office and was supervised by senior officials of the authority. The officials said the ...
NHA Abbottabad auctions nine vehicles
Our Correspondent. Abbottabad. Following the Prime Minister Imran Khan's austerity drive regional office National Highway Authority (NHA) Abbottabad on Friday auctioned off 9 different vehicles worth Rs 14 million. The reserve price of the nine ...
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