16-10-2010, 03:44 PM
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A WEB BASED ELECTRONIC AUCTIONING SYSTEM
INTRODUCTION
1.1 BACKGROUND OF STUDY
In modern business as well as other aspects of modern life, computers and the Internet have found great applications especially because of the way in which computers and the Internet are capable of conserving business resources. With the aid of the Internet, businesses are now capable of reaching a global market for their goods and services.
This way, billions of people are able to participate in auction sales through a website of an auction company running any auctions. This way, people place their bids on the website, watch the bids others are placing on the website for the particular product they are interested in and eventually make purchase of the product if he/she is the person who remains the highest bidder over a selected period of time. Preston et al (1987).
Since around 500 BC, auction sales have been a unique and (most times), highly lucrative means of selling products particularly because of the competitive nature attached to it and the fact that the price of the item on sale is usually not predetermined by the seller but it is eventually determined by the buyers of the item as a result of competing interests. So, in most cases, the seller of the product acquires far more profit than expected from the sale of an item. Krishna (2002).
Placing auction sales within websites on the Internet is an excellent way to generate huge profits from sales because all the advantages of the use of the internet are derived with very little or no disadvantages at all. This way, any item on sale on the auction website can be visible to a worldwide market and higher interests for the item can be reached when people with more value for the items are able to find it.
A system as this will not only save the company organizing the auction sales a lot of financial resources but will afford them a lot of convenience, privacy and security for the buyers of the products available on the auction sales website.
The magnitude of the advantages derived from auction sales online are so numerous that organizations these days are gradually making all of their auction sales online rather than the old fashioned auction house sales.
A WEB BASED ELECTRONIC AUCTIONING SYSTEM
INTRODUCTION
1.1 BACKGROUND OF STUDY
In modern business as well as other aspects of modern life, computers and the Internet have found great applications especially because of the way in which computers and the Internet are capable of conserving business resources. With the aid of the Internet, businesses are now capable of reaching a global market for their goods and services.
This way, billions of people are able to participate in auction sales through a website of an auction company running any auctions. This way, people place their bids on the website, watch the bids others are placing on the website for the particular product they are interested in and eventually make purchase of the product if he/she is the person who remains the highest bidder over a selected period of time. Preston et al (1987).
Since around 500 BC, auction sales have been a unique and (most times), highly lucrative means of selling products particularly because of the competitive nature attached to it and the fact that the price of the item on sale is usually not predetermined by the seller but it is eventually determined by the buyers of the item as a result of competing interests. So, in most cases, the seller of the product acquires far more profit than expected from the sale of an item. Krishna (2002).
Placing auction sales within websites on the Internet is an excellent way to generate huge profits from sales because all the advantages of the use of the internet are derived with very little or no disadvantages at all. This way, any item on sale on the auction website can be visible to a worldwide market and higher interests for the item can be reached when people with more value for the items are able to find it.
A system as this will not only save the company organizing the auction sales a lot of financial resources but will afford them a lot of convenience, privacy and security for the buyers of the products available on the auction sales website.
The magnitude of the advantages derived from auction sales online are so numerous that organizations these days are gradually making all of their auction sales online rather than the old fashioned auction house sales.
