Vol. 8, Issue 3 (2019)

Author(s):
Dr. Suresh Kumar

Abstract:
An online auction system is a web-based platform that allows sellers to list items for sale and buyers to place bids on those items in real-time. This system offers a convenient and accessible way for buyers and sellers to conduct auctions from anywhere in the world. The auction process is typically managed through a set of rules and procedures, including registration, item listing, bidding, payment, and shipping. Online auction systems are commonly used for a wide range of goods and services, including art, antiques, collectibles, and consumer products. However, they also face challenges related to fraud, security, and privacy, which must be addressed in order to ensure the integrity of the auction process. This paper provides an overview of online auction systems, including their key features, challenges, and potential benefits, and discusses some strategies for improving the efficiency and fairness of the auction process.