An online auction is an auction which is held over the internet. Online auctions come in many different formats, but most popularly they are ascending English auctions, descending Dutch auctions, first-price sealed-bid or sometimes even a combination of multiple auctions, taking elements of one and forging them with another. The scope and reach of these auctions have been propelled by the Internet to a level beyond what the initial purveyors had anticipated. This is mainly because online auctions break down and remove the physical limitations of traditional auctions such as presence, time, space, and a small target audience. Now a day’s online bidding portal has gain much popularity. It is real time platform for buyers and seller where then can buy and sell anything as per their industry.
eBay is a multinational e-commerce corporation, facilitating online consumer-to-consumer and business-to-consumer sales. It is headquartered in San Jose, California. eBay was founded in 1995, and became a notable success story of the dot-com bubble. Today it is a multibillion-dollar business with operations in about 30 countries.
The company manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide. In addition to its auction-style sales, the website has since expanded to include "Buy It Now" shopping; online classified advertisements; online event ticket trading; and other services. The website is free to use for buyers, but sellers are charged fees for listing items and again when those items are sold.
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