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.
Trade Me is the largest Internet auction website operating in New Zealand. Managed by Trade Me Ltd., the site was founded in 1999 by New Zealand entrepreneur Sam Morgan, who sold it to Fairfax in 2006 for NZ$700 million. Trade Me was publicly listed as a separate entity on 13 December 2011 under the ticker "TME". Trade Me Ltd also operates several sister websites including Find Someone, Travelbug, Safe Trader and Holiday Houses. As of August 2015, Trade Me's website is the fifth most visited in New Zealand and is ranked 1,844th globally according to Alexa Internet. In 2006, the group of sites collectively generated over 60% of all web traffic originating in New Zealand. In a country with a population of 4.7 million, the Trade Me site has, as of August 2015, 3.7 million active members. As of June 2015, an average of 878,000 people visit the site each day. Participating traders primarily use New Zealand's banking system to settle payments, although Trade Me now offers sellers the ability to accept credit card payments by 'Pay Now'. Australian sellers must have a New Zealand bank account, while sellers from other countries are not allowed on the site without special approval, which reduces the potential for fraud. Many buyers pay cash on pickup with larger items - probably partially due to the relative concentration of the New Zealand population in a relatively small number of urban areas.
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