E-Auction Site Specifications
It is required to build an e-Auction system with the following specifications.
The process of an online auction is much the same as a live auction. This means that users place bids for items, and the goods get sold to the highest bidder. You are notified through email on the status of your bids, that is when you place a bid, when you've been outbid and when you've won an auction.
Before participating in an auction, the user must first registerand choose a User name. Once you register, you can buy and sell for free (no commissions, no registration fee!).
- Bid for items
Items may be found by visiting category listings or using search tools. From here, a category of interest can be chosen, and then the particular auction you would like to bid on. You must login to continue further.
On every item page, there is a bidding form through which you may place bids on the item. To bid on anauction item, enter your bid amount. While entering your bid, you need to consider the bid increment. The bid increment is the amount by which each bid increases. The seller sets this amount. The bid amount should be one bid increment or more above the current leading bid specified on the auction page.
- Post/Sell items
You need to be logged in to create your own auction. After doing so, you need to specify various things like the start price, bid increment, the reserve price, the duration of the auction, payment and shipping details **etc. A description of the product is also required.
The reserve price is the minimum price that the seller is willing to accept for the item. The seller sets this amount before the auction starts, and it is never disclosed.
The start price is the price at which the auction starts. It is generally 10-20% below the reserve price to encourage bidding. If no reserve price is specified, the start price is the reserve price also.
- After the auction
At the end of every auction, you would receive an email (if your bid is the highest at that point of time) with your seller's contact details. You would then need to contact your seller to arrange for the delivery and complete the deal offline.