The type of online auctioning described on the home page is the most common form of online auctioning and is known as Forward Auctioning, which is simply where sellers post items for buyers to bid on.

The advantage of Forward Auctioning for the buyers is that they can place bids more than once, where they can bid, be out-bid, and then bid again to become the winning bidder, plus buyers have access to a large range of rare items, and can see all the bids that have been placed to assess the item's current price. Sellers also have an advantage because they have a place to liqudate old stock or even overstock. For the seller, the current market price is reached and they benefit from increased profit margins.

Internet Auction

The advantages of Reverse Auctions is usually for the buyer since they can get the product or service they're seeking at the lowest price and they quickly find what they're looking for since they don't have to shop around, because the sellers come to them instead. There is also an advantage to the seller since they now have additional customers to do business with.