The first thing that probably comes to the mind of most Nigerians is that an auction is where a man in a black suit, holds up one antique painting, some people sitting down scream prices (every voice screaming a higher price than the last) and then the man screams the words “GOING, GOING, GONE!, as he hits one hammer down on a table (LOL) e.g. Catholic Bazaar.

Now if you think that way you are not exactly wrong as some auctions are done that way. An auction refers to several types of sales where the price is neither set nor arrived at by negotiation, but is discovered through the process of competitive and open bidding. There are different kinds of auctions. However, the purpose of this is to bring what online auctions are to the light for Nigerians. Online auctions sites are steadily becoming quite popular as one of the most visited web pages on the internet, but do we really know what they are?

An online auction is an auction which is held over the internet that people can go in order to buy or sell goods or services online for a small fee. Bidding is used to determine the cost or value of something. Bidding can be performed by a "buyer" or "supplier" of a product or service based on the context of the situation. In the context of auctions, the price offer a business or individual is willing to pay is called a bid. A[b] bidding fee[/b] auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. The auction ends after a period of time, typically ten to twenty seconds. Without new bids, the last participant to have placed a bid wins the item and also pays the final bid price. Such auctions are typically held over the Internet.

Online auction business model is an interesting concept born of technological prowess to market goods and services and the success of E-commerce. Where else could you buy an iPhone for #150 (one hundred and fifty naira) from the comfort of your room in Lagos? We've come such a long way with technology!

LOOKING TO GET GREAT STUFF AT EXTREMELY AFFORDABLE AND CHEAP PRICES? CHECK THESE SITES OUT (some are for those in just a particular country, while others are for everyone, anywhere):

Ebay - www.ebay.com

Craybid (Nigeria) - www.craybid.com

Amazon – www.amazon.com

Madbid - www.madbid.com

Even the best can be afforded, do your research and get out there! (If you’re in Nigeria, I strongly recommend you check the Nigerian site, Craybid, out).

You just got the Social media job shey, nice one, congrats. Is your office in lekki area? I used to know an online auction company around that area....krackbid i think...

KikiA:
The first thing that probably comes to the mind of most Nigerians is that an auction is where a man in a black suit, holds up one antique painting, some people sitting down scream prices (every voice screaming a higher price than the last) and then the man screams the words “GOING, GOING, GONE!, as he hits one hammer down on a table (LOL) e.g. Catholic Bazaar.

Now if you think that way you are not exactly wrong as some auctions are done that way. An auction refers to several types of sales where the price is neither set nor arrived at by negotiation, but is discovered through the process of competitive and open bidding. There are different kinds of auctions. However, the purpose of this is to bring what online auctions are to the light for Nigerians. Online auctions sites are steadily becoming quite popular as one of the most visited web pages on the internet, but do we really know what they are?

An online auction is an auction which is held over the internet that people can go in order to buy or sell goods or services online for a small fee. Bidding is used to determine the cost or value of something. Bidding can be performed by a "buyer" or "supplier" of a product or service based on the context of the situation. In the context of auctions, the price offer a business or individual is willing to pay is called a bid. A[b] bidding fee[/b] auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. The auction ends after a period of time, typically ten to twenty seconds. Without new bids, the last participant to have placed a bid wins the item and also pays the final bid price. Such auctions are typically held over the Internet.

Online auction business model is an interesting concept born of technological prowess to market goods and services and the success of E-commerce. Where else could you buy an iPhone for #150 (one hundred and fifty naira) from the comfort of your room in Lagos? We've come such a long way with technology!

LOOKING TO GET GREAT STUFF AT EXTREMELY AFFORDABLE AND CHEAP PRICES? CHECK THESE SITES OUT (some are for those in just a particular country, while others are for everyone, anywhere):

Ebay - www.ebay.com

Craybid (Nigeria) - www.craybid.com

Amazon – www.amazon.com

Madbid - www.madbid.com

Even the best can be afforded, do your research and get out there! (If you’re in Nigeria, I strongly recommend you check the Nigerian site, Craybid, out).