Reverse Auction on Ebay a Success!
May 18th, 2005
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“An online auction format that puts sellers into competition for individual buyers has attracted a quarter-million postings on eBay since its introduction in December, the Web marketplace said on Tuesday.
Ebay introduced “Want It Now” in December, ahead of the holiday shopping season. Shoppers post requests for specific items, and sellers browse those postings, which have included everything from novelty T-shirts to a San Francisco-area strip mall.
Even with 250,000 postings, the feature remains a small fraction of eBay’s total business.”
(Via Yahoo News)
Reverse auctions have kept Sellers competing to meet needs of customers – Now thats truly Customer First! You can also check out these books on how to trade successfully on ebay
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That was a nice feature introduced by eBay. Very popular which means people want to use eBay, but they are at the same time trying to save money. What better way then through reverse auctions. I am referring to those ( expl. http://www.oltiby.com ) where the buyers post an ad for an item and then sellers come to compete for their business. Now, that are the true savings!
I think reverse auctions are the future for the mass consumers as well. I am currently doing a white paper on reverse auctions. I believe the traditional e-commerce models tend to favour the seller and reverse auctions become revolutionary for most consumers since it provides a better deal and an overall enriching experience.
No doubt that reverse auction is going to be the next generation of ecommerce model which eevryone will see online. I have been using http://www.bizegator.com and so far its been fantastic, they have got me better deals than what I expected