Eauction

This article describe the process of electronic auction (E-Auction),which is introduced to negotiate terms of contract between suppliers and buyers mainly in the industrial sector. This article describe the process of electronic auction (E-Auction),which is introduced to negotiate terms of contract between suppliers and buyers mainly in the industrial sector. The electronic auction (eAuction) is an e-business between auctioneers and bidders, which takes place on an electronic marketplace. It is an electronic commerce which occurs business to business (B2B), business to consumer (B2C), or consumer-to-consumer (C2C). The auctioneer offers his goods, commodities or services on an auction side on the internet. Interested parties can submit their bid for the product to be auctioned in certain specified periods. The auction is transparent, all interested parties are allowed to participate the auction in a timely manner. The two major types of the electronic auction are forward auction in which several buyers bid for one seller's goods and reverse auction in which several sellers bid for one buyer's order.