Online auction

An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices.^[1]^[2]^[3] Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules.^[4]

eCommerce sales for businesses have been steadily increasing for years, and with the migration of virtually all transactions to digital due to the COVID-19 pandemic, worldwide sales through ecommerce channels such as websites and online marketplaces increased overall in 2020 and beyond.

There are two primary markets for online auctions: business to business (B2B) and business to consumer (B2C). B2C is forecast to have over a 1% annual growth rate, achieving a nearly 22% share of total global retail sales by 2024. B2B ecommerce gross merchandise value showed a similarly steady rate through 2019, as to mirror its retail B2C counterpart.^[5]

The largest consumer-to-consumer online auction site is eBay, which researchers suggest is popular because it is a convenient, efficient, and effective method for buying and selling goods.^[6]

Despite the benefits of online auctions, the anonymity of the internet, the large market, and the ease of access makes online auction fraud easier than in traditional auctions. The Federal Trade Commission (FTC) categorizes online auction fraud reports with online shopping categories.^[7]

^ Kleusberg, Peter (2009). E-Collaboration und E-Reverse Auctions. Saarbrücken. pp. 16–25.{{cite book}}: CS1 maint: location missing publisher (link)
^ Engelbrecht-Wiggans, Peter (2006). E-Sourcing in Procurement. Management Science. p. 581.
^ Wyld, David C. (2012). REVERSE AUCTIONS 101. Louisiana: Southeastern Louisiana University.
^ Friedrich, Michael; Ignatov, Dmitry (2019). "General Game Playing B-to-B Price Negotiations" (PDF). CEUR Workshop Proceedings. 2479: 89–99.
^ "eCommerce Sales & Size Forecast". www.trade.gov. Retrieved 2023-01-30.
^ Bertsimas, Dimitris; Hawkins, Jeffrey; Perakis, Georgia (January 2009). "Optimal bidding in online auctions". Journal of Revenue and Pricing Management. 8 (1): 21–41. doi:10.1057/rpm.2008.49. hdl:1721.1/4006. S2CID 9033989. ProQuest 214492358.
^ "Fraud Reports". public.tableau.com. Federal Trade Commission. Retrieved 2023-01-30.

[1] Kleusberg, Peter (2009). E-Collaboration und E-Reverse Auctions. Saarbrücken. pp. 16–25.{{cite book}}: CS1 maint: location missing publisher (link)

[2] Engelbrecht-Wiggans, Peter (2006). E-Sourcing in Procurement. Management Science. p. 581.

[3] Wyld, David C. (2012). REVERSE AUCTIONS 101. Louisiana: Southeastern Louisiana University.

[priceneg-4] Friedrich, Michael; Ignatov, Dmitry (2019). "General Game Playing B-to-B Price Negotiations" (PDF). CEUR Workshop Proceedings. 2479: 89–99.

[5] "eCommerce Sales & Size Forecast". www.trade.gov. Retrieved 2023-01-30.

[6] Bertsimas, Dimitris; Hawkins, Jeffrey; Perakis, Georgia (January 2009). "Optimal bidding in online auctions". Journal of Revenue and Pricing Management. 8 (1): 21–41. doi:10.1057/rpm.2008.49. hdl:1721.1/4006. S2CID 9033989. ProQuest 214492358.

[7] "Fraud Reports". public.tableau.com. Federal Trade Commission. Retrieved 2023-01-30.

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