What are the benefits of e-Auction?

Online transactions are the future of tomorrow's global economy. Nothing is more appealing than buying and selling goods without stress and discomfort while having immense shopping options before you. This is, perhaps, the most inviting and endearing benefit of E-auctions. E-auctions allow buyers and sellers to bid or put up assets for bids at their convenience. They do not need to leave their homes' comfort, save time and energy, and are more comfortable when making transactions.

What is an E-Auction?

An E-auction is a sales event where potential buyers place bids on interested sellers' assets and goods online. Its operation method is no different from the conventional approach to auctioning, only that it is done online. It can be performed both in closed and open formats, just like the traditional approach.

How do E-auctions work?

E-auctions work the same way as conventional auctions, only that it is conducted online. An auction can take two formats: the closed and the open format. In the open format, bidders are aware of the competing bids amounts and will continue to bid until someone is declared the winner. The bid can also end when buyers drop out of the bidding. However, bidders are not aware of the bids of their competitors in the closed format. A closed format of auctions is preferred in business transactions that include selling a company or its assets. Interested buyers have to submit their bids to the seller, who then decides the winner.

Buyers are allowed a preview period before the start of the auction. This period will enable them to examine the conditions of the items on sale. To continue the process, they have to register with the auctioneer. This will require the contact information, like address, phone number, et cetera, of the buyer, and a bidder card is given to every registered buyer as the final procedure in the registration process. The auctioneer opens up the bid at a reasonable price, allowing every buyer to place their bids until a winner is evident. The bid ends when there are no more bids, and the buyer with the highest bid gets the item.

What are the benefits of E-auction?

Online auctions offer a win-win situation to both the buyer and the seller. For the buyer, it is easier to watch out for upcoming auctions and cheap deals. The seller, on the other hand, uses the auction as the most transparent method of getting the assets at an immense exposure. Other benefits include;

E-auction is not location restrictive

E-auction allows buyers to bid from anywhere in the world—it has no geographical boundaries. On the other hand, a seller can showcase the asset to millions of people conveniently and easily. The item to be sold is made available online, and interested buyers from anywhere in the world place their bids. The bid ends when the seller is comfortable with a buyer's offer.

It levels the field while attracting more interested buyers

Online auctions help to promote confidence in the value of the item to be sold. Its concept also makes it impossible for unserious to get anywhere. Those who bid online do prior research and have analysed the real value of the product, and as they say, preparation leads to success, they are most likely to buy it.

All goods can be auctioned with E-auction

You can put up anything for sale with E-auction—clothes, foodstuffs, medicine, cars, et cetera. It benefits the seller as there is increased confidence that their goods will be purchased. For the buyer, there are so many options and goods to be purchased.

E-auction has no time limit

There is no time restriction to bidding online. Usually, the conventional auction has a time limit and cannot be carried on for a long time. However, one benefit of e-auction is that a buyer can bid at night, even when the seller has been long asleep.

The transactions are quick and reliable

The conventional auction can be tiresome, boring, dull, and time-consuming. The E-auction, on the other hand, is delay-free and does not allow for the dull methods. It is also faster and more reliable than the traditional method of auctioning.

It is clear that the benefits of E-auction far outweigh its conventional counterpart. In truth, E-auction is the future of the auction business. Our platform, EesAuction, provides a safe, secure, and reliable platform for buyers and sellers alike. This, in itself, makes us a dependable company to trust with your goods.

What are the services offered by EesAuction?

EesAuction is an online auction platform where different types of goods are displayed to be sold. Buyers have to bid competitively on these goods, and the one with the highest bid gets the item. EesAuction, the first of its kind in Nigeria, is such a platform that combines e-Commerce, e-Auction, and e-Empowerment to give an optimal customer experience to its users.

What is e-Commerce?

e-Commerce, also known as internet commerce, is the buying and selling of goods and services over the internet. The online transfer of money and other payment means are also an intricate part of the e-Commerce system. It is different from e-Business, which entails all aspects of operating an online business since it deals only with the transaction of goods and services.

In today’s world, e-Commerce has progressed to make the visibility of goods up for sale clearer while making it easier to transact business for buyers. With e-Commerce, goods are visible to many potential buyers, narrowing down the possibility of an item being sold. e-Commerce is one of the three primary services offered by EesAuction. They have managed to build their company around the models of e-Commerce, making it easier to trade on their platform.

Types of e-Commerce models

There are four significant types of e-Commerce models, and they describe the relationships between consumers and sellers. They are;

Business to Consumer model (B2C)

In this model, transactions are made from a business or a brand to an individual customer/ consumer.

Business to Business model (B2B)

This is a transaction between one business to another business in need of that service or product. Take, for example, a business that sells computer software for other companies to use.

Consumer to Business model (C2B)

In this model, consumers sell personal products or services to a business or organisation for an agreed fee.

Consumer to Consumer model (C2C)

Here, a consumer sells products or offers a service to other consumers. Take, for example, the sale of household furniture from one consumer to another.

EesAuction have been able to incorporate the majority of these models on their platform. This allows both sellers and buyers alike to have an optimal experience during the auction. On the platform, items can be put up for sale by individuals or businesses and bought by a company or an individual.

What is e-Auction?

An auction is a sales event where potential buyers place bids on goods and items that range from clothes to art pieces, et cetera. Therefore, e-Auction is an auction that is performed over the internet. The benefits of e-Auction make it a more appealing venture than its conventional counterpart. In a country like Nigeria, EesAuction has excellent potential to succeed because of the people’s awakening to the benefits of online marketing.

Some benefits of e-Auction are;

Lower prices

e-Commerce generally provides savings of less than 10% when compared to previously negotiated prices.

It is a time-saving venture

With e-Auctions, negotiations are conducted at the same time with all suppliers. This allows the process to be completed in less time than its traditional counterpart.

Market transparency is assured

It is expected that there are no favours in online auctioning. All bidders are given the same information and details and are bidding against the same product.

Process improvement

With e-Auction, there is a structured and uniform working procedure for all customers. Bids are accepted only within the system, with all data stored in a single place.

EesAuction tries to ensure that all transactions are performed under a reliable, secure, and safe atmosphere, where every customer and seller is respected. With their well-structured working procedure, an optimal experience of online shopping is guaranteed.

What is e-Empowerment?

Empowerment in business means more authority is given to people. It implies creating conditions where everyone involved in the transaction process can exploit their potential fully. For employees, it means tweaking the working conditions to make them comfortable and more productive. For consumers, empowerment implies creating a platform that allows consumers to have an optimal experience when they shop.

When a company invests in empowering its customers, it creates a customer-centric atmosphere that allows traders and buyers alike to relax and transact more comfortably. e-Empowerment is the ability of businesses to translate this seemingly offline characteristic to their online platforms. EesAuction, as part of their corporate social responsibility, seeks to ensure that their customers are empowered through the use of their platform.

With these services, our company, EesAuction, makes sure that consumers get value for their time, shop well and comfortably, and are empowered as they do it.

What is EesAuction?

EesAuction is an online E-auction platform on which goods, classified under industries such as technology, automobiles, textiles, et cetera, are auctioned. It is the first of its kind in Nigeria. EesAuction aims to improve sellers' visibility to interested buyers while providing a platform that allows buyers to have a stress-free experience while shopping.

About EesAuction

It is a company that was established in 2020 to improve the shopping experience of both buyers and sellers online. They aim to enhance the visibility of a sellers' goods to interested buyers, while making sure that these items are available and affordable. An auction is an event where buyers place bids on assets and goods. Online auctioning, also known as E-auction, is the conventional auction conducted over the internet. However, the concept of E-auction is not understood by the majority of the Nigerian populace. This is because of the slow progress of economic development in the country, which implies that it still has a long way to go in the country.

Many businesses have begun to invest in the online market's opportunities since the advent of the internet. Goods from different sellers are displayed online for interested buyers to get. This enterprise's benefit is that interested buyers from anywhere in the world can buy these displayed goods at reasonable rates. The auction, a complex form of shopping, has also been translated from its traditional form to incorporate the online market's intricacies fully. This transition birthed what is now called online auctioning or E-auctioning.

Online auctioning can revolutionise the online business market in Nigeria though it is a late entrant. It is to fulfill this need that EesAuction was born. It is a company that seeks to address the gap between public sales and the purchasing character of interested buyers. Its services cut across concepts of e-Commerce, e-Auction, and e-Empowerment. The operations on the EesAuction platform are similar to the standard processes involved in auctioning.

A dedicated company they have the vision of becoming a household name in Nigeria by 2022. They hope to be the most reliable and dependable E-auction company in Nigeria, Africa, and globally. To achieve this, they have to improve people's confidence and participation in the auctioning process while making sure that originality, transparency, customer satisfaction, among many other virtues, are their creed.

How do you bid on EesAuction?

With EesAuction, bidding is time-based, which implies that bidding will commence at a set time, and the timer will countdown to zero. It is important to note that the item to be sold is displayed online days before the bidding is set to begin. This period is known as the previewing period that allows interested buyers to get acquainted with the item they want to purchase. To start to bid on the EesAuction platform, buyers will have to follow some steps to make them eligible for bidding.

First, a buyer must register and sign-up on the platform, creating a profile on their page. An e-wallet will be provided that the buyer has to fund with #1000 to be an eligible bidder. When the item of interest has been marked, the buyer has to click on the bid button to commence bidding. The last valid bidder with the highest bid is declared the winner of the auction. All bidders must remember that the bid value is deducted from their wallet, and it is non-refundable.

After the bid, the highest buyer, who is also the winner of the bid, is expected to close the deal within three working days to a specified account owned by EesAuction. The payment for the goods will be verified within 24-hours of a working day. The winner of the bid will collect the item from a delivery centre designated for EesAuction within the city the buyer registered. It is important to note that the buyer's right to the auction is foreclosed if the bid is not closed within three days.

It is also important to note that every good won must be claimed within five working days from the bid's date of closure. If the buyer cannot claim the item within this time, EesAuction must be contacted within 24 hours before the expiration date. When a buyer refuses to claim the item, EesAuction discards their obligation to the buyer, and they do with the item as they see fit.

Buyers may decide to close their account with us and will be allowed to withdraw 80% of their balance, where the 20% is non-refundable. It is important to note that we will not permit the withdrawal if it is linked to transactions that allow the transfer of money from one payment method to another.