E-Auction In India
Electronic Auctions or E-auction is the technology enabled mechanism for carrying through the action process. The intending purchasers are given access to the system to take part in the auction and place the bid.
Traditional Auction operates as an offline market mechanism for trading specified item at a market-negotiated price based upon demand and supply. It is a very long standing offline operation of trade.
The Internet, secured transaction environment and advanced web technologies, has enabled an online mechanism for carrying through the auction process. The limited participation of intended purchaser is carried through by using electronic commerce technologies to bid. This enables larger participation, because Internet users are able to participate in the Auction to bid for specified items.
At times, reserve price or floor price is fixed. And if the highest offer is more than the reserved price, the offered products are considered to be sold.
The terms and conditions for various auction process vary among various companies.
AuctionIndia – India’s first B2B Auction Site
AuctionIndia, owned by TVS Electronics Limited, is India’s first Business to Business ( B2B) Website. This enables an online super marketplace for industrial Assets.
MSTC Limited, a Government of India enterprise opens up various e-auctions such as
- Scrap e-auction
- Iron ore e-auction
- Coal e-auction
MSTC Limited sells Capital equipments, coal, scraps, stores and spares worth around Rs. 20000 million every year. The company offers selected items on auction. The floor price is fixed and if the highest bid is more than the floor price, then intimation letter for sale is automatically sent by system. The system is automatic and transparent.
Please visit mstcindia.co.in’ and mstcecommerce.com’ for complete details.
Tea Auction in India
Teaauction.gov.in handles more than 50 crore kgs of tea annually. The six e-Auction Centers are
The Buyers, Auctioneers, Manufacturers and Warehouse are granted access to the system. The E-Auction process starts from Invoice Creation till the physical delivery of tea from the warehouses. Tea Board of India supervises the entire process of Tea Auction in India.