Online Auction Management System For Buyers And Sellers To Reduce Negotiation Period

Abstract

An auction is a system that helps in buying and selling of goods at online platform through bidding. The person with higher bid tends to buy at the final satge of the bidding. The buyers and sellers compete with each other at every bidding to obtain the goods at a reasonable price. This process involves fixing an amount for the product and proceeded that the buyers sets an amount by bidding.
The bidding process stops when the last bidder tends to accept the fixed amount at the higher price than the other bidders. This allows to have the a reasonable price for both the buyers and sellers to obtain the maximum desired cost for the goods. The biding system is nothing but the set of agreements and understanding of the partnerships. There sre two types of auction namely english auction and
dutch auction. Thus the proposed system enhances a online platform for buyers and sellers to have higher productivity cost and to eliminate the negotiation period.