INDIATIMES AUCTION
The process in which things are brought and sold by bidding is called an auction. A bid is an offered price. The goods are sold to the highest bidder. The history of auction dates back to 500B.C.Economics states that auction determines the value of a commodity which has variable and undetermined price. There are Auctions with reserve or minimum, or absolute, without minimums or with no reserve. Reserve auction states that if the bid does not reach the minimum offered price, then there is no sale, whereas in absolute or no reserve auctions there is a guaranteed sale with only the price left to be determined.
HOW TO BID
It is simple to bid at Indiatimes Auctions. There are seven steps involved.
1. Sign In
You need to sign in first. Register for free if you are a new user.
2. Choose the Product to Bid For
By clicking on the category you like on the home page you can find the product of your choice.
3. Placing Your Bid after choosing the product, click on the product title to go in the bid page. This page has three different sections - Product Details, Auction Details, and Seller Details. These are about the type of auction, the quantity available, bid increment, the current bid, payment and shipping information, opening and closing dates for the auction and a lot of other important details.
Before participating in the bid, you will need to go through the information that is being conveyed to you in these sections.
4. Enter the Bid Amount
You should bid an amount that is more than the current bid and you can choose for the auto bid option as well. Your bid should exceed the Current Bid by the Bid Increment or multiples of it.
5. Once you've won the Bid
After winning the auction, you'll be informed by an e-mail. The seller will also be communicated informing him/her about you.
6. Seller Contacts You
At the close of the auction the seller will contact you or vice versa through an e-mail.
7. Follow the Seller's Payment Instructions
Now you have to simply follow the seller’s payment instructions and you are free to make any additional request regarding information about the item you have won in the auction.
