It is an e-business between auctioneers and bidders. The auctioneer usually government department offers goods, commodities or services on an auction side. Interested parties submit their bid for the product to be auctioned in certain specified period. The auction is transparent, all interested parties are allowed to participate the auction in a timely manner.
The two types of the e-auction are
- Forward auction – In it several buyers bid for one seller’s goods
- Reverse auction – In it several sellers bid for one buyer’s order.
