E-auction

An e-auction, or electronic auction, is an online process where buyers and sellers participate in bidding for goods or services over the internet. Participants submit competitive bids in real-time, with the highest bid winning. E-auctions are used by organizations to find the best price efficiently, often for procurement or selling surplus items. They can be open, where anyone can bid, or sealed, where bids are private until the auction ends. This method saves time, reduces costs, and increases market transparency by enabling widespread participation in a digital marketplace.