Auctions
   
   
eDiig offers both Forward and Reverse auction services through the platform which can meet the requirement of such clients who want
to conduct these events based on their service type.


A. Forward Auction - In this process of forward auction we offer additional value to an assett by increasing the compitition between the prospective buyers.The auction ends when no participant is willing to bid further, or when the pre-determined time is reached, at which point the highest bidder pays the price. This type of auction is normaly used to determine the value of a particular thing as per the market trends. It is an easy process where you can find the exact market response to any property. This type of auction is used a lot offline to sell Government Properties, Private Objects etc. Auctions are publicly and privately seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following:

• the antique business, where besides being an opportunity for trade they also serve as social occasions and entertainment
• in the sale of collectibles such as stamps, coins, classic cars, fine art, and luxury real estate
• the wine auction business, where serious collectors can gain access to rare bottles and mature vintages, not typically available through retail channels
• in the sale of all types of real property including residential and commercial real estate, farms, vacant lots and land
• for the sale of consumer second-hand goods of all kinds, particularly house clearances and online auctions.
• sale of industrial machinery, both surplus or through insolvency.


Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level. Examples of this type of auction include:

• sales of businesses
• spectrum auctions, in which companies purchase licenses to use portions of the electromagnetic    spectrum for communications (for cell phone networks, for example)
• timber auctions, in which companies purchase licenses to log on government land
• electricity auctions, in which large-scale generators and consumers of electricity bid on    generating contracts
• environmental auctions, in which companies bid for licenses to avoid being required to decrease    their environmental impact.

B. Reverse Auction - A type of auction in which the role of the buyer and seller are reversed, with the primary objective to drive purchase prices downward. In an ordinary auction (or also known as forward auction), buyers compete to obtain a good or service. In a reverse auction, sellers compete to obtain business. This kind of auction is generally used for control of costs, re-valuate the expenditure on certain processes & resources.