How does the e-auction portal work?
An auction is an event where bidders are welcome to participate and present their biddings to compete publicly with each other. We have seen such events in various aspects. In the same element, an online auction is also called an e-auction. It is conducted online via a website portal. Let us discuss what an e-auction is and how it works online.
E-auction has piloted a new epoch in this digital landscape. A transparent and win-win situation for all stakeholders involved in the process. Customers enjoy all the advantages of bidding online. Government goods also get constant exposure bringing proper remuneration.
As per https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1859785, an e-auction of all the gifts Prime Minister Shri Narendra Modi receives for the noble cause of Namami Gange was conducted. More than 1200 prestigious and memorable mementos and gifts presented to him were auctioned.
What is an e-auction?
As mentioned earlier, an auction is carried out online in the same way a physical auction gets carried out. The only difference is that all the processes, such as registration, qualification, bidding and closing the bid, are all conducted online via an e-auction portal. Let us find out what an e-auction portal is.
What is an e-auction portal?
It is a website designed by an authority conducting auctions online or offering assistance and service to provide a digital platform to companies and bidders. In other words, an e-auction portal can be considered an auctioneer who conducts auctions. The difference is that all the processes have been digitized and automated.
How does an e-auction portal work?
To understand how an e-auction portal works, we need to know the complete e-auction process. Check out the steps involved in an e-auction and realize how a digital auction portal becomes a part of it.
1. Registering and listing assets to be auctioned
Companies and institutions such as banks enlist properties and other assets in an e-auction portal to attract bids from bidders. The properties are authenticated and checked by the professional representatives of the auctioneering website. Once verified and certified, the assets get opened for auctions.
2. The bidders come in
In the second step, interested buyers looking for such properties visit the website to check what properties and assets are available for bidding. They must create an account to qualify as a bidder and show interest in one or more assets enlisted for bidding.
Once the bidder gets qualified for bidding, a bidder becomes a potential buyer who will start bidding based on the starting bid designated on an asset. The bidder inputs their bidding entry and becomes a part of the auction.
A percentage of the bidding amount needs to be deposited as a part of the qualification of a bidder. The bidder support cell of the auction portal will assist the bidders. Once done, a paddle number is provided to the bidder to use while bidding live and get notifications related to the auctions.
3. Closing the bid
All the bidders bid to compete within the set timeline. The bidding gets closed. Post closure of the bidding process, the highest bidder is chosen on the website to send its terms to the asset owner.
Role of e-auction portal
The whole process of an auction gets done in an authenticated e-auction portal. Right from the first step, potential buyers meet the asset owners in a digital auction on a digital platform. The automated system enables both parties to conduct an auction smoothly and transparently.
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