iAuctions is an area for big multinationals, Here, big sellers can sell their goods in big orders to buyers through the auction market. The sellers will receive payment via iBank coins. The market is expected to grow and expand so that many corporate sellers can list their products on the platform and use our tools to allow the bidding race to begin and run for a particular period.
The system of buying and selling of goods and services by offering them for bidding has been in practice for years. Popularly known as Auction, this is a form of selling a product to the highest bidder. The bidders are given the chance to compete against each other, with the subsequent bid being higher than the previous one.
The seller places the product for sale, and the bidders are allowed to place a relatively low price to attract a large number of bidders. As the bidding continues, the prices increase, and when it reaches the point where no other bidder can reach the last bidder’s price, they automatically take possession of the item. The auction will be marked complete once the seller accepts the highest bid and the buyer pays for the products.
iAuction is for big corporations with things to auction, as well as, those selling rare collectibles and paintings. With iAuction, you can start by inviting multiple buyers to the auction, which our IA-powered platform is capable of doing. The more competitive bidding you get, the higher price for your product, enabling your business to maximize profits from the sale.