Overstock.com Auctions: Difference between revisions
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'''Soft Close'''<br> |
'''Soft Close'''<br> |
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“Sniping” is perhaps the most common practice on internet auctions sites. The highest bidder loses the auction to someone who may have been using a software program or placed multiple bids up until the last second to ensure that he or she entered the highest bid in the final moment of the auction. In order to prevent this from occurring on the auctions site, a “soft close” was developed and implemented. If a new bidder enters a bid and there are 10 minutes or less remaining until the auction is scheduled to end, the auction will extend 10 minutes from the scheduled end time until no new bids are placed. |
“Sniping” is perhaps the most common practice on internet auctions sites. The highest bidder loses the auction to someone who may have been using a software program or placed multiple bids up until the last second to ensure that he or she entered the highest bid in the final moment of the auction. In order to prevent this from occurring on the auctions site, a “soft close” was developed and implemented. If a new bidder enters a bid and there are 10 minutes or less remaining until the auction is scheduled to end, the auction will extend 10 minutes from the scheduled end time until no new bids are placed. |
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'''Personal Networking'''<br> |
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Overstock.com Auctions users are encouraged to create personal homepages, which allow greater interaction between buyers and sellers. This personal networking is believe to help build trust between users in an effort to create safer and more fruitful transactions. |
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Revision as of 22:00, 31 May 2006
Overstock.com Auctions in an online auctions site is similar to eBay, but in addition offers anti-sniping measures, a personal networking system, security programs, more flexible relisting policies, subscription pricing, and lower listing fees.
Location and Early History
Overstock.com Auctions, an online auctions site that is a branch of the Overstock.com website, first launched on September 24, 2004. Based in Salt Lake City, UT, Overstock.com Auctions began as a small project in the Overstock.com warehouse. Before launch, the first Vice President of Auctions, Holly MacDonald-Korth, conducted thousands of auctions to research ways to offer an improvement on the online auctions experience.
Unique Aspects of Overstock.com Auctions
Soft Close
“Sniping” is perhaps the most common practice on internet auctions sites. The highest bidder loses the auction to someone who may have been using a software program or placed multiple bids up until the last second to ensure that he or she entered the highest bid in the final moment of the auction. In order to prevent this from occurring on the auctions site, a “soft close” was developed and implemented. If a new bidder enters a bid and there are 10 minutes or less remaining until the auction is scheduled to end, the auction will extend 10 minutes from the scheduled end time until no new bids are placed.
Personal Networking
Overstock.com Auctions users are encouraged to create personal homepages, which allow greater interaction between buyers and sellers. This personal networking is believe to help build trust between users in an effort to create safer and more fruitful transactions.