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In the traditional auction and bidding process, buyers enter competitive bids, and sellers submit competitive offers. Offer is the minimum amount that sellers set, and bids are the competitive prices set by the buyers. The buyer with the highest bid wins the auction.
The process of bidding can be simplified through a single line: "WINNER TAKES ALL"
The bidding process is between buyers and sellers. When the seller presents the item to sell and sets its minimum amount, bidding starts for the buyers. Different buyers place bids in increasing order, and the last person with the highest bid wins the item. The global bidding market is expected to gain huge gains shortly. Increasing use of smartphones and the internet are the factors driving demand in this market. Moreover, numerous e-commerce and retail companies invest vast sums of money in marketing solutions to avoid errors and time wastage. The global bidding market to grow from USD 6.6 billion in 2019 to USD 27.2 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.
In the traditional auction and bidding process, buyers enter competitive bids, and sellers submit competitive offers. Offer is the minimum amount that sellers set, and bids are the competitive prices set by the buyers. The buyer with the highest bid wins the auction.
The rapid penetration of internet connectivity across developing countries and the increasing adoption of digital payment platforms complement the growth of the online auction market. The Covid-19 pandemic outbreak has encouraged a substantial shift of conventional auction companies to online media, enhancing the development of the online auction market. Increasing penetration of smartphones among users and the reach of internet connectivity is anticipated to accelerate the growth of the application based segment in the online auction market over the forecast period. Asia Pacific region is expected to register the highest CAGR of 10.2% over the next eight years. www.HotBitDeal.com 2021, All Right