How Advanced are the E-auction Sales in Nigeria?

The Nigerian business terrain is going through a developing phase. Because of this, many businesses
long appreciated abroad are only just starting to find their feet. One such business is the auction
business. An auction is an event where buyers place bids on assets and goods. In today's world, the
concept of the conventional auction has shifted to include online auctioning. The purpose of online
auctioning, also known as E-auction, is to sell goods, just like in a regular auction, but over the
internet. However, E-auction sales is a concept not understood by many in Nigeria. The developing
nature of the economy has slowed its progress, and it still has a long way to go to become a
household name. Let's know about E-commerce business in Nigeria
What is an E-Auction?
An auction is a sales event where prospective buyers place bids on assets, goods, or services. An
auction can be performed in two formats: the closed or the open format. It is prevalent among
buyers because there is a strong belief that they will get a good deal in the buying and selling of
assets. In Nigeria, the auction business and its online counterpart, the E-auction, is still a developing
method of transacting the sales of goods and assets. An auction that is conducted over the best E-
commerce business in Nigeria on the internet is called an E-auction.
How do E-auctions Sales work?
E-auctions Sales work the same way as conventional auctions, only that it is conducted online. As
stated previously, the format an auction can take is either closed or open. In the open format,
bidders are aware of the bids that have been submitted. All interested buyers are aware of the
competing bids amounts and will continue to bid until someone is declared the winner. The bid can
also end when buyers drop out of the bidding.
On the other hand, bidders are not aware of the bids that are submitted in the closed format. In
business transactions that include the sale of company assets, a company, or any like transaction,
closed auctions are preferred. Interested parties will submit bids to the seller, who decides to whom
the sale should be made. And all this happens through the best eCommerce site on the internet.
Before the start of an auction, buyers are allowed a preview period. They use this period to examine
the conditions of the items on sale. Once they have viewed the items, they have to register with the

auctioneer. This registration requires the buyer's contact and identification details, and a bidder card
is given to every registered buyer for identification purposes. It is up to the auctioneer, or the seller
as the case may be, to open the bid at a reasonable price, and then the bidding starts. The bid ends
when there are no more bids, and the buyer with the highest bid gets the item. And all this happens
through the best eCommerce site on the internet.
What are some types of E-auctions sales?
• English E-auctions Sales
It is the most popular E-auctions Sales type and is also known as the open outcry auction. Here,
participants bid against each other with every subsequent bid higher than the previous one. As long
as there is still a bid, the auction for the item continues. An art auction prefers this approach.
• Dutch E-auctions Sales
In this type of E-auctions Sales, the auctioneer sets a high asking price and lowers the bid until a
buyer accepts the price or when the seller's reserve price is met. The goods are arranged based on
the bid order, where the first highest bidder picks their items, followed by the second and the third,
until the order has been exhausted. This type of auction is preferred for perishable goods and
sometimes, for investment securities.
E-auction and its presence in Nigeria
An online auction is an auction held over the internet. It is similar in almost every way to the
conventional method of holding an auction. Though it was not initially accepted, it has become more
prevalent in present-day trading. It includes business to business auctions, business to consumer
auctions, and consumer to consumer auctions.
The progress of the E-auction business in Nigeria has been somewhat slow. This is due to the
deficiency in the economic growth of the country. However, businesses, like EesAuction, have been
springing up, hoping to bridge this gap. EesAuction, the first of many such businesses, allows buying
and selling of goods under an approved auctioning atmosphere. It is a scam-free, reliable, safe, and
trustworthy platform to sell and buy assets. It is the best ecommerce site in nigeria to or follow us
on our social media handles, like Instagram, @eesauction to put up assets for sale or buy a good.