Online auctions on noon will be a breakthrough as the new functionality will use the latest technology.
Noon an E-commerce company, within the platform in cooperation with government entities in the UAE and Saudi Arabia is about to launch new online auction platform.
Online auctions on noon will be a breakthrough as the new functionality will use the latest technology.
A few start-up companies launched online auction but many of them could not hit the mark.
A source said, not wanting to be identified “But when it comes to retail, we do not have a credible local player. It is estimated that about 30 to 40 percent of the share of global ecommerce is accounted by online auctions.”
The source said the advantage of noon’s online auction functionality will be that “business is conducted in the region – with buyers and sellers in the region having easy access to the product. They do not have to wait days together for the auction and then again for the product to reach them. Everything will be quick, and most importantly, transparent.”
Once the online auction on noon rolls out, customers can hope to buy a wide range of products at “their price”.
The product can be priced at just 1 percent of its market value. If a Smartphone is of AED3, 000 and is available for bidding, it bidding will start from AED30 and customers can bid their price and the product will go to the highest bidder.
According to the source, “The bidding mechanism is currently being finalized.”
“Noon has the advantage of partnerships with a number of local retailers – not just the large business houses but also start-up enterprises. These startups and SMEs are going to benefit tremendously from these online auctions on noon.
The source added ,“There will be regular listings, reverse price auctions, Dutch auctions, flash sales, featured items – everything that will bring value to both buyers and sellers.”
Most online auctions are not transparent, and bidders do not have any way to ensure the legitimacy of a higher bid or the quality of the product. “The important factors in any online sale are immediacy and quality; customers must receive their product at the fastest possible time and as per the quality they expect. Also, online auction must benefit both the seller and buyer.”
A spokesperson of noon said, “Any plans to launch online auction will be announced when finalized. We can confirm that we are investing in high-end technology to add a number of new functionalities on our platform.”
