Buyers can see the leading bids for each item in real time, and are free to outbid other bidders or decline to participate. When an auction closes, the winning bidder is notified via email, their credit card is charged, and the product purchased is shipped. Many of the well-known products that appear are either refurbished or were overstocked. As it has in many other areas of business, the Internet is adding a new dimension to the auction process. Both buyers and sellers benefit from the new format.
Information regarding the goods and services being offered is available immediately.
Prices are typically lower than those offered via traditional sales formats. Refurbished or excess inventory can be unloaded at fair market prices on an anonymous basis. Price levels are set by the market. Though the list is by no means comprehensive, the relative numbers, viewed in light of the fact that the Japanese Internet accounts for approx. For one thing, it would appear that the Japanese market is still in the hesitant stage that Onsale and eBay began to lead the US out of in 1995.