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Indian IT Online.com,
NEW DELHI: IndiaMART.com, one of the earliest Indian players of the B2B arena, has launched its online B2B auction paltform (Auction.indiamart.com).
The platform will list items for online auction by Indian suppliers and cater to over five lakh global B2B buyers that visit Indiamart.com every month. It will also serve to the members of its strategic partner- yourimporter.com, a conglomerate of importers in the US.
To use this auction platform, the suppliers will have to register online and list their inventory for auction on an annual subscription basis. Based on English Auction, the seller decides on the Reserve Price, the Minimum Bid Price, Bid Increment amount, etc for an item.
Interested global buyers on the other hand, can bid on the items listed for auction free of cost after going through the product information online.Participating sellers and buyers can track their auctions online. Once an auction is timed out, the seller is introduced to the winner of the auction to complete the transaction.