The electronic auctions also called online auction because business model is one which participants bid for products and services over the internet Compare online auctions with physical auctions?

Online auctions and physical auctions both involve participants bidding for products and services, but there are several key differences between the two:

1. Accessibility: Online auctions are accessible to a global audience, allowing participants from anywhere in the world to bid on items. Physical auctions, on the other hand, are limited to those who are able to attend the auction in person.

2. Convenience: Online auctions can be accessed from the comfort of one's own home or office, making it more convenient for participants to bid on items. Physical auctions require participants to travel to a specific location at a specific time.

3. Time: Online auctions typically have longer bidding periods, allowing participants more time to research and consider their bids. Physical auctions have shorter bidding periods, often lasting only a few minutes.

4. Transparency: Online auctions provide detailed information about the products and services being auctioned, including photos, descriptions, and bidding history. Physical auctions may not provide as much information, making it more difficult for participants to make informed decisions.

5. Competition: Online auctions can attract a larger number of participants, increasing competition and potentially driving up prices. Physical auctions may have fewer participants, leading to less competition and potentially lower prices.

Overall, online auctions offer greater accessibility, convenience, and transparency compared to physical auctions. However, physical auctions can provide a more interactive and engaging experience for participants.