What is auction marketplace?

Auction marketplace is a multi-sided platform that connects buyers and sellers, where sellers bid or compete for the product or service. The difference from the common marketplace is that the seller instead of the fixed price sets a low bid. Buyers start to bid as much as they wish, after that the product goes to the buyer with the highest offer.

How does an auction market work?

In an auction market, buyers enter competitive bids and sellers submit competitive offers at the same time. The price at which a stock trades represents the highest price that a buyer is willing to pay and the lowest price that a seller is willing to accept. Matching bids and offers are then paired together, and the orders are executed.

What is an online marketplace?

An online marketplace is a website or mobile application that connects buyers and sellers. Online marketplaces date back to the early days of the internet; Ebay, Craigslist, and Angie’s List were all founded in 1995 as the internet was just gaining adoption. Online marketplaces have come a long way and show no signs of stopping.

What is a local marketplace?

The marketplace was launched in 2016 and primarily focused on connecting local buyers and sellers. The original structure was similar to that of other local marketplaces like Craigslist. Users could browse products from sellers in their local regions and contact them directly to arrange a sale.