siliconindia | | NOVEMBER 20228IN FOCUSEFFECTIVENESS OF INTERNET AUCTIONS IN THE GROWTH OF B2B MARKETSI n the millennium of the start of the World Wide Web, a plethora of businesses are scrambling to opt-in to the advantage of changes in their markets. While the consumer end of the Web explosion has been much touted, it is the business-to-business (B2B) market that has quietly gone ahead the expectations. An important business model indulged responsible for the new market expansion is the Internet or Web auction. Businesses are adapting traditional auctions to the instantaneous `real-time' advantage of the Net to reach new markets that were previously cost-prohibitive through the reduction of transaction costs. Advantages such as the size and scope of the audience are giving Internet auctions a major role in the emerging global economy.In a number of seminars where major industrial purchasers were present, B2B web-based auctions got to became apparent that complete e-Procurement strategies are a time-consuming task to define and implement. The second point was that the alignment of a whole purchasing department with electronic procurement is quite tiring and brings extra work. On the contrary, the desired effects of more efficient purchasing processes pay off only in the long run. However, it also became apparent that identifying the commodities with the high purchase amount and procuring them via auctions could significantly reduce the prices lost for these commodities. It is most important that leads should have a high and immediate return on investment. From that point of view, a starting set of requirements
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