Dubai – Mubasher: E-commerce Company Noon plans to launch a new online auction functionality within the platform, in collaboration with the state-run entities in UAE and Saudi Arabia.
The online auctions on noon will adopt the state-of-the-art technology, sources familiar with the matter said.
Over the past few decades, a few number of startup companies had launched online auction, but many of them did not hit the market, a local newspaper reported.
“Another e-commerce player Souq.com had launched online auction but the functionality was closed shortly after,” the newspaper said.
Around 30% to 40% of the share of global e-commerce are conducted through online auctions, sources expected.
Noon’s online auction functionality has a slew of advantages, chief among them is that buyers and sellers in the region have an easy access to the product. They do not have to wait days together for the auction and then again for the product to reach them, the local newspaper said.
Moreover, noon, Souq.com rival, has the advantage of partnerships with a raft of local retailers, including start-up enterprises. Accordingly, startups and SMEs will benefit from these online auctions on the UAE-based e-commerce firm.
Once the online auction on noon comes online, customers can hope to buy a lot of products at “their price”.
“There will be regular listings, reverse price auctions, Dutch auctions, flash sales, featured items – everything that will bring value to both buyers and sellers,” sources added.
