Bid Cancellation:
some auctions permit a cancellation of an auction by the seller. This is usually permitted when the auction has not received a bid. Some auction also permit cancellation even after bids have been received, but this is rare.
Bid History:
The list of bids that have been placed for an item.
Bid Increment:
The amount that an item will increase with each bid. This amount will usually be set by the auction house and is usually determined by the overall value of the item being auctioned.
Click-Through:
When a consumer clicks on a link or advertisment, such as a banner, and is then taken to another Website. There is also a click-through rate, which is the is the ratio of click-throughts compared to the number of impressions.
Conversion Rate:
Percentage of comsumers/visitors that take a specific action. In general, this is the rate at which a visitor is turned into a customer, or it could be said, that has been converted into a customer.
CPM:
Cost Per Thousand. This is an advertising rate set for every thousand impressions of a banner or other advertisiment.
Countdown Auctions:
An online concept where an auction is set for a short amount of time. Then, as a counter times downwards, the price also decreases. Bidders are faced with when to bid on an item... too soon and they pay a higher price, too late and they loose the item.
Dutch Auction:
A seller will place multiple items up for auction of which all are identical. Bidders can try to win one or all of the items. There can be multiple bidders and winners. However, all winning bidders will only pay the lowest successful bid amount.
Escrow:
A reputable third party service that will hold the payment in trust until the seller has delivered the item to the buyer.
Fast Auctions:
Also known as "Same Day" Auctions. The item is sold in a brief amount of time. Usually within the same day.
Feedback Ratings:
A comment and numerical rating of a transaction by one of the particpants. Most online auction have such systems to alert future patrons of the status of a seller or buyer.
Feedback Padding:
Fraudulent positive feedback placed by someone in order to raise the rating of a patron.
Highest Bidder Auction:
Also known as an Absolute or Straight Auction. An auciton with one item and usually without a reserve price. The highest bidder of the auction wins the item.
Insertion Fee:
A fee charged by an auction site for listing the someone item. Most non-free sites charge an insertion fee.
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Maximum Bid:
The hightest price a bidder will pay for an item. Some online systems offer automatic bidding options, and a maximum bid is usually placed as a ceiling price so as to prevent the system from overbidding.
Performance-Based Marketing:
In traditional advertising, the advertising space is paid up-front, but in performance-based advertising, the advertiser pays for specific actions taken by a consumer/visitor. Usually these are revenue sharing programs that generate revenue for a lead or sale for an advertiser.
Proxy Bid:
An automatic bidding system that places a bid on behalf of an absent bidder. The system will immediately increment a bidders amount when they have been outbid.
RFP:
Request For Proposal. An auction where the party needing a service will post a proposal and a service company or consultant will place a bid.
Reserve Price:
The lowest price a seller will accept for the item. Not all auctions offer this option for sellers. Some auctions will either let you know that an item has a reserve price or when the reserve price has been met. Sometime a "NR" can be seen to state a "No Reserve" auction.
Reverse Auction:
Buyers post for items they wish to buy. This type of auction has different versions. One is a "Name Your Own Price" version where the seller is really the buyer who is willing to pay a certain price. The bidder is really the seller, and bids with a price they are willing to accept.
Sealed Bid:
A bid that is usually sealed and not shown during the auction.
Shilling:
A fraudulent technique whereby a seller will use an alternate bidder to place bids on their item in order to raise the price of that item.
Sniping:
A practice used by some buyers to outbid others during the ending of an auction.
This is usually done by holding off on bidding until the very last few minutes (or seconds) of an auction.
Starting Price:
Sometimes called the opening price. This is the amount a seller will initally ask for the item. However, if the system permits reserve pricing, the seller will not be obligated to give up the item to the winner bidder without the reserve price being met even if a bidder has matched the starting price.
Traditional Auction:
Also know as English Auction, Standard Auction, Forward Auction or Yankee Auction. Most common auction found online. Each winning bidder pays the amount that they bid on the item.
Winner's Curse:
Being the winner of an auction, but having a bid price that is more than the item is worth. In other words, you won the bid but overpaid for the item.
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