An anonymous source stated that Noon, an e-commerce company, will launch online auctions and it will be a groundbreaking functionality since it will utilize the latest technology. The newly added feature is set to launch in partnership with government entities in the UAE and Saudi Arabia.
“The bidding mechanism is currently being finalized,” said the source.
The source stated, “business is conducted in the region – with buyers and sellers in the region having 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. Everything will be quick, and most importantly, transparent.”
Once the online auction on noon rolls out, customers can hope to buy a wide range of products at “their price”.
So how does the online auction work?
Let’s say each product is priced at just 1 percent of its market value. For instance, a smartphone priced AED 3,000 will be offered for bidding at only AED 30. Customers can bid their price, and the highest bidder will get the smartphone.
However, various online auctions are not trustworthy, and users are not able to verify the credibility of a higher bid or the quality of the product.
According to a spokesperson of noon, – “Any plans to launch online auctions will be announced when finalized. We can confirm that we are investing in high-end technology to add some new functionalities on our platform.”