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G-Auctions: an online reverse auction

autoreBy Helen Gaoon 19 Nov 2016


Gfresh's online marketplace aims to provide buyers and sellers a simple platform to trade the best fresh and live seafood from around the world. Being the best produce, it calls for a lot of buyer competition. So Gfresh uses auction sales, a simple way of ensuring quick sales at premium prices.

G-Auction

The most common auction type used on Gfresh is the G-Auction, which is our version of what is commonly known as Reverse Auction or Dutch ‘Clock’ Auction. The Dutch Auction system is proven to be successful as it ensures that produce is sold quickly and at the best price for both buyer and seller.

Going, going, gone!

An initial asking price is set higher than the seller’s minimum reserve price, and then the amount is incrementally dropped over time until a bid is made. Dutch Auctions begin at 15:00PM daily on Gfresh, but to make sure that no one misses out, stocks are replenished at the same time every day.

This auction type ensures produce is sold fast and at the best prices, with goods rarely going unsold.

Know your customer

So how do you know you're selling to a reliable buyer? Or buying from a legitimate seller?

Transparency and integrity of its users is important to Gfresh; buyers and sellers are required to provide profile information so that auction participants have security in knowing exactly who they're dealing with.

Gfresh employs the highest standards for its auctions. We strive to provide the best for our buyers and sellers to make sure that everyone has the best experience of seafood from around the world.

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Gfresh team