noon, an e-commerce company that launched last year, is planning on introducing a new online auction functionality within its platform in cooperation with government entities in the UAE and Saudi Arabia.
A source close to the development disclosed that the online auctions at noon will be a breakthrough since it will be using the latest technology. The source, who chose to remain anonymous, mentioned that when it comes to retail in the Middle East, there are no credible local players. “It is estimated that about 30 to 40 percent of the share of global e-commerce is accounted by online auctions.”
The source also said that the advantage that noon’s online auction has that “business 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.”
Another advantage noon has that its partners with a number of local retailers. “Noy just the large business houses, but also startup enterprises. These startups and SMEs are going to benefit tremendously from these online auctions on noon,” said the source.
Once the online auction opens, customers will be able to buy a wide range of products at their price. According to the source, “the bidding mechanism is currently being finalized.” The platform will have regular listings, reverse price auctions, Dutch auctions, flash sales, feature items, “everything that will bring value to both buyers and sellers,” mentioned the source.
A spokesperson of noon commented on the launch of the new platform saying: “Any plans to launch online auction will be announced when finalized. We can confirm that we are investing in high-end technology to add a number of new functionalities on our platform.”
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