Online auction participation and satisfaction levels remained high during the second quarter, despite recent law enforcement agency reports that online auctions receive more fraud complaints than any other Internet business. according to market research outfit Greenfield Online.
The July study of more than 4,000 U.S. Internet users found some 80% of auction participants have purchased an item from an online auction. Nearly a third of participants (32%) have auctioned an item.
The study noted that bidders mainly purchase items at online auctions to find good deals (74%), to choose the highest price they are willing to pay (62%) and to have fun (55%).
Sellers use online auctions primarily to make a profit or get their money back on an item (74%), to get rid of items they no longer use (71%) and to reach potential buyers who want the item (61%).
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