Online auctions prove a big hit

People love the idea of picking up a bargain. And thanks to China's rapidly developing internet sector, more consumers are enjoying the excitement of bidding on online auction sites, such as e-commerce giant Alibaba's Taobao platform.

Alibaba Group Holding Ltd said at its first online auction summit on Saturday that the top five cities showing the greatest enthusiasm for online auctions are Beijing, Shanghai, Hangzhou, Guangzhou and Shenzhen.

Based on data collected from its e-commerce platforms, the company found that the most popular items in its online auctions were jewelry, luxury goods, tea, wine, seal-carving products and real estate.

Shanghai topped all other cities in terms of the number of people participating in online auctions for jewelry. And Beijing has the largest number of online bidders willing to pay for luxury goods, followed by Shanghai and Fuzhou.

Enthusiasm for online auctions is not exclusively a female province. Data from Alibaba showed that men were the predominant participants in online auctions in many regions in China, including the Tibet autonomous region, Beijing, Shanghai, and Guangdong, Jiangsu and Zhejiang provinces.

In the Tibet autonomous region, 80 percent of the online bidders are male.

The majority of the online bidders are aged between 26 and 35.

Cao Peikun, an analyst from Beijing-based internet consultancy Analysys, said online auctions provide convenience for both bidders and auctioneers.

"With the booming online shopping business, consumers now have a deep understanding of e-commerce. E-commerce platforms should offer new services accordingly."

A recent report showed the online auction sector has grown rapidly in recent years.

The report, issued by the China Association of Auctioneers and the circulation industry development department at the Ministry of Commerce, said the number of online auctions increased by more than 50 percent in China in 2016, compared with 2015.

In China, hundreds of auction services, including e-commerce giants Alibaba and JD.com Inc, launched online auction businesses, aiming to cater to Chinese users' demand for new ways to shop online. Potential bidders can preview items and bid online in the privacy of their homes.

Alibaba launched its online auction business in 2012, which offers a wide range of products including clothing and automobiles.