A tea auction is a great way to dispose of tea produced by manufacturers. The range of buyers in a competitive manner to find a fair price. Public tea Auctions have always been a key vehicle for primary marketing Global Tea Auction and Online Tea Auction for World Tea Auctions. Public tea auctions only handle loose tea in bulk packages. If you read the history of the tea auctions, you will know how the first tea auction was conducted with the help of candles. At present digital tea auctions are quite popular in the world market.
Here are some of the benefits of buying tea online:
You will find tea from any country in the world on the same platform including Bangladesh, India, Sri Lanka, Rwanda, Nigeria, Kenya, Vietnam, etc Tea from any country in the world can be auctioned at your office or at home When a seller for a tea garden-produced tea auction will publish his tea sample with full information and description. Then you can see all the information about the tea and auction You can see the one kg tea sample and cataloging, determination, and reserve price. But you see the full description to see the full information because there is a tea taster who gave all the information about that tea.
The primary stakeholders of the auction system
- The auction organizer: is responsible for organizing and conducting the auction Their respective auction centers and online tea auction platforms Global Tea Auctions
- Vendors – Vendors are factories that make tea from green tea The leaves are currently sold directly to vendors at auction. Which they auction off through the Global Tea Auction. A tea garden is to be registered
- Buyers – Buyers of tea sold at auction. They can be citizens or organizations of any country in the world. But they are also members of the Global Tea Auction
- Brokers – Brokers are ‘auctioneers’ of tea who sell tea on behalf of the seller’s Auction center. Brokers conduct various auction activities, For example, tea sampling and cataloging, determination, and change in reserve price On behalf of the sellers, pre-and post-sale documentation, collection and Tax collection on behalf of producers, etc.
- Warehouse – A warehouse is a place where tea sold at auction is stored
At present, all the countries of the world are conducting auctions on the basis of Global Tea Auctions from their respective centers under a single rule of the Board known as “Global Tea Auction“. To participate in an auction process, not all stakeholders need to be registered with the Tea Board. In addition to the tea board registration of the country concerned, sellers and brokers must be registered at the auction center where they want to offer their tea.
However, buyers registered at an auction center will be able to participate in the bidding process at all centers around the world. An electronic auction system has three main activities such as pre-auction, auction, and post-auction activities. And online tea auctions don’t mean anything like that, they complete the auction digitally.
Pre-auction activities: Vendors/producers send their products to the warehouse to list their tea at the auction sale at the nearest auction center. Brokers prepare and publish auction catalogs for specific centers in a timely manner based on tea arrivals.
That center Brokers also collect samples from the tea for the purpose of tasting and evaluation (base price and reserve pricing).
Auction activities: So the auction is held on the scheduled date at the respective auction center for bidding by the listed tea buyers. Lotts is auctioned randomly on the day of the auction in different sessions. In the end, the name of the lot is dropped
The highest bidder. But Global Tea Auction conducts 24/7 online auctions.
Following Tea Auction Activities: After the auction ends on a certain day, the successful bidders pay the full amount of the purchased lot based on the invoice raised by the seller or brokers on behalf of the sellers and receive the delivery order to take the actual delivery of the tea. The maximum time available for a buyer to make a warehouse payment is 13 days (prompt date). The quantity received by the seller/broker is distributed among all the beneficiaries (seller, broker, warehouse) in the required proportions within the next working day. Disbursements are made through a settlement bank designated for that center, such as the receipt and distribution of auction proceeds.
And the Global Tea Auction offers tea auctions without any credit. Because they have all the tea buyers in the world. After your tea is auctioned, they will take the tea after paying the market price and revenue, or they will take the tea by cash on delivery.