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e-Auction
As the Internet-based technology enables sellers to communicate with buyers in real time.
Reverse e-Auction has emerged as a powerful tool that is revolutionizing traditional procurement.
Reverse e-Auction has emerged as a powerful tool that is revolutionizing traditional procurement.
Pre-bidding
The process begins with the buyer setting up 
Reverse e-Auction, specifying its requirements and inviting suppliers to register.
Reverse e-Auction, specifying its requirements and inviting suppliers to register.
Auction Setup
Buyer Specifications
Inviting Suppliers
Supplier Registration
Auction setup allows you to set parameters such as number of bidding rounds, minimum price reduction per round, time extension and fields to show during bidding.
After you set up the specific reverse auction, you then can upload or input your product specification, quality requirements, delivery terms and other relevant details.
After establishing your requirements, you can invite a selected group of qualified suppliers to participate in your reverse auction and have them register on the 
platform.
Bidding
After the user plans and sets up Reverse e-Auction, everything is automatic.
Reverse e-Auction, everything is automatic.
Bidding Parameters
Real-time Bidding
Bid Visibility
Counting Down
Auction Conclusion
When the reverse auction commences, suppliers can log in the platform and start submitting their bids in real time. The auctioneer can control the auction parameters such as the start and end time of each round, the minimum bidding increments and what fields are visible during bidding in real-time.
The competitive nature of reverse auctions encourages suppliers to continuously lower their prices as they compete with one another. Suppliers monitor the information on the closely to gauge the competition and strategically adjust their bids to remain competitive.
All participating suppliers using the platform can see the bids submitted by their competitors in real-time. The transparency fosters a highly competitive environment as suppliers attempt to outbid each other.
Reverse e-Auction is conducted within a predetermined timeframe, with a countdown timer displayed. Suppliers must submit their bids before the timer runs out.
When the auction timer runs out, the auction concludes. The supplier bidding information will be sent to senior management for the approval of the final winner.
Post bidding
Reverse e-Auction provides auction analytics, reward and contracting features.
Contracting Generation
Recognizing Auction
Auction Analytics
Reverse e-Auction has all the required information to generate the contract after the winner is approved.
The winning bidder delivers the goods and services to the buyer according to the contract.
The auction analytics provide you the insights into market dynamics, supplier performance, and competitive pricing trends, which can inform future procurement strategies.
Benefits
Reverse e-Auction improves speed, cost and transparency for you and your suppliers.The efficiency and fairness in turn improves your relationship with your suppliers.
Speed & Efficiency
Cost
Supplier Relationship
With Reverse e-Auctions, the process of finding and negotiating with multiple suppliers can be done at once, making your procurement team much faster and more efficient.
Reverse e-Auction forces your suppliers to compete in real time, providing their best possible pricing. Generate 18% - 40% cost savings on many sourcing categories.
Reverse e-Auction encourages suppliers to do their best performance. The competition prompts suppliers to offer lower prices and improve their quality of goods or services to win contracts. This can lead to improved supplier relationships and better overall value for the buyer.
