Types of eAuction
English Reverse Auction
Buyers create independent open fixed price English Reverse Auction for single item or lot. You set a fixed start price & decrement value, invite suppliers to bid against each other where just L1 rank or price can be visible to all thus creating open competition while suppliers names are not disclosed. It is ideal for items which are branded or you want to award complete order to a single supplier.
Japanese Reverse Auction
The Japanese Reverse Auction is a strategic reverse bidding process where item prices decrease at set intervals. Buyers define the starting price and decrement values. Suppliers bid at each price drop; if they don't, they're out for that item. The auction ends when no suppliers bid or the price hits zero. It ensures competitive pricing in procurement.
Dutch Auction
The Buyer raises the price from a low starting point until a supplier agrees to sell at a stated price as displayed on the screen, there is no supplier counter bidding. If the supplier feels he can execute the order by clicking on “accept bid price” button to end the eAuction. Ideal for items were there is a huge price gap between supplier quotes, good for high value Capex items.
Multi Currency Auction
Multi-currency reverse Auction is used when you have suppliers spread across the world and they quote/bid in their own respective currency, the system calculates L1/L2/L3... rankings based all bidding price currency converted to your base defined currency. This type of eAuction is ideal for items like Bearings, Tools, Consumer Electronics, etc… can be used before entering into Annual rate contract.
Forward Auction
Fully user configurable Forward Auction for single or multiple line items, Auction can be conducted in open price or H1/H2/H3 type options. This Auction is widely used for selling excess scrap or excess inventory to dealers & distributors.