Online reverse auctions are increasingly being used in industrial sourcing activities. This phenomenon represents a novel emerging area of inquiry with significant implications for sourcing strategies.
"Buying Made Simple" by reverse auction.
What Is The Fuel For Online Auction?
Reverse auctions gained popularity with the emergence of internet-based online auction tools that enabled multiple sellers to connect with a buyer on a real-time basis. Today, reverse auctions are used by large corporations and government entities as a competitive procurement method for raw materials supplies, product supplies and services like accounting and customer service.
Benefits of online reverse auction platform
Save time
Reverse auctions are amazingly quick and save time researching market.
Avoiding wastage of time and resources
The buyer puts forth his requirements thus avoiding wastage of time and resources from either side.
Compare products
The buyer can easily compare products and decide on the perfect fit.
Buyer gets the best price
The buyer gets the best price for the product.
Sell product/services
The seller does not need to create a shop to sell their product/services.
Connect buyer and seller in real time
Online portals are able to connect buyers and sellers in real time.
Features
Online Reverse Auction Platform Features
Since Online Portals Are Able To Connect Buyers And Sellers In Real Time, Reverse Auction Typically Occurs Online Where Multiple Sellers Gather To Sell Their Product/Services To A Buyer.
Registration
create buyer and seller profile as well you can create company profile for seller to represent business value.
Buy Product
buyer has access to a larger supplier base.
Market Research
seller can search for market requirements and find suitable buyer.
Sell Product
seller can sell product without investing a single penny into product marketing.
Transparency
buyer and seller get transparency of exchange.
Negotiations
buyer can find best negotiations.
Notifications
buyer and seller can trek their transaction by email and sms notifications.
Watch Request
seller can watch the request of thair interest to place bid in future and get reminder.
How Reverse Auction Works?
Register as a buyer and seller
User can register them self as buyer and seller on the platform.
Make a request as buyer
A buyer usually puts up a request with precise qualification for a quote on a platform where multiple sellers can see.
Place a bid as seller
If the seller is selling products/services that match the criteria, they participate in the bidding. As this is an open market, each seller has a fair chance.
Chat
Buyers and sellers are able to connect in real time via online portals.
Wins the race
Seller wins the race who provides the product with the feature in the lowest price.
Buyer Gets The Best Price!
Technology Stack
Is The Cost Of Online Reverse Auction Platform Turning You Down?
Have a Question?
FAQs of Online Reverse Auction Platform
Online Reverse Auctions are electronically managed auctions, typically hosted by a third-party service provider or via leased software systems. Our reverse auction system is a competitively bid web-based service to interested vendors. The platform helps to lead the bids, and the sellers bid for the item on the listing.
The organization needs to share multiple lists of selected vendors. We educate them about the reverse auction platform process and features and train them on how to use the auction platform, and handle the outside contact details to remind our vendors about the next auction or bid.
The secure and user-responsive online reverse auction software developed by OneClick is packed with all the features required for B2B auctions and no other similar software provides the same value. Established investment returns boost outcomes over traditional approaches by 25 percent.
Since Online software can connect buyers and sellers (Vendors) in real-time, Reverse auction typically uses online where multiple sellers gather to sell their product/services to a buyer. For that, you need some of the features in your platform. The list of features for online reverse auction platform as mentioned.
-Registration and Signup
-Buy and Sell Product/Service
-Market Research
-Transparency of Exchange
-Best Negotiations
-Push Notifications
-Reminder Request for bid place
uyers and suppliers alike see the benefits of reverse auctions. The below shows the most-recognized advantages for both parties participating in a reverse auction transaction.
Reverse Auction buyer benefits:
-Real-time pricing
-More small business participation
-Govt. can meet small business goals
-Transparent and fair process
-Fair prices are driven by competition
-More competition
-Automated and streamlined sourcing process
-Achieving savings
Reverse Auction Vendor Benefits:
-Real-time pricing
-The level playing field for all suppliers
-All venders can participate and compete, including small businesses
-Fair competition for all vendors
-Fair prices are driven by competitions
-Anonymity and identity protection during online transactions
About Team
Top Online Auction Platform Development Company
We are one of the Top Online Auction Platform Development Company who have the ability to develop all the web and mobile application related to Online platform, kindly contact sales@itoneclick.com and talk to our team to build a better application for your auction business.
Our Team is having over of Experience in Development and have worked with various technologies and have developed and managed platforms with millions of customers.
