Our customer is a leading consulting services provider who was looking for a product engineering and solutions partner who could facilitate building analytics solutions in the areas of consumer and retail industries. One such customer scenario was related to e-commerce reverse auction domain. Innominds developed a solution utilizing our big data and analytics practice competencies and our context aware analytics solution platform. Consumers can request any kind of product against their pre-paid amounts by inputting their own description.
Implementing Reverse E-Auctions: Learning Process Harvard Case Solution & Analysis
Making the Case for Reverse Auctions | ProcurePort
Are you confused about the difference between reverse auctions and regular auctions? Organizations use regular online auctions also called forward auctions to invite bids from buyers who may wish to purchase their goods. The seller offers an item and buyers place bids until the auction closes, at which time the item goes to the highest bidder. A reverse auction is the opposite of a regular auction. It is where sellers bid prices at which they are willing to sell their goods and services. It is used where the price is of prime importance, especially in sourcing services; the competition drives the price down. Most reverse auctions are concluded electronically online in real-time.
When Should Buyers Conduct Reverse Auctions?
A reverse auction is a type of auction in which sellers bid for the prices at which they are willing to sell their goods and services. In a regular auction, a seller puts up an item and buyers place bids until the close of the auction, at which time the item goes to the highest bidder. In a reverse auction, the buyer puts up a request for a required good or service.
In addition to sourcing and quoting, EC Sourcing Group offers many secondary negotiation options, including standard forward, reverse auctions, and soft auctions, which are a good alternative to the traditional reverse auction process. Auctions and auction software ensure that you achieve true market pricing for any goods or services in the shortest time possible. As with all our solutions, our eAuction software procurement model is straightforward, robust, easy to set up, and can manage virtually any bid template need—from standard commodities to complex total cost of ownership formula-based purchases. Our reverse auction software includes the powerful features you need and links seamlessly with our eRFx solution.