Hello friends, Do you know about Reverse Auctions? A Reverse Auction or procurement auction, e-auction, sourcing event. This is a tool used in industrial business-to-business procurement. It is a type of auction in which the roles of the buyer and seller or supplier are reversed, with the primary objective to drive purchase prices downward. In an ordinary auction, buyers compete to obtain a good or service. In a reverse auction sellers compete to obtain business.
A Reverse Auction, buyer contracts with a market maker to help make the necessary preparations to conduct the reverse auction. This includes: finding new suppliers, training new and incumbent suppliers, organizing the auction, managing the auction event, and providing auction data to buyers to facilitate decision making. The market maker, on behalf of the buyer, issues a request for quotation to purchase a particular item or group of items. At the designated day and time, several suppliers, typically 5 - 20, log on to the auction site and will input several quotes over a 30 - 90 minute period. These quotes reflect the prices at which they are willing to supply the requested products or service. Please click to see more about Reverse Auctions benefits.
A Reverse Auction, buyer contracts with a market maker to help make the necessary preparations to conduct the reverse auction. This includes: finding new suppliers, training new and incumbent suppliers, organizing the auction, managing the auction event, and providing auction data to buyers to facilitate decision making. The market maker, on behalf of the buyer, issues a request for quotation to purchase a particular item or group of items. At the designated day and time, several suppliers, typically 5 - 20, log on to the auction site and will input several quotes over a 30 - 90 minute period. These quotes reflect the prices at which they are willing to supply the requested products or service. Please click to see more about Reverse Auctions benefits.
