A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other.
Benefits of Reverse Auction:
- New Supplier Discovery
- Lower Cost due to the competitive process
- Market Determined Best Practice
- Fair & Transparent Process
- Global Sourcing at a Lower Price
- Buyer-Supplier Relationships
- Huge success if executed along with a well-defined e-commerce site
Security: Firewall protection, Protection from SQL injections, robust, scalable, portable application.
Benefits for Admin: Expands the business to all over the world, Great Revenue, Users, Product, Report management, Easy to monitor and handle everything.
Benefits of Seller
- New Opportunities
- Opportunities irrespective of the size of business
- Build a strong business relationship
- No negotiations
Benefits of Buyer
- Greater choice
- Time saving
- Leads to global searches for the best price