Advancement in the internet technologies happened in the last few years have had a great impact on sourcing practices and strategies. One such key development that has grabbed the attention of various companies is reverse auctions, also known as online bidding platform, online reverse auction, e-auction, e-sourcing, procurement auction and sourcing event. Companies belong to various industries have already started reaping the rewards of reverse auction. Some of these companies include Proctor and Gamble, Boeing, Hewlett-Packard and GE. So, how does reverse auction works? Let's see.
Reverse auction is an interesting and unique method of bidding where the role of a buyer and a seller is completely reversed. Here a employers/buyers has control over finalizing the deal. He shows his interest in the product or services offered by service providers/sellers who compete with each other and lower their prices in order to grab the deal. The most obvious benefit of the reverse auction is cost saving on purchasing products or services. As cutting procurement cost has always been a priority of business management, every saved dollar in the reverse auction on buying cost can add money to the bottom-line.
Reverse auction platform benefits both the employers/buyers and service providers/sellers. The companies or individuals that utilize reverse auction can purchase in volumes and save a huge amount. Service providers/sellers get access to new opportunities and get insight into their industry landscape by comparing bid prices in real-time. All this information enables service providers/sellers to bid strategically and earn maximum ROI.
Here all participants can see the bids. However, the identity of the bidder is invisible.
The prime challenge for service providers/sellers in the reverse auction is to bid low while meeting the requirements of the employers/buyers. It is of course an employer/buyer who take the final call on selecting the service provider/seller. Though the lower bid is a key aspect of the reverse auction, it always doesn't work as a prime element in finalizing the deal. Panacea's highly advanced reverse auction software enables employers/buyers to make a succinct buying decision on several additional elements such as quality, reliability, reputation, lead time and so on.
Our reverse auction software provides employers/buyers and service providers/sellers with a real-time online platform to meet, negotiate and get the job done efficiently. It enables bidders to place bids with time duration, offer bids in a lucrative manner to attract employers/buyers, facility to negotiate with employers/buyers through chat and messaging options, make money transaction online via payment gateways and so on. In short, Panacea's reverse auction software offers a wide range of facilities and features for both the employers/buyers and service providers/sellers.
Panacea's reverse auction software provides businesses with an efficient online reverse auction platform to get more profit from the way they purchase services and goods from suppliers. We can customize our software to your specific business needs, hence, we are is an ideal place to cater your reverse auction requirements.
Reverse auction can bring a massive success to any sourcing program if carried out with a well-defined and user-friendly process.
If you have realized the value of reverse auction and willing to launch a reverse auction portal, we can help you in a better way. We have developed a wide range of reverse auction websites integrated with amazing features in the recent time. Therefore, we can help you to build powerful reverse auction portals that provide a central marketplace for employers/buyers and service providers/sellers to perform transactions successfully and helps you to get maximum returns on your investment.
The reverse auction websites we create comprise the below models and features. However, we can integrate anything you want as per your requirement.
Highly user-friendly dashboard for both the employers/buyers and service providers/sellers with amazing features