Typically, when we think of online auctions, we picture a computerized bidding process where suppliers and buyers join together for fair commerce. While considering this, we often assume that the E-auction process is straightforward and simple, but after working at some of the most reputable consulting firms in the world, I came to understand that there are typically 5 types of auction/reverse auction techniques that organisations and procurement managers tend to follow:
British Reverse E-Auctions:One of the most popular ways for providers to view their position in relation to other bids or the best pricing is through British Reverse E-Auctions (or both)
Vickery Reverse E-Auctions: Using this method, bidders can instruct the platform to place a bid on their behalf while keeping the suppliers' suggested retail price hidden from the buyers (just like Ebay used to conduct auctions)
Dutch Reverse E-Auctions: An auction style where suppliers can only view a price and a clock. Once the price is claimed, the deal is awarded to the first supplier, and the event is over.
Sealed Bid E-Auctions: These are somewhat akin to E-RFQs in that sealed bids are communicated electronically, and until the event is over, you are unable to view what providers have submitted.
Weighted/Multi Attribute E-Auctions: Using this method, suppliers are free to adjust prices at any time and non-price elements are combined to provide a "total merit score."
Which sort of online auction suits you the best?
When choosing the most appropriate E-auction technique, a number of aspects are taken into consideration, such as:
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eAuction Related FAQs
DSC Related FAQs
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Terminology for Auctions and Bank Auctions
Indian Overseas Bank to Auction Rs 13,471.68 Crore NPA Portfolio, Offer Value Plunges