Reverse auctions. We find the ideal tool for your business.
Reverse Auctions Overview
Reverse auctions are the ideal tool for your business and have been around since the late 1990s. They are a proven negotiation method that invites your suppliers to compete to supply products or services to your company. Suppliers submit lower bids throughout the auction until the lowest bidder wins their contract. Reverse auctions are great for products where price is the main differential , such as stationery, uniforms, consumables, packaging, and more.
The most obvious choice for a smart purchase
Recently, an exciting new online trading platform has been created to give purchasing professionals a competitive advantage when purchasing most goods or services. eTrade Procurement , the ideal tool for your business, aims to make your company’s purchasing functions simple and effective, and to make your negotiations easy.
Through this platform, your purchasing process can be streamlined, saving valuable time, and your team can achieve a significant cost reduction , while having reports and analysis directly at your fingertips. With minimal investment, this innovative reverse auction web application makes it possible.
Simple, effective and accessible online auctions
Andrea Saunders had the idea to create an easy-to-use trading platform to support procurement professionals in their activities. With her years of purchasing experience, Andrea saw the opportunity to bring this powerful tool to a modern sourcing space. By combining the accessibility and efficiency of online platforms with the commercially prudent reverse auction strategy , eTrade Procurement combines two proven methods to give your company another tool for its purchasing toolbox, giving you a commercial advantage.
This trading platform allows suppliers to compete for your business in a way that is transparent to both buyers and sellers. Your purchasing team can effortlessly communicate their specifications to any number of suppliers (like a request for quote), before starting an auction.
Auction participants can see the negotiation in real time, so both buyers and suppliers see the best price being achieved as it unfolds. By using one of our reverse auctions, your company can move away from uncompetitive and outdated contracts and realize real savings , fast!
Find the best reverse auction method for you
eTrade Procurement offers four auction methods to meet your specific needs:
- Auction by range: You name your opening price. Suppliers can only see their position in the ranking, based on their offer in relation to competitors’ offers. Suppliers can submit as many offers as they wish.
- Open Auction: You set your opening price for the auction. Suppliers can see their own offer, as well as their position in the ranking, and the offers of other participants.
- Progressive Auctions: You set your starting price, and during the auction the price will be reduced in set increments, with suppliers making their best offer. The auction ends when all participants have made their last bid.
- Tender Auction: Suppliers submit their single best offer before the deadline.
Reverse auctions, the ideal tool. Why use eTrade Procurement?
By leveraging mobile technology, all of this can be done anywhere, anytime. Your purchasing team will only need a little training to be able to carry out simple, efficient and transparent negotiations, thus opening new relationships, all while achieving the most competitive final result .
eTrade Procurement is an easy-to-use platform that anyone can use. Watch the video to find out more.
In summary, eTrade Procurement offers you:
- an intuitive and easy-to-use web application
- easy integration into existing practice with minimal investment
- a totally transparent process
Try eTrade Procurement now!
eTrade Procurement in the real world has achieved average savings of more than 15%. With real-time training and support, you’re in good hands. Having this tool as part of your sourcing assets will mean your business is well equipped to easily and effectively manage your purchasing needs in 2021 and beyond.
For a no-obligation trial and to discover how eTrade Procurement can best fit your business, contact our team today
