E-Auction
What is e-auction?
This kind of environment encourages competition, with the result that goods and services are offered at their current market value.
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Types of e-auction
Classic reverse auction
Multiple sellers compete to obtain the buyer’s business. The buyer can see all the offers and may choose which they would prefer. Predominantly used for procurement.
English auction
English auctions are where bids are announced by either an auctioneer or the bidders, and winners pay what they bid to receive the object. The most common and straightforward form of e-auction, they’re intuitive, user-friendly, and can help to reduce transaction costs.
Dutch Auction
Dutch auctions start at a high price, which is then incrementally lowered until a buyer accepts the price. The first person to bid wins the auction, which makes them good for quick decisions.
Japanese Auction
Here the buyer sets a high price which decrements at pre-set amounts at pre-set intervals e.g. £500 every 2 hours. If a supplier is happy to provide the goods and services at that price, the transaction then goes ahead.