It seems that everything is moving online, and auctions are no different. Thousands of auctions take place every day around the world. And a relatively large number of bidders participate in these auctions from all parts of the world. Now, with the advent of e-bidding software, businesses and enterprises that rely on auctions as a function of their work process and supply chain can virtually attend all the auctions they need to.
E-bidding software benefits everyone taking part in an auction, both the sellers and bidders. By creating a centralized system, it makes it easier to trust the validity of the bids as well as the timeline of the auction.
Both the sellers and bidders are in instant communication with each other. Where worldwide auctions in the past would sometimes fall victim to not getting the best price because of a lag in telecommunications, with a dedicated online system, everyone in the world will see the progress of the auction in real-time.
The auctioneer has the option of running the auction transparently, where all bids are shown to everyone, or non-transparently, where only the best price is shown to the participating bidders.
Adjustability of E-bidding Software
One of the best features of e-bidding software is that it offers many parameters that can be set before an auction begins and defines how an auction proceeds.
If the goods offered for sale at the auction are time-sensitive, the auctioneer can set a time limit for the auction that cannot be amended by any of the bidders. Or, the auctioneer can offer an extension if minimum prices are not being met. The length of the extension might be relative to the complexity and number of items on offer.
The e-bidding software also typically has features that handle rebids. The auctioneer can set the amount of the bid decrement, so all bidders are placing their reduced rebids fairly and evenly.
The starting price can be determined by both the sellers and bidders. This is useful for auctions selling market capped items and items where the price is determined by the amount of demand. This is also helpful with wildly fluctuating commodities.
Types of Auctions
e-bidding software can also be programmed to offer a variety of auction types. This appeals to industries that have traditionally conducted their business within a specific auction structure. The systems typically offer the Reverse English Auction, in which multiple suppliers lower their prices by a step by step amount until an agreed price is reached. A similar English Ticker auction lowers the price by a predetermined interval. A First-Price Sealed-bid Auction is another option in which suppliers submit their lowest bids and the buyer determines the winning bid.
With the benefits that e-bidding software offers, the systems are making the process of selling and buying goods by auction more cost-effective and easier to manage. To learn more about the benefits of e-bidding software, contact Pantavanij in Bangkok to schedule a consultation.