What Exactly is an eAuction

1. What Exactly is an eAuction? An e-auction is a transaction that takes place on an electronic marketplace between sellers (the auctioneers) and bidders (suppliers in business-to-business settings). It can happen company to business, business to consumer, or consumer to consumer, and it lets providers to compete online for contracts based on a public specification. This type of atmosphere fosters competition, resulting in products and services being supplied at their current market value. 1. Different types of e-auctions 2. The B2B e-auction procedure 3. Buyer Advantages 4. Supplier Advantages 1. Different types of e-auctions Traditional reverse auction - Multiple sellers fight for the buyer's business. The buyer may view all of the offers and select the one they like. Primarily used in procurement. English auction -In English auctions, bids are declared by an auctioneer or the bidders, and the winner pays the amount bid to get the object. They are the most prevalent and easy type of e-auction; they are simple to use and can assist to decrease transaction costs. 2. A summary of the B2B e-auction method Create, test, launch, receive, and score replies to requests for proposal (RFP). Determine the 'lot strategy' - A lot is the item(s) that invite suppliers to make bids, i.e. the items or services being sold. A lot strategy is thus the seller's deliberate mix of various things in order to improve competitiveness and the possibility of cost savings. Participants should be trained - A pre-auction training session allows vendors to go through the auction tool, answer any questions, and perform a simulated auction. Conduct and monitor the e-auction - It is critical to ensure that the bidding activity runs successfully. If issues arise, a buyer or corporate representative should be prepared to act. Bid evaluation - Based on pre-defined criteria, the sourcing team and user departments perform post-auction analysis. E-auctions between consumers - The C2C marketplace has grown as well, with more firms joining the market to assist C2C transactions. Popular among vendors trying to increase their sales potential by interacting with clients they might not otherwise contact. Eesauction.com is the best online auction site in Nigeria - Eesauction websites that provide free or low-cost classified ads, auctions, forums, and individual pages for start-up entrepreneurs. Because there are little costs involved, the margins for sellers are larger and the margins for purchasers are smaller. There's also the evident ease of not having to try to sell in a real store; instead, customers can just put their things online and wait for purchasers to come to them. Similarly, purchasers merely need to look through ads for the things they want.

2. 3. Buyer Advantages An e-auction delivers competitive rates for procurement professionals'. products by pitting suppliers (find auction products in Nigeria) directly against each other to discover who can give the lowest costs. It also simplifies and saves time because each supplier is not required to submit a comprehensive bid. 4. Supplier Advantages E-auctions are often open, allowing smaller firms to compete in the process, allowing suppliers to compete in new markets. A winning bid might lead to further business since most customers will want to acquire their 'non-core' items from their current supplier.