How to Play
How to Play
A REVERSE Auction (also called Procurement Auction) is a tool used in business-to-business procurement. In this process, the role of the buyer and seller is reversed with the primary objective to compete purchase prices downwards. In an Ordinary Auction (also known as a Forward Auction), buyers compete to obtain a product or service. In a reverse auction, sellers compete to obtain business. An online reverse auction or online reverse bidding means bidders need to place unique lowest bid to win the auction which means it should be lowest amount than other bidder's bid target lowest sale.
1). Regular Auction Website involves a Seller to place an item for sale and encourage buyers to place bid on it, thus increasing the item's price. The item will be sold out to Highest Bidder.
2). Reverse Auction on the other hand cause the seller to compete for the selling of their items to the buyer, not the other way around that will cause the price to decrease.
3). In Reverse Auction, the buyers should tell the specified amount for a certain product then the website's supplier/partners compete to offer the best match to the buyer's request.
4). Due to Privacy and Security Reasons, Seller's name doesn't appear until the product is finally sold out.
A FORWARD Auction is a tool used in business-to-business selling of idle assets and various other products. In this process, the role of the buyer and seller is same with the primary objective to compete purchase prices upwards for purpose of selling and buying. In an Other Auction (also known as a Reverse Auction), Seller compete to procure a product or service for buyer. In a forward auction, buyers compete to obtain business. An online forward auction or online forward bidding means bidders need to place unique highest bid to win the auction which means it should be highest amount than other bidder's bid target highest sale.
1). Regular Forward Auction Website involves a Seller to place an item for sale and encourage buyers to place bid on it, thus increasing the item's price. The item will be sold out to Highest Bidder.
2). Reverse Auction on the other hand cause the seller to compete for the selling of their items to the buyer, not the other way around that will cause the price to decrease.
3). In Reverse Auction, the buyers should tell the specified amount for a certain product then the website's supplier/partners compete to offer the best match to the buyer's request.
4). Due to Privacy and Security Reasons, Seller's name doesn't appear until the product is finally sold out.