Benefits for buyers by using online auction

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Online Auctions:

online auction helps to invite the participants for auction. The auctioneer approves the bidder to participate after pre-qualification through RFI (Request for Information).The auctioneer can view the bids placed by all participants during the auction. Any participant can view his position & the L1 price (if permitted by the auctioneer).The pre-qualification process (RFI) is optional.

These are the following benefits for buyers using online auction:

  1. Buyers gets his best price (L1).
  2. Reduce administrative hassles.
  3. Save time.
  4. Automation of procurement process.
  5. Understanding the market price.
  6. Participation of more sellers creating competition for cost reduction.