Online Auctions – RA stands for Reverse Auction. This is one of the way to conduct online bidding and get seller quotations.
If any buyer needs any request, the buyer will post a Reverse Auction by specifying the products or services that the buyer needs to buy.
Or the buyer can select the RFI for creating products and services for his requirement, which is already conducted by the buyer.
Or the buyer can select RFI Item List which already posted by the buyers.
Or the buyer can push and eTender as Reverse Auction.
Based on the request, the system invite the sellers who are all already registered in the portal and dealt with the products specified by the buyer. And also the system provide functionality to invite sellers outside portal. Once the invitation received by the registered sellers, they just click on the links provided in the email. That link lead to the specific detailed Reverse Auction view page. Then the seller can show interest to participate on the Reverse Auction. Once the seller response is availed by the buyer, can approve the responded seller to bid for Reverse Auction. After approval when the Reverse Auction is live the seller can bid on the products and services for best competitive price.
Received Bids and Reports
The buyer can obtain the bids quoted by the seller by clicking on the received bids count of the specified Reverse Auction. Then the buyer can analyze the detailed bids provided by the sellers and also find the L1 position to final the deal. If the expected bidding is not reached, the buyer can extend the live time of quick quotation and get more competitive bids.