What is an online auction?
eTrade Procurement is a reverse auction platform that helps drive down prices.
Reverse auctions are an internationally proven purchasing method where a buyer announces that they need a product or service and suppliers compete to negotiate the purchase price. They are also known as e-auctions and online auctions.
Reverse auctions are commonly used to complement other purchasing methods and can be used to buy a wide range of products and services.
The eTrade platform offers four types of auctions:
- Open
- Ranked
- Sliding
- Tender
Advantages of using reverse auctions for negotiations
Proven to deliver substantial cost savings
Negotiation process is paperless and transparent
Multi supplier bidding in real time for fast, effective results
How is eTrade different?
At eTrade Procurement, we simplify an often complex auction process that:
easily integrates with existing business infrastructure
offers an extremely user-friendly interface
works for companies of all sizes
needs minimal financial outlay to get up and running
doesn't require a major technical set up so won’t disrupt your business
eTrade’s solution
eTrade Procurement’s reverse auction platform is:
SIMPLE
We have taken the proven method of reverse auctions and made it simple.
EFFECTIVE
Leveraging the negotiation process to reduce costs and save time.
ACCESSIBLE
There is a minimal financial outlay and is accessible at all times.
Case Studies
eTrade Procurement Case study #1
Our customer is a large NZ company in the retail and trade building supplies industry that has a small team of dedicated buyers responsible for multiple product lines. They face the usual challenges of keeping on top of their contracts and ensuring that they have negotiated the best terms for all their product lines, while being able to focus the majority of their attention on the strategic purchases.
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U.K. Government departments save £8.8 million in IT hardware when using eAuction platform
Against a pre-auction value of £24.6 million for the 48,000 devices, the eAuction achieved savings of between 2% and 44.37% when 6 individual baskets of goods were compared with a combination of current prices paid and independent third party benchmarks.
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Wolverhampton council has saved 29% on office supplies
CCS led the eAuction on behalf of the council. The council provided information on their quality requirements, which all suppliers under the framework needed to satisfy in order to be invited to participate in the eAuction.
CCS was then able to run the eAuction on a price-
Forty-seven organisations joined forces to realise savings of over 21% in an IT hardware e-auction
Forty-seven organisations, including 16 London boroughs, joined forces in 2009 to save more than £10.5 million in the latest IT hardware e-auction. Hardware worth nearly £49 million was on offer at the e-auction, selling for a total of around £38.5 million.
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