|Floating Date||Auction No.||Auction Type||Particulars & Floated By||Start Date||End Date||Status||U May|
|12 Nov 2020 14:00 PM||1000-RA80||HARD WASTE WANI UNIT 4500 Kgs Sarda Energy & Minerals Limited||Sale - Enquiry Less than Rs.10 Lacs||12 Nov 2020 14:00 PM||0 Days 2 Hours Left 0 Days 2 Hours Left||23 Nov 2020 15:00 PM||Apply Now|
Reverse auction is exactly opposite to forward auction. In reverse auction, buyers initiate the selling on which sellers bid accordingly. Sellers bid the prices at which they are willing to buy the commodities in reverse auction. After initiating the sell by the buyers, multiple sellers bid on the products and services.
Reverse auctions are used by large corporations to facilitate easy buying and selling on the marketplace.In reverse auction buyers puts up the request for required commodity, in return sellers then places the bids for the exact amount at which they are willing to be paid for the commodity. In the end of the auction, the seller which puts the lowest bid amount wins the auction.
Reverse auctions are largely used in order to purchase raw material, supplies, and services. Reverse auction often used in e-procurement of commodities. Reverse auction allows smaller suppliers to compete on the same level and scale as of the larger suppliers, also aiding in cost cutting.
To participate in reverse auction, users must register on B2B Sangam online portal.
After registering on B2B Sangam, user/member can check various proceeding reverse auctions.
User/member can find the reverse auction according to their category, and bid on it. After bidding, user must wait for auction to end.
Post auction results for the bidding and auction will be announced knowing who has won the auction.
Reverse auction requires user(s) to bid on listed auctions. User should avoid fake bids when putting bid on auction, this can ruin other user’s auction experience.
User should manage B2B Sangam’s account properly, and with care. One should not share username and password with anyone.
Prepare auction bid value by considering various facts and calculations. Make sure user place their bid before deadline ends, bids after deadline will not be considered.
Once the auction has ended, and if user have won the budding process, user shall contact the owner/agency of the listing.
After contacting the owner/agency of the listing, both the owner and you should negotiate the terms of transportation and any other details that are necessary.
B2B Sangam does not intervene in post-auction arrangements, and both seller and buyer party must manage their convenience.
Saves time and efforts in collecting bids from the suppliers.
Transparency is increased in bidding process, ultimately improving supplier relationship.
Data security is increased by reverse auction companies.
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