LotusAuction is the first module we built back in 2012 ,we have continuously enhanced the user experience and added many eAuction types including:- Reverse, and Forward Auctions.
To help you get the best results from eAuctions, the module is very flexible with many options and features such as: Single Item, Multiple Item, Supplier Management.
It is our mission to provide you with easy-to-use, highly configurable software plus knowledgeable and intimate support that will help you increase your eAuction activity and deliver increased savings.
LotusAuction module, we provide the following industry leading support
- We configure your templates for you to communicate to suppliers direct from the LotusAuction platform.
- We fully train your team to be able to smoothly run events and make full use of all the features.
- Our pioneering automated supplier training function helps you reduce supplier issues, improve supplier management and saves you a lot of time.
- Pick up the phone or email our Helpdesk with any system or eAuction query and one of our eSourcing Co-Ordinators will give you the answer immediately.
The process of auctioning involves buying and selling of services as well as goods. It involves offering such goods and services for bids and the person with the highest bidder gets to buy the service or good. The various meanings of an auction do revolves around the fact that the practice involves exchange based on some trading rules.
Types of Auction
This type of auction involves the buyer selling items to a supplier. Bidders have quote higher prices than the start price. One should note that the start prices is the lowest possible price. The supplier with the highest bid is the top rank bidder and the buyer can go ahead to offer the supplier a contract. Offering the contract depends on various factors such as the lead time, capacity, quality and value adding possibilities.
This second type of auction is the opposite of the forward auction. In this case, buyers are the ones who purchase items from suppliers. Awarding a bid depends on the price as the main determining factor. The bidding price for a reverse auction goes down instead of rising like in the case of the above type. The buyer will award the contract to the supplier with the lowest bidding price. Awarding the contract will also depend on the specifications and needs of the buyer such as value-adding capabilities, capacity, quality and lead time.