Connecting Businesses
Smart Auctions offers a powerful online service of reverse auctions to buyers who are willing to obtain the best price for acquisition of goods or services, inviting sellers to compete for a business on the Web during a predetermined period of time.
How it works
Stage 1
Buyers publish the details and conditions of what they intend to buy.
Stage 2
Suppliers or vendors, invited by the buyer, will compete during the established time for the auction. Offers placed will be shown by ascending rank (starting from the lowest, up).
Stage 3
Once the auction timer reaches its deadline, the lowest price offered by a seller will be considered by the buyer.
Advantages
- Save time collecting bids from suppliers
- Increased transparency in the bidding process; improving supplier relationships
- Cost savings ranging from 18% to 40%
- Increased compliance and data security