Technology has made a great difference in all aspects of a business. From the way we produce goods to the way we market and distribute our products, every single process has been revolutionized with time and tech. One of the best examples in this regard can be of eSourcing platforms.
These platforms put a wide variety of tools at your disposal. Tools like ERFx and eAuctions. In this article, we will specifically focus on how eAuctions have changed the trends in supply chain.
You must have heard the term auction. It refers to putting a certain product on sale for bidders. The one who bids the highest gets the product. Here, we won’t go into the depth of how a traditional auction takes place, but will discuss an electronic auction comprehensively.
eAuctions are like regular auctions, only that they are electronic. The marketplace where this auction takes place is also virtual. It can be B2B, B2C and even C2C. Being an auctioneer, you put up products online to be auctioned at a designated marketplace. Furthermore, eAuctions can either be to sell a specific good where bidders bid for it, or the sellers can bid for an order the auctioneer is willing to place.
Since the technology is fairly new to the market, more often than not, people don’t tend to consider this contemporary alternative. However, those that do, reap a great deal of benefits. Following are a few of the reasons why your business should also consider eAuctions instead of going for the traditional one!
- For starters, there is no fee involved in order to get to the venue. Since there is no venue, you don’t need to pay those large sums of money unlike for traditional auction marketplaces.
- You don’t need to limit participants based on any reason. There is absolutely no complexity involved for a bidder to attend the event.
- A larger number of bidders on the marketplace, offers a greater chance of getting the bid you have been looking for.
The present scenario paints eAuctions in a very positive light. According to experts, it is also highly expected that as we move forward with the influx of modern technology, eAuctions will become far more popular than they are today.
Although this is a great alternative and offers utter ease to both buyers and sellers or auctioneers and bidders, there are a few minute considerations that must be kept in mind. The most important of these is to make sure that your relationships with your existing clients don’t get affected by your eAuctions. A good solution to the problem is to opt for general negotiations in case there is a small change in price that you are looking for.
eAuctions are surely a thing of the contemporary world, and their trend is bound to be on the rise with time. This, however, does not mean that traditional ways will die down anytime soon. You can read more about eAuction here.