Types of Auctions

There are several types of auctions, each with its motives and procedures. The two major types of auctions:

1) Forward Auctions: The sellers use as a selling channel to many potential buyers. Usually, items are placed at sites for auction, and buyers will bid continuously for the items. The highest_bidder wins the items. Sellers and. buyers can be individuals or businesses. For example, the popular auction site eBay.com is a forward auction.

2) Reverse Auctions: In reverse auctions, there is one buyer, usually an organization, which wants to buy a product or a service. Suppliers are invited to submit bids. Online bidding is much faster than conventional bidding, and it usually attracts many more bidders. The reverse auction is the most common auction model for large purchases (in terms of either quantities or price). Governments and large corporations frequently mandate this approach, which may provide considerable savings.

Previous	Next

Comments

Procurement Management Using Buyer's Internal Market Place

Improvements to procurement have been attempted for decades, usually by using information technologies. The real opportunity for improvement lies in the use of e-procurement, the electronic acquisition of goods and services for organisations. The general e-procurement process (with the exception of tendering) is shown in figure 2.8 . One effective solution to the procurement problem in large organisations is to aggregate the catalogues of all approved suppliers, combining them into a single internal electronic catalogue. Prices can be negotiated in advance or determined by a tendering, so that the buyers do not have to negotiate each time they place an order. By aggregating the suppliers' catalogues on the buyer's server, it is also easier to centralise and control all procurement. Such an aggregation of catalogues is called an internal procurement marketplace . Benefits of Internal Marketplaces 1) Corporate buyers can use search engines to look through internal aggre...

Infrastructure for EC

Introduction The e-commerce infrastructure is defined here as the supporting capabilities for online trading between multiple companies which include hardware, software, networks, online payment technologies, security and encryption technologies, online trading business models, legal and regulatory framework, and managerial and organisation capabilities. Infrastructure is the shared human, informational , and technical resources on which the work system relies in order to operate, even though these resources exist and are managed outside of the work system. To evaluate the interdisciplinary aspects of construction e-commerce infrastructure, one proposes using a four pillar approach. Figure 5.1 illustrates the skeleton for the proposed integrated construction e-commerce infrastructure. The proposed integrated e-business infrastructure can be broken down into the following four groups of components: 1) Technological Infrastructure : Technology infrastructure is a work...

What is COVID-19 ?

COVID-19 is a disease caused due to the infection of novel coronavirus. The first case of COVID-19 disease was founded at Wuhan, China in December 2019. It also named as severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). COVID-19 is the most widely spread disease ever in the world. In most cases it infects the respiratory system that causes fever, dry cough, and shortness of breath. Previous : What is the difference between coronavirus and COVID-19 ?

fivwords

Search This Blog