e-Auction

e-Auction refers to electronic auction events conducted through specialized digital platforms that enable real-time competitive bidding. These virtual auctions eliminate geographical barriers and streamline the traditional auction process through automated bid management and instant feedback mechanisms.

Benefits of e-auctions in procurement include:

• Increased supplier participation through remote access
• Real-time competitive dynamics driving price improvement
• Transparency in the bidding process
• Automatic enforcement of bidding rules and parameters
• Time compression compared to manual negotiation cycles
• Detailed audit trails and documentation
• Reduced risk of collusion or manipulation

Modern e-auction platforms support various formats including standard reverse auctions, Japanese auctions, Dutch auctions, and sealed bid events, allowing procurement teams to select the most appropriate method for each category based on market conditions and sourcing objectives.