In the reverse auction, not the customer moves the price, but the seller. And the price goes down until it meets the budget of any buyer willing to buy the lot. Buyers witness suppliers lower the price in real-time and decide when to step in the reverse auction.
The Merkeleon platform provides multiple options for reverse auction customization and adaptation to your business process. Using this reverse auction software, you can run any type of online bidding website, like an auction for buying and selling, a regular reverse auction, a system with multiple designs of such auctions, etc.
Auctions Launched Worldwide
Business Domains Expertise
Years in Auction Solution Development
The goal of this digital auction is to scale up profit for entrepreneurs and offer cost-efficient goods and services for buyers. It is a splendid system that promptly attracts emergent customers and consequent income.
You can add a number of options to any auction, be it reverse or classic: prices can be hidden, participation can be restricted, time can be limited and so on. Besides, you can combine several auctions under one platform
Your clients should not worry about their personal data being leaked. Elaborate encryption techniques, along with SSL protocol and comprehensive documentation on private data protection enable an utmost security and confidentiality
Smart algorithms can simplify the process of data export and imports. Sellers can easily upload all necessary documentation for their products, while buyers can download it quickly and in a compressed format
Some efficient methods include: SMM, email marketing, contextual advertising, SEO tactics, affiliate marketing, display advertising, content marketing. All these methods of promotion have their own pluses and minuses and should be applied in combination
Several tools that will allow sellers and customers to transact money are definitely a huge benefit, not only to the mechanics of reverse auctions, but to any business in general. The best solution is a combination of fiat and crypto payment tools
To ensure sellers’ convenience, you can implement the reserve price feature. For reverse auctions it means the cost of a lot cannot get any lower than the specified reserve price. If a seller wishes, they can turn on the reserve price
Auction websites gain more popularity every year. The sooner you realize their advantageous nature, the more prosperous your business will become because your competitors will stay behind. Today we provide many options to create an attractive website for a bidding auction based on the reverse variety.
Any supplier can register and attend procurement bidding.
Procurers undergo preliminary pre-screening and approval.
No one but invited providers can partake in an auction.
All bids are revealed, but their holders remain anonymous.
Only an auction holder, or a buyer in a reverse platform, knows all bids. A winner is chosen manually. A supplier can see their rate to the winning position.
One supplier - many buyers who bid to obtain goods. The highest bid wins.
One buyer - many suppliers who offer their items. The buyer picks the winning offer directly.
The bid with the most favourable terms for a buyer wins.
The highest bid wins.
My first impression of the Merkeleon company was good and so far my guess has been correct. We are still working on the evaluation and understanding of the user’s real needs and are happy to have such a long term relation with Merkeleon. We are satisfied with the smoothness, look and feel of the software and have plans to develop our platform to get the complete competitive solution.
Just like at offline auctions, there are sellers, bidders, winners, and losers. Before using such websites, visitors should sign up. Bidding is often time-limited and closes at its expiration. In most cases, it is free to bid, that is, only if a bidder wins, the provider will contact the winner for payment arrangements. Still, some types of auctions require paying beforehand.
There are multiple types of auctions where you can hold sales. In this regard, online auctions are more flexible. You do not need to constantly monitor the flow. You simply check the maximum bid in the end. Online auctions have redefined shopping sales and become a better way to reach clients.
Each country has its legislation concerning this aspect. To get comprehensive information on this matter, you can contact the Merkeleon team, and our legal experts will surely guide you on your country’s jurisdiction in virtual biddings.
It plays no role as far as the quality is preserved. Yet still, newly-made software usually requires more launch time because certain adjustments should be made and some bugs fixed. The Merkeleon product for a reverse auction comprises 10 years of experience; it is easily modifiable, thus resulting in time and money savings.
This model is convenient and efficient in the electronic trading of those assets whose market price is undetermined. Besides, it is also suitable for selling low-demand products.
At first, an owner sets a price and number of reduction stages. Then, the start date is announced when buyers can bid. Eventually, biddings and price cuts take place, after which a winner is identified.
In this auction, the price declines so its purpose is reversed compared to more traditional auctions: to obtain more goods at the lowest price. The reverse auction process is dynamic; suppliers compete for a contract, offering alternatives and competing with one another. A reverse auction is a top-notch method for sourcing goods and services.