e-Auctions

E-auctions are online bidding processes where buyers and sellers negotiate prices electronically, similar to traditional auctions but conducted over the internet. Participants submit bids through a digital platform within a specified time frame. The highest bid typically wins, allowing organizations to compare multiple offers quickly and transparently. E-auctions improve efficiency, reduce costs, and increase competition, making procurement and sales more streamlined and accessible from anywhere. They are commonly used in procurement, sales of goods, and service contracts to achieve optimal pricing and terms.