Reverse Auctions

Reverse auctions are a process where a buyer seeks competitive bids from sellers, with the roles of buyer and seller reversed compared to traditional auctions. Instead of sellers bidding higher to sell a product or service, they bid lower to win the contract or sale. The goal is to find the lowest bid that meets the buyer’s specifications. This method is commonly used in procurement or sourcing, helping organizations obtain goods or services at the best price through competitive bidding online. It promotes transparency and cost savings by encouraging suppliers to offer their most competitive prices.