Are Prices in Cyprus really any good for consumers? Ecommerce Startup psakseto doesn't think so. Our solution, a reverse-auction marketplace, is looking to revolutionise the way people buy items, by making suppliers bid and re-bid to win a consumer’s business. Psakseto Reverse auction marketplace connect buyers and sellers where a buyer posts the task and sellers (those who deliver the service) bid or compete for a particular query. The reverse aspect of the marketplace is where sellers outbid one another to deliver the service at a lower cost (compared to a traditional auction marketplace where buyers bid the cost up).
A Buyer's Market
As a Buyer, build the specs, watch the competition and select your vendor.
A reverse auction model reverses the role of buyer and seller with the sole purpose of driving the price down within a set time. In a normal auction you, the buyer, would compete to buy goods at the highest price. In a reverse auction the sellers compete to sell goods to you at the lowest price. Psakseto technology takes into account a number of relevant criteria to decide which bidding is the most suitable, including seller's reputation, item's quality and price.
Step By Step Process: Competitive Bid Process
Step 1: Buyer puts up a request
In a reverse auction, the buyer puts up a request for a required good or service. Setting up an request is really easy. We have prepared a fully-fledged sample for you. Check out the description, list of items or see how to collect information from suppliers with a questionnaire.
Step 2: Sellers place bids
Sellers then place bids for the amount they are willing to be paid for the good or service along with information and a questionnaire created by our team regarding the product.
Step 3: Seller with the best offer wins
At the end of the auction the seller with the best offer wins. Compare apples-to-apples. The online bid comparison gives you detailed listing of items, unit prices and totals. A wise buyer evaluates bids by several factors and rarely decides only on price.
Getting involved with online auctions has given your business a wide range of benefits. You feel like you have a better grasp of the products and services you obtain for your company, as well as opening up a whole new...…
Reverse auctions’ ascent to sourcing fame has been fairly rapid; just six years after their inception in 1995, GE claimed savings of more than $600 million — and net savings of more than 8% — by sourcing through rever...…
In this article I’ll explain what a reverse auction is, how they work and how they could be applied to your business.
What is a reverse auction?
A Reverse Auction is simply a type of auction where th...…
The Biggest Media in Cyprus are talking about Psakseto