Forward auctions vs reverse auctions vs Bidzapp auctions
Feb 08 2022
Ever thought of auctions as a way of shopping for brand new products?
Online auctions operate on the same principles as the real auctions, but they have the mass appeal. This makes it an easy and fun way to buy a product of your choice. They typically take two forms: Forward auctions and reverse auctions.
Reverse Auctions are a type of negotiation process used in strategic sourcing; and is exactly the opposite of a forward auction. For example, E-bay auctions are forward auctions initiated by the seller in which the buyer bids the price up. However in a reverse auction, the roles are reversed; the auction is initiated by the buyer and the supplier bids in real time driving the price down. It is a type of competitive bidding conducted on reverse auction websites, which is suitable when the only point being negotiated between the buyer and the supplier is price. While all other points such as supplier capability, quality of service, timelines of delivery, financial stability, etc. have already been confirmed.
Bidzapp- India’s first auction led ecommerce platform aims to disrupt the traditional shopping behaviour and psychology that exists in the market today. On Bidzapp, the start price and end price of the product is predetermined and is usually at atleast 50% off MRP. The bid increments are also predetermined in each bid window to ensure fairplay.
Bidzapp auctions are for brand new products from authorised resellers, last for only a few minutes and are about competing with the other participants to win brand new products and vouchers. At Bidzapp, auctions are not about who wants to pay the most but are centric to strategy and skill.
In the ecosystem of shopping, auctions have found a New Twist and Bidzapp hopes to be the Nucleas of that by ensuring that the range of products are always Won at the ‘Best Price’ available, online or offline, and reward all participants, truly making it ‘Shopping ka Naya Tareeka’.