|
Intelligent e-auction system:
We had done a good job of re-engineering the software for e-auction.
The real-time online bidding process enhances transparency and creates a marketplace
that is unconstrained by geographical borders.
"Reverse Auctions" or online procurement services. Reverse Auction offers companies
to rapidly set up and deploy the Internet based online reverse bidding process
The real-time online bidding process enhances transparency, competitiveness and
encourages the more efficient suppliers to bid their lowest prices for the specified
product to secure the business. The Reverse Auction for the buyer is hosted and
maintained in the secure area and access is provided only to authorized suppliers.
The backbone of experience in selling varieties of commodities is very essential
for any Auctioneer to achieve the best realization for the commodity offered for
sale. Various kinds of commodities and assets have been sold by the company using
e-auction.
Auctions are common in markets where the goods sold are valuable (like art) or when
their prices can't be easily determined. The process of an auction aims to find
a fair price for the goods by identifying buyers who need them the most. Such auctions
are called forward auctions. In forward auctions buyers compete with each other
by placing bids for the goods to be sold
This should pave the way for evolving a national cyber market for tea, replacing
the present fragmented manual auction centers across the country.
Measures were afoot to ensure the goods sold through auctions would make a transition
to the e-auction route. all auction centers can also be set to move to the e-auction
protocol.
Moreover, there was a need to augment the warehouse capacity in various centers,
especially here.
Better price discovery
“The new system would lead to a better price discovery and at least five to ten
per cent of private sales are likely to move to the auction route,” e-auction was
being introduced in many regions in the world. “There is no alternative but to go
ahead,” e-auction will provide a seamless national trading system.
Captures Increment/Decrement Value as per Forward/Reverse Auction
The system allows Increment or Decrement Value to be optional Floating an auction
with/without Reserve Price The start price of the auction
Auction which can start from the first bid that is received, Entire Lot Auction
i.e. all bidder bid for entire lot, Multiple Lot Auction i.e. multiple bidder can
bid for smaller lots, Floating Forward Auction – prices increase, Floating Reverse
Auction – price decrease, Floating English/Vickery/Dutch/Yankee Auction, Float Open
Auction, where any bidder can participate, Float Closed Auction where only authorized
bidders can bid, To float Fixed Price Auction, Floating Index Auction, Floating
Transformational Auction, Open Date Auction, which can run for days, Close Date
Auction, which can last for few hours, Single Line / Multiple Line Items,Masked
Auction, where name of other bidders are masked.
Unmasked Auction, where name of other bidders are shown Shows Price to Bidders,
where bidder can view the last price quoted by other bidders Supports Show Rank
to Bidders Auction Supports time extension, if bid is received in last few minutes,
then to give everyone equal opportunity to submit counter offer, system extends
the last date and time automatically by a specific time Auction Promotion Creating
Schedule (Bidding Forms) Auction Hall View – Bidders Auto Clock Refresh Confirmation
on every bid submitted On confirmation, Bid gets Digitally Signed and submitted
Bidders can
View the entire Auction Notice, See the parameters defined for an Auction, View
Auction Status – Yet to Start, Ongoing or Expired, Get to see the actual Time left,
View the Time lapsed since auction started, View the Current Server Time, View the
price Bidding Schedules, View his bid history,View the latest bid of other bidders,
in case of Show Price Auction, View his rank, corresponding to the other bids in
case of Rank Auction, View the Marquee / Banner posted by Auctioneer, View the auction
completion message, View the Auction results, Select Currency in case of Multi Currency
Auction, Digitally sign the declaration of acceptance of the terms and condition
as laid down in the tender Document.
Avail Auto Bidding facility; in case he cannot remain online to participate in online
Auction where he can specify is upper or lower limit as per Forward or Reverse Auction.
Bidder is prompted if increment/decrement value is not met Bidder is prompted if
his bid is higher/lower in case of reverse/forward auction respectively compared
to last bid in the system System automatically converts figures into words and show
it to Bidder before Submission.
Auction Hall View – Auctioneer In case of multi line item, Auctioneer can view the
Item wise last bids Auctioneer can view
Current Bids of All Bidders, The name of all Bidders, Highest/lowest Bids as per
Forward/Reverse Auction, All Bids submitted by all Bidders during the Auction Period,
All bids in form of Graphs/Chart from first to current bid, The status as who is
highest & lowest bidder (H1/L1), The auction Time lapsed, Time left, The result
as per auction Rules
To Float Marquee/Banner, For Proxy Bidding, Pause Auction, To Close Auction,
if bidders do not respond, To Cancel Auction, if so required, To extend Auction,
if required, To Block Bidder
In case of multi currency bidding, Auctioneer has facility to view bid of all Bidders
in any one currency of his choice at a time, Auctioneer has facility to know the
status of bidders who have logged in Auctioneer are prompt if the Reserve price
is met Auction Reports After successful competition, Auctioneer can view the following
reports
a. Successful Bidder & Unsuccessful Bidders
b. Bidder Name & Details
c. Last Bid of All Bidders
d. All Bids receive during the entire auction period
Can Set, Marquee/Banner to be displayed during auction notice, Time extension, if
yes how many times, Auction Start Time & End Time, Auction closed, above or
below reserve price, Compares First & Last prices in %
|
