What is an E-Auction? 

E-Auction (Online bidding/e-bidding) is a negotiation tool that uses a platform that allows suppliers to compete with each other online in real time, to provide prices for goods / services for Buyer through auction.

Online bidding can be based on the price of one or more criteria such as quality, delivery time or related services, etc. to provide the prices to buyer. The online bidding process can take place between businesses and businesses, businesses with consumers or consumers and consumers and allows suppliers to bid online together to sign appropriate contracts.

>>> Learn more about NextPro’s E-Aution Platform— Click here!

6 Types of E-Auction 

Type Traffic Light:

You will see a color status (green, yellow, red) after submitting own bid. Traffic light colors are based    on previously defined price ranges which are unknown to the bidders (except starting price) and Bidder must underbid own last bid.

Type English Reverse (Price Auction):

Your bid and the current best bid will be displayed after you have submitted your initial bid in a package. The initial bid may match the starting price provided online or can be anything lower than that. You have to underbid the current best bid if you wish to submit more than 1 bid per package.

Type Dynamic Reverse (Ranking Auction):

Your bid and your current ranking will be displayed after you have submitted your initial bid in a package. The initial bid may match the starting price provided online or can be anything lower than that. You have to underbid your last bid if you wish to submit more than 1 bid per package.

Type Japanese Reverse:

The current price shown must be confirmed in order to qualify for the next price level. The Auction will end with the pre-defined end price or if only 1 bidder is left.

Type Dutch Forward:

The Auction will end with the confirmation of a price shown by the first person to confirm this price.

Type Sealed Bid:

Only the best bidders (number and position of bidders will be determined by the buyer after the 1^st phase) per package/position will qualify for a Sealed Bid. The buyer is asking each bidder selected to participate in the Sealed Bid to place 1 (one) final bid during the Sealed Bid. All competitor information will be shut down and are only visible to Buyer. If no bid is submitted during the Sealed Bid, then the lowest bid from the 1^st phase will be taken into consideration. In general, only the best bid of each bidder at the end of both phases will be taken into consideration.

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*Contact Us: 

NextPro International Procurement Service Co., Ltd.

• Email: info@nextpro.io 
• Address: 4th floor, 57 Le Thi Hong Gam, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City, Vietnam
• Hotline: +84 903.343.258
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