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E-Commerce: Reverse Auction Sites

For this arrangement to work, these services are accessed online via private software companies called “market makers”. These companies usually offer support to both the buyers and the sellers. A reverse option usually begins when a buyer prepares an electronic RFQ and submits it to the market makers (Williams , 2007) . Qualified suppliers who have passed certain specified conditions are then invited to bid in either a closed or open bid system.

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Now in all fairness, a large portion of cart abandonments are simply a natural consequence of how users browse e-commerce sites – it is users doing window shopping, price comparison, saving items for later, exploring gift options, etc. These are largely unavoidable cart abandonments.

Considering the newness of the internet and world wide web, it’s safe to say that nearly everyone who has purchased online gained their understanding of commerce offline. “Dirt-side” commerce transactions have structural, schematic, and semantic orders that don’t fully map to the different medium of the web, and it’s this gap in mapping that causes the problems users experience trying to shop online, whether the problems stem directly from usability flaws or unmet expectations.

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plzz he me ………………………. i want a 5 min speech on fashion or adventure for asl …………….

Online reverse auctions allows the supply management team of a company to get involved in an auction in real time without the need to travel hence speeding up the buying process. Since the bidding is given a limited time schedule, it forces both the suppliers and managers to make quick decisions instead of postponing them because any delay may lead to the risk of losing a deal. Before this tool was in effect, the buyer had to create a complex RFP and go on to distribute it to suppliers, wait for their responses, then go through each of their proposals individually in order to make a decision, by employing the use of reverse auction software, months or weeks of negotiations can now be reduced to a few days making reverse auctioning a much faster way of purchasing goods than the traditional RFX process Williams , 2007) . For example, America West Airlines view this considerable reduction in time for price negotiation as a competitive advantage since it has reduced its price negotiation times from initially three or more weeks to as little as 20 minutes.

Cost savings is another important advantage of reverse auctioning, as buyers are able to obtain the lowest possible price from the participating bidders. Cost savings could come as a result of the increasing competition among the suppliers, or optimizing market conditions such as surplus inventory in the market place. In the United States, it is reported that the average cost savings brought about by reverse auctioning is about 15%. This is about 3 to 5 times that of traditional forward bidding (Williams , 2007).However, depending to a specific industry and company, this value can range anywhere from 5% to 90% also depending on the product or service involved. Williams , 2007) In the UK, savings is reported to be approximately 18% as compared to forward traditional bidding. This fact further fuels the much seen preference for reverse auctioning by companies.

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Secondly, it’s a chance to connect with yourself. Perhaps one of the best ways to get in touch with your inner self is by doing what you like. You may like reading books, painting or even singing. Doing what you like is the key. Besides, you cannot always depend on others to spend your free time and ward off boredom.

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