Auction types
Dutch auctions
A Dutch auction is a fast-paced auction format designed to encourage quick supplier decisions. The auction starts at a low price that increases over time, and the first supplier to accept the current price wins. This format allows you to quickly finalize sourcing decisions and award your event.
English auctions
In an English auction, you list the items or services you need to purchase, and suppliers submit bids in real time. Suppliers can see how their bid ranks against others and decide whether to adjust their bid to stay competitive. At the end of the event, you select the winning supplier based on price and other factors. This is the original reverse auction format.
Japanese auctions
A Japanese auction is a structured auction format that encourages strategic supplier participation. The auction starts at a high price that decreases over time, and suppliers must choose to stay in or leave at each price point. The last supplier remaining wins, helping you secure the best possible price.
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