English auction - available fields
Options
Select this option to switch between a Default (request for quote) or an auction event. This option only displays when Reverse auctions are enabled. To turn on this feature, contact your Fairmarkit Customer Success Manager.
Select an auction type. Available options include English (classic), Dutch, and Japanese.
Select this option to mark this event as a simulated event, allowing you to test without sending emails to suppliers or impacting usage reports. You can only create a test event from a manually created event in Draft status. Once the test event is open, you can generate randomized supplier responses, and then close, award, or cancel the event as needed. By default, all test events, independent of their status, are archived 3 days after they are created. Suppliers will not see or receive emails about test events.
When working on an event in Draft status, you can invite collaborators to help you build and review your event. For your collaborators, you can manage their permissions, controlling if they are able to view or edit everything in the event.
comments
Click to access the Comments pane, which allows you to add and view internal comments and supplier messages for the event. This option is only available after the event is opened.
A list of available actions for the event. The available actions are dependent on the type of event and its current status.
Auction configurations
For additional information on these configurations, see English auction configurations.
Enter any critical information you want suppliers to see before participating in the event. Suppliers will see this text in a window before they begin their bid. By default, we've provided some default text about auctions, but you can edit it for your needs.
Select if you want suppliers to see if their response is the lowest.
Select if you want suppliers to see the current lowest bid for each item.
Select if you want suppliers to be able to see a chart of all bids from all suppliers participating in the event.
Header
*Title
Enter a brief title that describes what is included in the event. The title is included in emails to suppliers and helps them to get a general idea about the event.
Business Unit
Select the business unit that requested or is related to the event. This is an optional field that may not be configured for your organization. To turn on this feature, contact [email protected].
RFQ ID
This is typically populated with the purchase requisition or purchase order number from your purchasing application. If not entered, Fairmarkit will automatically assign an ID, which can be edited later, as needed.
Client Company
Select the client company that is related to the event. This is an optional field that may not be configured for your organization. To turn on this feature, contact [email protected].
*Auction start date / time
Enter the date and time the auction starts. On this date and time, suppliers can submit bids for the event. Your date must be at least 30 minutes in the future.
*Auction close date / time
Enter the date and time that the event will close. At this date and time, suppliers will no longer be able to submit bids for the event. Your event must be opened for at least 30 minutes.
If a supplier bids within the last 10 minutes of the event, the event is automatically extended by 10 minutes. The event continues to extend until no more bids are received and then closes.
Preferred Delivery Date
Enter the date when the line items are needed. This date helps when defining shipping timelines and scheduling services.
Requester / Reference
Enter text like a name, email, or phone number to reference the requester.
Shipping Address
Select an address to receive the line items. As you type, matching addresses display. This field is optional, but recommended. It allows suppliers to provide more accurate pricing by including shipping costs or by directing you to the appropriate sales representative in your area.
Note: If your address isn’t available, click Add new to add your address to Fairmarkit. It will be available for future use.
*Payment process
Select how you will pay for the line item. This information is shared with suppliers. Available options include PO, Invoice Only, and Credit Card.
*Currency
Select a currency (3 characters) for the event.
Note: If you update the event currency on an event, verify the Benchmark price for your line items. Depending on the event type and your company settings, the Benchmark value might not automatically convert when changing the currency,
Shipping Type
Select your preferred shipping method.
Carrier
Select your preferred shipping carrier.
Note: You can use the Notes to supplier field to add an account number.
Urgency
Let suppliers know if your request is urgent with the Rush and Emergency options. By default, events are set to Normal urgency. If you select Rush, RUSH is appended to the description and your event is highlighted in yellow on the events lists and the supplier's bid page.
Request Items
Each line item includes details about the items or services you want to purchase. You can add up to 150 line items to an event, but you’ll want to ensure that all items and services are related. For more information, see Add line items.
Customer categories
Select one or more category and subcategory (e.g., IT Hardware and Laptops) combinations to help further define your event. Customer categories and subcategories were defined when your organization was set up in Fairmarkit. They’re made to match your business practices and can be used to organize and track your analytics in a way that makes sense to your organization. Categories can be turned on at the event or line item level; to change your preference, contact your Fairmarkit Customer Success Manager.
Auction settings
*Trigger extension
Enter the time remaining in the auction (in minutes or hours) when a new bid triggers an extension (e.g., last 2 minutes).
*Extension duration
Enter the time (in minutes or hours) added to the auction for each extension (e.g., 2 minutes).
*Maximum extensions allowed
Enter the total number of times the auction can be extended.
*Minimum bid increment
Enter the smallest allowable bid decrease to remain valid (e.g., 1%, 5%, or $10).
Suppliers invitation
In the Suppliers invitation area, you can invite trusted suppliers from the Fairmarkit database to your event. Based on the information you entered, Fairmarkit will recommend a list of suppliers to invite. You can adjust the list by manually selecting or removing suppliers from the list.
Marketplaces
Select if you want to send the event to a marketplace where it will be open to responses from all registered suppliers from the marketplace.
Notes to supplier
Add additional information and communication (up to 4,000 characters) about the event with all invited suppliers. For example, you might enter a shipping account number or detailed steps to explain the process further.
Files
Attach files, such as a scope of work, to share with suppliers. Files can be up to 100mb, and the File name cannot be longer than 255 characters. See Attachments for more information.
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