Consider how consumers wait until the holidays to make big purchases. Black Friday and Cyber Monday are commonly the most robust shopping days of the year, proving the power of discounts. What if retail businesses could get the same discounts from their suppliers? Furthermore, what if they could get them any time of the year?

Retail businesses are always looking for ways to save money on their purchases and decrease their overhead costs to increase their profit margin. Recently, the concept of e-Auctions is gaining traction as an effective way to do exactly that.

e-Auctions are an efficient and effective mechanism for B2B companies to make purchases while reducing their procurement costs. These auctions take the same dynamics that make Black Friday so popular – limiting time and opportunity – and turn them into a competition between suppliers.

Using reverse auction strategies, companies can achieve significant savings ranging from 22-52 percent. This approach involves inviting multiple pre-selected suppliers to participate in a real-time auction, where the lowest bidder wins the contract. The process is quick, and transparent, and does not require additional work from the buyer.

e-Auctions are not limited to specific industries or product categories. They can be used to negotiate prices for products and services across local and regional areas. By using e-Auctions, companies can speed up their negotiations, avoid creating delays in the decision-making process and simplify the effort required on the part of the person leading the reverse auction.

There are countless examples of e-Auctions helping owners secure what they need. For instance, a chain of grocery stores using an e-Auction to purchase glass covers for their bakery division, while a tech company used the approach to contract a supplier of laptops. In each case, the company saved money while achieving its objective. You can read more about these examples below.

Grocery Stores Needing Replacement Display Glass

A chain of grocery stores was looking to replace the glass covers used to display cakes and other baked goods. The bakery wanted to improve the customer experience without compromising its already thin profit margin. Through app.bestauction.com, they found the glass at a price they loved.

IT Divisions Acquiring Laptops In Bulk

A company headquartered in Quebec, Canada used bestauction.com to contract a needed supply of laptop computers. The purchaser’s office manager organized a real-time reverse auction with multiple pre-selected suppliers. The entire process was simple to manage and took three days from start to finish. The winner was awarded a 2-year contract worth nearly $50K, ultimately saving the company 28 percent compared to standard retail costs.

Transit Service Firm Needing Transfer Services

A New York City-based taxi company needed a partner to handle specialized VIP transfer services for their select customers. An assistant with the taxi company organized a real-time reverse auction at bestauction.com, inviting four qualified participants to participate. They were quickly able to select a provider based in Brooklyn. 

Auto Repair Service Needing to Hire An Accounting Firm

With nine auto repair garages in the Boston area, the company as looking to outsource its accounting needs to a professional firm. They ran an online reverse auction between five pre-selected participants via bestauction.com, resultingin 25.8% cost-savings over the initial bid prices submitted by those accounting services firms.

When it comes to e-Auctions for B2B transactions, the key is broad applicability and flexibility. Every case study we reviewed showed how e-Auctions, like the ones at bestauction.com, kept businesses moving without having to worry about delays in the decision-making process. A simplified platform, a streamlined process, and endless applications prove how e-Auctions are the best way to get what your business needs.

Want to know more? Get in touch with our team to find out how you can save even more on what your company needs the most. Contact us at [email protected]

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