Trending today…a demand for Reverse Auctions and Events
Over the past few years, there’s been a steady demand for and an increase in the use of reverse auctions. Reverse auctions swap the roles of a traditional buyer and seller. Sellers are competing against each other to gain the business from the buyer by decreasing their bid. The advantages of reverse auctions and, in effect, why they have become popular is that the online activity reduces paperwork while increasing efficiency. Often, traditional events take months, whereas Reverse Auctions usually last only a few weeks. Be careful though, not all items should be offered in a reverse auction—the best to consider are raw materials, supplies and clearly-defined services.
Businesses have been engaging in more and more Reverse Auctions over the past several years. Check out the Inc.com article by Max Chafkin How to Compete in a Reverse Auction.
By: Tara Ann Neville