What is an e-auction?

e-Auction, short for electronic auction, is a digital or online auction platform that enables buyers and sellers to participate in auctions electronically. Unlike traditional physical auctions, e-Auctions take place on the internet, allowing a wide range of participants to bid on goods or services from anywhere in the world.

e-Auctions offer various formats, including forward auctions (ascending price) and reverse auctions (descending price). Forward e-Auctions are often used for selling products or services to the highest bidder, while reverse e-Auctions involve suppliers competing to offer the lowest bid for a contract.

These online auction platforms are commonly used in procurement and supply chain management to secure the best prices and terms for goods and services. They provide transparency, efficiency, and a competitive environment for buyers and sellers to negotiate and finalize transactions.