Auction Process
The forward auction process for both auctioneers and bidders is extremely simple and requires no technical knowledge. It is the de-facto standard in the current auction process and essentially involves a single seller offering items for sale with multiple buyers competing to buy these items. The goal of this process is for an electronic market to be created that guarantees price discovery and facilitates transactions.
For the seller, creating a new auction with multiple items can be done through 5 simple steps. For more complex asset disposals, the sellers are guided by experts to ensure satisfactory results.
Similarly, the bidder has to follow 5 simple steps to bid on items.
Features
| Features for bidders: |
| Access to a wealth of auction items |
| Ability to view all public auctions |
| Wishlist for types of materials to be bought / Auctions to be attended / Clusters to be monitored |
| Document upload, management and security |
| EMD Management |
| Auto bid through proxy following a step rate |
| Live auction monitoring and easy facilitation of identifying winning / losing bids |
| Auction and Purchase history |
| Separate factory logins – Nasik, Mundra etc. |
| Instant password regeneration |
| Customized notifications |
| Price and seller analytics |
| Features for auctioneers: |
| Bidder contact facilitation |
| Private / Public auction |
| Standard template for auctions |
| Customized work flows around the auctions |
| Technical qualification for pre-bidding |
| Attachment of documents |
| Document security and EMD management |
| Live auction monitoring |
| Customized notifications for auctions |
| Instant password regeneration |
| Price and item analytics |
Why Auction-it?
The ease of use in creating and bidding for items continues to facilitate high growth in the popularity of our platform.
Our platform has the proven result of achieving a better price than spot selling your product and therefore, provides the Return on Investment that your company wants.
By using such a platform, we make the transaction easier and more transparent, which facilitates focusing on core competencies.
Our live customer support team ensures that all your queries are resolved as soon as possible.
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