COMPUTER APPLICATIONS
E COMMERCE AND E BUSINESS APPLICATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Normal auction
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Reverse auction
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Forward auction
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Backward auction
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Detailed explanation-1: -A reverse auction is a market transaction system involving sellers competitively bidding to provide a good or service. In a reverse auction, the lowest bidder typically wins the contract, unlike in the forward auction (ordinary auction type), where sellers offer to sell goods to the highest bidders.
Detailed explanation-2: -Reverse auctions can make a lot of sense when there are many sellers in the market and price is the most important factor. They save time and money, which is no small thing for a business, although sometimes this can come at the cost of sacrificing quality.
Detailed explanation-3: -Reverse auctions are eAuctions where suppliers submit online bids to compete against each other. Unlike forward auctions, where bids increase as the auction progresses, in reverse auctions, bidding starts with the highest possible price and decreases gradually. The lowest bid wins.
Detailed explanation-4: -Lower purchase costs through increased competition; The potential to gain better savings then a present “target” amount; Time Savings through a reduced negotiation phase; Increased ability to meet deadlines thanks to having a set auction date; and. More items •31-Mar-2022