Reverse auction (RA) was introduced by mjunction as a primary service of e-sourcing.
RA service strives to deliver value to our clients and is a preferred choice for companies which spend heavily on logistics. The platform undergoes a detailed planning procedure to ensure that the correct market forces are included in the bidding process.
Through RA we have initiated a real time dynamic auction between a single buyer and a group of pre-qualified suppliers. These suppliers in order to win the business of supplying goods or services to the buyer, try and compete against each other by submitting successive lower priced bids over the internet with the help of a specialized software.
These bids are entertained for a specified period of time which is usually about an hour but brief extensions are permitted if the bids keep pouring in beyond the time limit.
With a view to strengthen the bond with our suppliers we provide them with finance facility as a support service. This not only ensures reduction of procurement cost to the buyer but also provides access to cheaper cost of funds.