An online reverse auction is an official business process that involves the use of an online platform to solicit bids from multiple suppliers for a specific product or service. The auction is “reverse” because the suppliers compete to offer the lowest price for the product or service. The buyer is then able to select the supplier with the lowest bid, which helps to ensure that they are getting the best value for their money. This type of auction is becoming increasingly popular as it is a cost-effective way for businesses to purchase goods and services. It also helps to increase competition between suppliers, which can lead to better quality products and services. Additionally, it allows buyers to quickly compare prices and make an informed decision. Online reverse auctions are an efficient and cost-effective way for businesses to purchase goods and services, and they are becoming increasingly popular.
