I previously wrote about three Reverse Auction marketplaces that received tremendous response. I ended up using them as well, even more than eBay, although I still prefer to sell on eBay.Today, I was introduced to a similar concept but this is only for businesses. Reverse Auctions for businesses can help companies save time and money by shortening the time of a buying cycle and cutting costs in products.
How this works is that instead of Sellers posting their items for sale or products that they can supply, Buyer list out the items that they are interested in buying, including as much information as possible and most importantly specification of the products that they want to buy. Sellers or rather suppliers will place bids on the listings placed by Buyer and "fight" it out with other suppliers of similar products to provide the best prices and benefits to the Buyer.
I think this is a very good concept and provides a Buyer's market in the sense that Buyer dictates the prices of products and they get to save a lot of money when Sellers try to offer the best price they could so as to clinch the business. Buyers no longer have wait for procurement cycles to restock their products since they could just list their requirements on HedgeHog at anytime they like.
I am going to check out what are the products that members usually look for. Perhaps I would source my products though HedgeHog as well.
No comments:
Post a Comment