Reverse Auctions Simplified
Feeling pressure to reduce spend? You can shorten your price negotiations from months to minutes. Vendorful's reverse auction software can drive 5%-20% savings in a half hour.
An emphasis on simplicity makes our Reverse Auction software easy for suppliers as well. Reverse auction bidding is can be done with a few clicks of the mouse.
Set up Reverse Auctions in minutes
Optimized for Performance
Vendorful's reverse auction software calculates clock drift on all bidder computers and automatically corrects for it, ensuring that auctions begin and end at exactly the same time for participants.
Bye, bye network latency!
Want to learn how you can speed up your savings?
With global economic uncertainty, organizations are aggressively looking to reduce costs. An underutilized e-sourcing capability, reverse auctions can be a valuable tool in this regard. Suppliers bid against each other in real time to earn your business.
Features at a Glance
Single lot and multi-lot options
Multiple line items per lot
Specifications and notes on line items
Lot-level maximum bids
Lot-level minimum bid decrements
Quiet time settings
Support for overtime
Foreign currency support
New vendor invitations without cumbersome onboarding
Easy access to supplier relationship management
Real-time network statistics and warnings
Configurable bid verification options
Real-time bid display
Dynamic bid rankings
Post-auction best-of-the-best display
What if I've never run a Reverse Auction before?
Going from RFQ to Reverse Auction for the first time? Vendorful has performed the first Reverse Auction for a range of organizations, including a Fortune 100 company. Our team will walk arm in proverbial arm with you to and help you achieve the desired outcome.