Reverse Auctions
Shorten your price negotiations from months to minutes.
Reverse Auctions in a Snap
Point-and-Click Setup
Set up Reverse Auction Bidding in minutes
Add colleagues and delegate setup tasks
Easily create lots and line items
Invite vendors without onerous onboarding
An emphasis on simplicity makes the Reverse Auction software easy for bidders as well.
Optimized for Performance
Bye, bye network latency!
Built on real-time architecture
Real-time feedback on bids
Latency and jitter measurement and warnings
Vendorful's reverse auction template 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.
Comprehensive Configuration Options
Configure the rules of the auction your way
Select from multiple auction styles
Choose a currency on a per-lot basis
Set bid thresholds
Auctioneers on the Vendorful reverse auction platform can use "Quiet Time" to prevent bid sniping and increase the number of bids.
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.
Features at a Glance
Single lot and multi-lot options
Multiple line items per lot
Custom units
Specifications and notes on line items
Buyer-specified maximum bids
Buyer-specified minimum bid decrements
Quiet time settings
Support for overtime
Real-time collaboration
Foreign currency support
New vendor invitations without cumbersome onboarding
Easy access to vendor 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
Ready to see the magic for yourself?
