NexAuctions

NexAuctions our real-time web-based auctions portal helps administrators to carry out complex auctions simply and quickly. Bidders’ can participate live and place bids for listed items simultaneously. Whether you need a Forward or Reverse auction NexAuctions can manage your needs without time-consuming repetitive tasks.

Our distinctive approach to NexAuctions led us to develop an internal Timer Component, Implemented Digital Certificates and integrated payment gateways to deliver a holistic eAuctions system. NexAuctions provides easily configurable template structures, to allow you to prepare auctions in a matter of minutes, minimising the need for training and helping smooth change transfer. The centralised repository of created templates allows administrative users to avoid repetitive tasks, allowing them to focus on quality, and aims to help you deliver significant efficiencies.

The intuitive auctions engine can execute both Forward and Reverse eAuctions and all types of auction; multi-lot, multi-parameter, Japanese and English Dutch through simple preconfigured workflows. NexAuctions allows for flexible business rules to assist you in provide auctions appropriate to your requirements; should you need Anonymous, Masked, Rank, Landed Price, Base Price or Exit Price bidding. The system has a multi-currency capability, helping open bidding up to a broader range of suppliers, delivering greater value to buyers. Auction reports can be exported in both Word and Excel formats to enhance auditing and accountability within your organisation. If required NexAuctions can be fully integrated with NexProcure for a comprehensive eProcurement solution which can manage even the most demanding requirements.

    
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Why NexAuctions ?

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NexAuctions delivers significant benefits to both buyers and bidders:

 

NexAuctions Key Features

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NexAuctions Benefits

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Benefits to Buyers

Benefits to Vendors

NexAuctions How It Works

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  • Dutch Auctions – During a Dutch Auction the item price is lowered until a bid is received. If the Reserve Price has been met the first bid received is considered the winning bid and automatically results in a sale. This is different to most auction types, where the item price increases as bidders’ compete.
  • Japanese Auctions – Bidders’ must accept the opening price, defined by the Buyer. If they don’t they can’t participate in the auction. By accepting the opening price the Bidder is agreeing to supply the goods or services for the price defined by the Buyer. As Bidders’ agree to prices, NexAuctions reduces the bid price at pre-defined intervals and prompts Bidders’ to reject or agree to the new price. This continues until there is only one Bidder remaining.
  • Multi-lot Auctions – During a Multi-lot Auction the Supplier will list multiple identical items, or lots, to multiple Buyers. Winners’ are determined by sorting all the bids from highest to lowest. The winners’ then pay the lowest amount they bid over the Reserve price. Bidders’ are entitled to refuse lots if they aren’t given the quantities they requested. Bidders’ with higher bids are given priority when allocating lots. If there are more sucessful Bidders’ than lots the Bidders’ who submitted first will be awarded the items.
  • Forward Auctions - Forward auctions allow you to create your own marketplace for your goods to increase sales, get you the best price and ensure you can dictate the best price for your goods. Bidders’ compete in real-time until the auction is complete, guaranteeing good value for the Supplier. The item is awarded to the highest Bidder.
  • Reverse Auctions – Buyers’ list requests for goods or services. Suppliers’ then place bids that reflect the amount they are willing to be paid for providing the goods or services. Once the auction is complete the Supplier with the lowest bid wins.

NexAuctions FAQs

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  • Can NexAuctions save me money?
    NexAuctions forces your suppliers to directly bid against each other to provide their products and services to you at the lowest possible price.
  • Can my business save time and effort?
    Online reverse auctions help save time by eliminating phone calls, paperwork and documentation with no need for chasing quotes or time consuming bid reviews. The system also provides clear record-keeping methodology.
  • Can I increase competitiveness for my tenders?
    By using NexAuctions you can massively increase the number of suppliers invited to tender with no additional overhead, resulting in increased competition between suppliers.
  • Can NexAuctions deliver my required services/products quicker?
    Buy having control over tender documentation and when suppliers see it but more importantly when bids are submitted via auction you know exactly when you will have your bids submitted and awarded, thus increasing efficiency and delivery times.
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REQUEST A DEMO

Please get in touch and help us to better understand your requirements and let us show you how NexTenders can help you, with a live system demo of any of our products.

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World Bank Assessed

" The NexTenders eTendering is well developed and resourced and meets all essential ADB requirements for eprocurement including transparency of the process, non-discrimination of bidders, equality of access, open competition, accountability and security of process. The system has well developed security, process management, communication, record keeping and audit capability. "