eBidding platform is a web-based price negotiation tool that utilizes dynamic pricing to derive true market prices of product/services in response to current market supply and demand conditions. This platform incorporates a proven reverse and forward auction method of online auction.
Buying or selling organizations post all relevant information and specifications online and invite qualified and capable suppliers or buyers to compete in a real-time auction session.
This method saves time for buyers or sellers and increases their chances of securing a product or service at a better price. This reverse auction approach has consistently returned buyers a savings average of 8% - 20%. As for forward auction, sellers have managed to sell at an average 10% to 30% higher.
eBidding enables real-time market price discovery, transparency, and shortened bid cycle time. Since it is web-based, it allows buyers and suppliers to participate wherever they may be, as long as they have access to the Internet.
eBidding provide an easy introduction to participating in e-commerce – with limited business or capital risk and potentially high rewards. The application requires little or no integration with other software. Our application is capable of running several different types of auctions.
Since Jan. 2008, Privasia had carried out a total number of 319 Reverse Auctions and 21 numbers of Forward Auctions. Overall saving generated for Reverse Auction for 319 numbers of eBids is about 126.6 million.
For the year 2008 to date:
 The highest saving in terms of percentage acquired through reverse auction is 49.6%
The highest saving in terms of value acquired through reverse auction is RM68.9 million.
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