Auctions are extremely effective at determining the true market price of a commodity, license, good or service. However, a disadvantage of online auctions is that auctions are ‘timed’ events, meaning bidders have to be present when the auction is conducted (read more to find out how Tradeslot’s auction system solves this problem). This can cause considerable inconvenience given that many B2B auctions are run globally and across multiple time zones.
Tradeslot has resolved this issue by offering a “proxy bidding” function on all of our auction platforms.
Proxy bidding is similar to an auto pilot allowing bidders to set bid(s) prior to the auction event. Participating in the event hence becomes effectively optional. Importantly, proxy bids are not just an expression of a maximum price (as used in eBay auctions) but allow for a series of price / volume bids; for example: At $98.00 I would like to bid for 8,000 tonnes; or at $102.50 I would like to bid for 7,200 tonnes etc.
Apart from the convenience that proxy bidding offers, it also creates a safety-net for bidders who are concerned about possible technical problems at their end. Proxy bids can be edited or deleted at any time avoiding lock-in scenarios.
Proxy bidding is just one example of the many industry leading features Tradeslot’s auction platforms offer. If you would like to find out more about our products please contact our team today!