Reverse auctions gained popularity with the emergence of internet-based online auction tools that enabled multiple sellers to connect with a buyer on a real-time basis. Today, reverse auctions are used by large corporations and government entities as a competitive procurement method for raw materials supplies, product supplies and services like accounting and customer service.
Since online portals are able to connect buyers and sellers in real time, reverse auction typically occurs online where multiple sellers gather to sell their product/services to a buyer.
User can register them self as buyer and seller on the platform.
A buyer usually puts up a request with precise qualification for a quote on a platform where multiple sellers can see.
If the seller is selling products/services that match the criteria, they participate in the bidding. As this is an open market, each seller has a fair chance.
Buyers and sellers are able to connect in real time via online portals.
Generally, the bidder that bids the lowest wins the race but it might not always be the case. There are certain features a product may be offering that the other product might not be offering. Thus, the actual winner is the lowest unique winner. This means that a product/service provider which gives services that fit your requirements as well as gives you the lowest price wins. If a seller gives you say, product X for the lowest price amongst competitors but it doesn’t have a particular feature you are looking for, the obvious option is to go for the seller that provides the product with the feature in the lowest price.
Seller wins the race who provides the product with the feature in the lowest price.
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