Forward Auctions

The structure of Forward Auction events are very similar to Reverse Auctions, although the purpose and scope is potentially much wider.

Forward Auctions are used to increase the price of an item/ service through dynamic live bidding. The process is highly transparent to the seller as each bidder is only able to see the value of the competing bids, and not the bidder's identity. The events usually last sixty to ninty minutes and bidders compete with each other in offering the highest price to secure the purchase.

Only selected bidders are invited to the event who may also have been qualified through some scoring/ selection process. Although the concept is similar to eBay, there are some fundamental differences. One of them being that it is not open to all, bidders need to be invited before they can participate in the event.

The major benefits are that, in a competitive environment, it will
lead to significantly higher selling prices over traditional negotiation/ sales methods. The application of a robust process will also shorten the sales process and thus save considerable time and resources.

Forward eAuctions can be used to sell the following goods or
services:

• Unwanted or obsolete stock

• Advertising space

• Commercial sponsorship

• Property

• Sports contracts

• Selling almost any product or service where there is limited availability and demand exists with at least two interested parties