RealTime IT News

Reverse Auction Launched for B-to-B E-Commerce

Start-up B-to-B e-commerce site BidTheWorld.com launched as a platform for conducting reverse auctions of RFPs (requests for proposals) issued by businesses.

The business-to-business reverse auction site allows a business purchaser to post an RFP and obtain competitive bids on the purchase proposal from suppliers worldwide.

The reverse auction site is interactive with dynamic bidding by sellers. The price bid down by sellers on the purchase request allows the purchaser to buy products and services at substantially lower prices, the company said.

In addition, purchasing managers save time in requesting prices, quantities available, and in negotiating with competing suppliers.

The site is free to buyers posting purchase requests. BidTheWorld.com said it does not charge any sales commissions. Sellers pay a nominal $1 per bid fee to bid on purchase requests. And the $1 seller fees have been waived until April 15, 2000.

Industry segments presently include construction, industrial, manufacturing, fuel supply, contract hauling, agriculture, automotive products, produce and meat products, paper products, business services, and office/computer products.

The site includes links to tens of thousands of RFPs issued by federal, state, and local governments as well as links to free trade leads worldwide.

The site also offers free workspace for businesses to post new product information, plant openings, list surplus property for sale, and connect with worldwide trading partners in the free Buyer/Supplier Link section and the free Business Posting Section.

The company said it hopes to have over 100,000 registered users on the site by the end of the year.