100Bricks is an advanced technology portal that facilitates a transparent reverse auction process between the buyers and the sellers.100Bricks aggregates demand of buyers of construction materials such as cement, steel etc. and auctions it to suppliers in a reverse auction process. This enables suppliers to access a larger aggregated market in an efficient manner. The buyers are able to make their purchasing process more transparent and lower their costs of procurement.
What is group buying?
In group buying, or collective buying, a number of buyers get together to buy a specific product or service from the sellers. When a large group of buyers are willing to buy the same item, it results in better pricing for all the buyers.
What is a reverse auction?
In a reverse auction, the sellers compete to obtain business from the buyers and prices typically decrease as the sellers quote lower prices to win the auction.
In case of 100Bricks, a reverse auction along with group buying provides the additional benefit of bulk buying and hence results in even better pricing for the buyers. Below we list out some of the benefits of 100bricks’ group buying reverse auctions for the buyers and sellers.
Benefits to Buyers
- Access to a larger base of manufactures without going through time consuming process of vendor selection
- Aggregating demand of a number of buyers results in better pricing because of group buying
- Transparency to the process of buying in the purchase department
- Free participation in the reverse auction process as a buyer on one of the most advanced group buying reverse auction technology portal
Benefits to Suppliers
- Access to a large market place and demand
- Reduced costs and time for marketing
- Streamlined payment realization from buyers
- Free participation in the reverse auction process as a supplier on one of the most advanced group buying reverse auction technology portal