An eAuction is a transaction between Buyer team (the Buyer) and bidders (suppliers in the business-to-business scenarios) in an electronic online marketplace. The eAuctions are of several types - 1) English Reverse eAuction 2) Dutch Reverse eAuction 3) Percentage based Reverse eAuction 4) Open or Fixed Price Reverse eAuction 5) Forward eAuction
eAuctions are now a proven cost-cutting tool compared to traditional pricing which usually takes place through successive negotiations.