Quick Guide to Oltiby Reverse Auction

7 Easy Steps To Understand Reverse Auctions. This mini-guide will guide you through the process of Oltiby system. In one minute you will definitely love the idea and learn about the benefits of using Oltiby as your source of procurement.

How Reverse Auction Works?

You start the reverse auction by posting your order for free and by specifying in detail what you want to buy. Sellers compete against each other at Oltiby.com, in real-time auctions to win you as a customer, driving down the price in the process. They are given a specified time frame within they have to submit their offers. At the end, the lowest bidder wins the auction. You, as a buyer, have an option to choose a different bidder (seller) from among the participants if you desire so.

Reverse Auction Success In 3 Steps

Step 1. You (The Buyer) define and submit an order for free and a reverse-auction date is scheduled. If you wish, you can choose the potential sellers from our database and invite them to the bidding auction.

Step 2. You monitor the activity: The Reverse-Auction is held until the scheduled end-time. Multiple sellers can participate in the bidding process.

Step 3. After the bid ends you have 24hrs to decide and let us know if you want the contact information of more then one seller (Note: our service fees will be based on the percentage of the amount of the highest bidder in the group that you have chosen to contact). You receive the seller's contact information and can make contact with them for your final qualification and decision. If you do not select anyone in the initial 24 hrs period, the lowest bidder becomes the winner. Service reverse auction fees due are charged to the buyer (Note: In case there is just one single bidder or no bidders at all at the end of an auction, you pay nothing. You are welcome to post another ad).

How To Get The LOWEST PRICE In Reverse Auction?

For any person or business, the ability to buy more products for less money is a recipe for success. The trick of course is how to do it. We at Oltiby offer an e-procurement solution that plays an important role in helping you as a person or organization to reduce spending and therefore allow more cash leftover for other things.

There are several things you can do to get the lowest price possible:

1. Set the starting (maximum) price low - By setting up the price very low will make sure that the sellers will have to bid even lower in order for them to sell you their product.

2. Invite recognized suppliers - industry leaders or suppliers available in our database that have already won auctions in the past. If there are no suppliers in your category, we'll find them for you (this service is Free) and bring them to your listing on Oltiby.

3. Conduct the second round reverse auction - by conducting the second round the sellers will see how low other competitors are willing to go and therefore they will try to do even better.

   Recent Online Auctions Articles