Reverse auction: A reverse auction is different in that a single customer offers a contract out for bidding through an on-line
marketplace. Multiple clients are then able to offer bids on the contract. As the auction progresses, the price decreases as service
provider compete to offer lower bids than their competitors whilst still meeting all of the specifications of the original contract.
Bidding performed in real-time via the Internet results in a dynamic, competitive process. This helps achieve rapid downward
price pressure that is not normally attainable using traditional static paper-based bidding processes. Many reverse auction
software companies or service providers report an average price reduction of 18–20 percent following the initial auction's
Reverse auction cum e-tender: E-Tender-cum-E-Auctions are to be conducted by freightemart.com, an internet based process;
from advertising to receiving and submitting tender cum auction- related information are done online. This enables firms to be
more efficient as paper- based transactions are reduced or eliminated facilitating for a more speedy exchange of information.