English Forward

English Forward auctions create a transparent and competitive environment for price discovery.

Explore case studies

1:06 min

Power your marketplace with English Forward Auction technology: Optimise revenue in a transparent and competitive bidding environment

Maximise your sale price by encouraging competitive bidding among multiple buyers in an open and transparent manner

Listing creation

NovaFori platform supports a range of product types with flexible attributes, descriptions, and images for accurate representation. Sellers can customise auctions to fit their unique needs by setting product supply, price points, number and duration of rounds, and bidding rules.

Max bid functionality

Enable users to place maximum bids on items they are interested in. When someone places a bid, the system automatically increases the bid on behalf of the bidder, up to their maximum bid amount, in predefined increments.

Auto-extend bidding window

Auto-extension maximises yield because bidding is not stopped at an arbitrary time. Bidding continues until all bidders have finished bidding, just like in a live auction.

Timed auctions

Implement timed auctions where each auction listing has a fixed duration. When the timer expires, the highest bidder wins the item. This creates competitive tension and encourages active participation from bidders.

Notifications

Send out notification to keep users informed about the status of their bids, including real-time outbid notifications and alerts when auctions are about to end. Additionally, provide the option to notify all bidders within the same organisation, maximising their opportunities to secure the lot.

Data Science tools and analytics

Analytics reporting tools and analytics capabilities to analyse scoring trends and performance metrics.

[data-wf-bgvideo-fallback-img] { display: none; } @media (prefers-reduced-motion: reduce) { [data-wf-bgvideo-fallback-img] { position: absolute; z-index: -100; display: inline-block; height: 100%; width: 100%; object-fit: cover; } }

Understanding the English Forward Auction with a marketplace

In an English Forward auction, the seller or auctioneer sets a starting price and potential buyers compete against each other by submitting incrementally increasing bids. The auction ends when no more bids are placed and the item, product or commodity being auctioned (called a "lot") is sold to the highest bidder for the value of the highest bid.

The process:

Step 1

Auction set up

The auctioneer sets the starting price, bid increment, auction duration, & other parameters. The auction is then listed on the auction platform or marketplace.

Step 2

Bidding process & price increase

Interested buyers bid higher than the current bid, manually or through automation. As bids increase, item price rises in set increments.

Step 3

Auction closure & post auction

When the auction ends, the auctioneer sells to the highest bidder. The buyer pays the final price, and the auctioneer completes the transaction. Afterward, the platform may offer services like payment processing and shipping coordination.

Empower your organisation with English Forward technology

Maximise efficiency with NovaFori's versatile auction platforms—Powering transparent and competitive English Forward auctions across multiple industries.

Learn More