Scoring Auction

In a Scoring Auction marketplace, bids are assessed based on predetermined criteria like price, quality, and delivery terms.

Power your marketplace with Scoring Auction technology to maximise value & efficiency

Scoring auctions operate on a sophisticated model that goes beyond the limitations of price-based bidding:

Transparent scoring system

Bidders can enter bid values for desired attributes, immediately seeing their calculated score, providing insight into the scoring system's functionality. They have the flexibility to see and modify their total score at any time, ensuring a better position before the round concludes.

Multi-attribute bid score

Provides bidders with the option to place their bids on various attributes besides price, allowing for better alignment with sellers’ offerings and the optimisation of bids before the auction concludes.

Automated scoring processes

Utilises the auction engine to calculate bid scores based on parameters set by listers, ensuring precise bidder ranking through automated calculations.

Comparative Bid Positioning (CBP)

Bidders can monitor their progress and refine bidding strategies based on direct comparisons with other participants, optimising performance across rounds.

Auction bid scoring history

Enables sellers to monitor bidder performance during the auction process. They can track rankings, scores, and positions, review bid history, and manually select winners if scores are tied.

Data Science tools and analytics

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

Scoring Auction user interface (UI) in the NovaFori Platform.

Why choose Scoring Auction for your marketplace?

  • Invite unlimited participants

  • Nuanced preference expression for multiple attributes

  • Score in real-time or asynchronously with multiple parties

  • Efficient, digital process

Understanding Scoring Auction within a marketplace

In a scoring auction within a marketplace, participant bids are evaluated based on specific criteria, such as price, quality, and delivery terms. Each criterion is assigned a predetermined weight, and bidders are ranked according to their total scores, allowing for a more comprehensive assessment beyond the bid amount to determine the winning bid.

The process:

Step 1

Trade set up & bidder evaluation

The lister or auction organiser lists the product or service and defines scoring attributes on the platform. They then weight attributes based on preference/importance.

The lister or auction organiser lists the product or service and defines scoring attributes on the platform. They then weight attributes based on preference/importance.

Step 2

Scoring bid process & score calculation

At the end of the auction, the bidder with the highest score wins.  The winning bidder is notified, completes the payment, and finalises the transaction, leading to item delivery or fulfilment according to the agreed terms.

At the end of the auction, the bidder with the highest score wins.  The winning bidder is notified, completes the payment, and finalises the transaction, leading to item delivery or fulfilment according to the agreed terms.

Step 3

Transaction completion & winner notification

Participants submit numerical bids for each attribute, multiplied by weights for scores. The platform calculates overall scores, ranks bids, and may reveal rankings. This process repeats over multiple rounds for bid improvement.

Participants submit numerical bids for each attribute, multiplied by weights for scores. The platform calculates overall scores, ranks bids, and may reveal rankings. This process repeats over multiple rounds for bid improvement.

Clients where we have applied a Scoring Auction

Climate Impact X Logo

Maritime and supply chain management marketplace to match supply and demand electronically.

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Christie's Logo

Deployment of machine learning trade optimisation algorithm for GDT Markets.

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CarNext Logo

A 21st century approach to North American cattle trading - digitising an analogue agricultural market.

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Christie's Logo

European repo trading platform for the financial services market.

Read Case Study