Power your marketplace with Sealed Bid Auction technology: Optimise the bidding process maximising the seller's revenue
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.
Confidential bid submissions
Sealed bids offer a strategic and confidential approach to auction participation, with bidders able to submit their offers without revealing them to other bidders. Additionally, the flexibility to update or withdraw bids at any time further enhances the fairness of the auction process.
Watchlist functionality
The watchlist feature not only keeps track of your interests, providing multiple views to enhance browsing, but also offers live updates. Placing a bid automatically adds the listings to the watchlist, enabling bidders to effortlessly monitor the status of their listings.
Integration capabilities
Seamless integration with other enterprise systems, such as inventory management, customer relationship management (CRM), and payment processing, streamlines operations and ensures a cohesive ecosystem.
Data Science tools and analytics
Analytics reporting tools and analytics capabilities to analyse scoring trends and performance metrics.
Why choose Sealed Bid for your marketplace?
Confidentiality and privacy for bidders
On demand auctions
Increase price transparency
Increases value for both buyers and sellers
Understanding Sealed Bid Auction within a marketplace
Sealed Bid auctions are a type of auction where bidders submit their bids privately, and the highest bidder wins the auction. This auction model provides a private and discreet way for buyers to participate in an auction without revealing their bid to other participants. This can encourage buyers to submit their highest bids, which can lead to higher final prices for the item being sold.
The process:
Auction set up
The auctioneer sets up the auction by defining the item being sold, the auction duration, and the terms and conditions of the auction. The auction is then listed on the auction platform marketplace.
Bidding process & price increase
Interested buyers submit private bids to the auctioneer or platform. Bidders can only submit one bid, unaware of others'. When the auction ends, the auctioneer opens bids, declares the highest bidder the winner, and completes the transaction.
Auction closure
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.
Clients where we have used a Sealed Bid or Capacity Auction models
A fully integrated global auction platform for CarNext's vehicle leasing.