A seller-drive auction is an auction where sellers post goods for sale and buyers will bid on them. A good example of a seller-driven auction would be eBay. A seller would place a particular item that they want to sell online, and buyers wanting to purchase that item will place bids trying to ultimately win the auction for the product (s).
An often-overlooked tool is an online Forward Auction. Forward Auctions can be used to reduce over stock and decrease associated loss prevention costs.
Online forward auctions are an ideal way to get the best price for capital equipment, materials, overstock, and services you may want to sell, such as when you need to liquidate excess inventory. There are two basic types of forward auctions. The first is a liquidation or Forward auction where sellers are reducing inventory from overstock or liquidation.
If you’d like to learn more about how SafeSourcing can assist in properly identifying and selling your overstock and other back-room accumulations through the use of a SafeSourceIt™ Forward Auction, please contact a SafeSourcing customer services associate.