Scoring Auction
Power your marketplace with Scoring Auction technology to maximise value & efficiency
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.
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:
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.
Scoring bid process & score calculation
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.
Transaction completion & winner notification
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.
Clients where we have applied a Scoring Auction
Maritime and supply chain management marketplace to match supply and demand electronically.
Deployment of machine learning trade optimisation algorithm for GDT Markets.
A 21st century approach to North American cattle trading - digitising an analogue agricultural market.
European repo trading platform for the financial services market.
