Sealed Bid Auction

Power your marketplace with Sealed Bid Auction technology: Optimise the bidding process maximising the seller's revenue

Ensure a fair and competitive bidding process where each bidder submits their best offer without knowing others' bids, potentially 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.

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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:

Step 1

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.

Step 2

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.

Step 3

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.