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Situation

Our client, a large European retailer needed to select one vendor for brined mangoes. Only two potential sources were qualified and the initial bids from suppliers were very far apart. With strong quality product and service available from both suppliers, the key award criteria was price.

Solution

  • Selected a Japanese auction format for event
  • Suppliers started bidding at their own pre-bid levels with no ranking feedback
  • Each minute, bid price stepped down by 1 GBP
  • Bidders must agree to new pricing to remain in the bidding

Result

  • >22% savings vs. current pricing
  • 161 total bids placed
  • Bidders were able to start bidding from their own initial bids
  • Event took less than one hour to complete