Every quarter, Scanmarket reports on statistics covering insights into the savings performed by eAuctions executed globally.
The statistics are provided for procurement professionals who wish to better understand and optimize their businesses to achieve higher savings and efficiency. The second quarter of 2020 saw another record breaking high with an average savings across all categories of 17.99%. This is almost double what we experienced in Q2 of 2019 which saw comparative savings of 9.85% on average.
To see higher savings than the ones in the latest quarter (17.99%) we have to look all the way back to Q1 2009, where average savings reached an astonishing 18.04%. This is of particular interest as this was the quarter that followed the global financial crisis peaking in the back half of 2008. We’re yet to observe the full extent of the consequences from COVID-19, but so far, the statistics have tracked similarly to those observed after the global financial crisis. This could be an indication that we can expect the high savings to continue for the rest of the year and deliver a potential average annual savings close to an impressive 15%.
It will be interesting to follow the stats for the second half of 2020 to see if this becomes a reality.