Reverse Auctions, driven by AI

Get the best price, without the work

Enjoy the efficiency of running dynamic, real-time reverse auctions that operate until your best price wins.

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Speed

Our fast-paced, automated auction formats (Dutch, English, and Japanese) enable you to finalize sourcing decisions quickly. Set up auctions with just a few clicks and let the system autonomously handle real-time bidding, accelerating your procurement cycle.

Cost-savings

Real-time competitive bidding, combined with transparent visibility into supplier offers , ensures you always secure the best possible price. By monitoring multiple bids and dynamically refining your supplier list, you maintain constant leverage to drive costs down.

Visibility

Enjoy an intuitive platform with clear dashboards and event tracking. Monitor supplier participation, bid ranking, and pricing trends in real time, empowering data-driven decisions while minimizing manual oversight and error.

Here’s how it works

A Reverse Auction choice for every situation

Dutch auction

Enable the fastest sourcing decisions and minimal negotiation overhead. Start bidding low and watch the price rise over time. The first supplier to accept the current price wins.

English auction

Use competition to get optimal pricing quickly in a supplier-rich market. Start at the highest price and decrease price through underbids in real time. Suppliers see how they rank and can quickly adjust bids to stay competitive.

Japanese auction

Drive cost savings in low liquidity or supplier choice markets through strategic competition. Start high and gradually decrease the price over time. Suppliers choose to stay in or leave at each stage, with the final supplier willing to accept the lowest price winning.

“As a rapidly growing company, the Fairmarkit partnership allows Snowflake to efficiently scale our procurement processes. Their innovative technology enables our team and business stakeholders to easily identify vendors and competitively source new purchases in a way that controls costs and positively impacts the bottom line. As a two-time customer, I see Fairmarkit continuing to disrupt the procurement landscape”
Joe Frederick
Senior Director, Procurement & Strategic Sourcing at Snowflake

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