Every quarter, Scanmarket reports on statistics covering insights into the savings performed by eAuctions executed globally.
Q4 was a record-breaking quarter with the highest number of auctions recorded on the Scanmarket platform. Significant differences in savings were reported in categories such as Iron & Metals (MRO), Freight & Transportation, and IT Equipment. Savings in categories such as Freight & Transportation were incredibly impressive as air network capacity was significantly reduced. These results are a testament to the quality of processes being conducted by our clients through the eAuction module.
Looking back on previous years, Q4 is typically the lowest quarter of the year for average eAuction savings. The average savings reported in Q4 dropped to 6.02%, the lowest average Q4 savings result since 2010. This number is then contrasted further by the significant difference seen in the first half of the year.
Services has often been a category excluded from eAuction processes, but it is a category in which the Scanmarket client base continues to show the procurement community what can be achieved. The increases in savings and eAuction usage in 2020 indicate that eAuctions are proven to be a very effective method of negotiation, especially during the COVID-19 crisis.
Download the Q4 2020 eAuction Savings Report to find out which category topped the list as the most auctioned category.