Every quarter, Scanmarket reports on statistics covering insights into the savings performed by e-auctions executed globally. Read on and download the report to better understand and optimize your business to achieve higher savings and efficiencies.
The latter half of 2021 was certainly another one of savings. Amid supply chain challenges, e-auctions proved to be an essential avenue of profit protection and supply security as vendor bases became more diverse, with increased pricing competition.
Overall, Q3 2021 saw an average 3.3% in savings verses current market price across the top-used categories. Alongside already stressed production lines, many Scanmarket customers were forced to broaden their supplier base and adopt e-auctions in an effort to keep prices as low as possible. This shift in practice resulted in a 100% increase in the number of e-auctions performed during Q3 when compared to that of 2020, which was already a record-breaking year.
Despite the challenges the pandemic created for companies around the globe, tensions were eased with the help of e-auctions, and will likely continue to combat future uncertainties as a solidly implemented, permanent fixture in the modern procurement department's processes.
For more information, download the Q3 eAuction Savings Report below.