Procureafrica

ProcureAfrica is an online marketplace that enables organisations to procure goods and services through a reverse auction or electronic tender (e-tender) process. In a typical auction, a seller puts an item up for sale, multiple buyers bid for the item, and one or more of the highest bidders buy the goods at a price determined at the conclusion of the bidding. In a reverse auction, a buyer puts a contract out for bid ie Request for Quotation (RFQ). Multiple sellers offer bids on the item, competing to offer the lowest price that meets all of the specifications of the bid. Bidding performed in real-time via results in a dynamic, competitive process. This helps achieve rapid downward price pressure that is not normally attainable using traditional static paper-based bidding processes.