Item level Bid Reduction - How to participate in live negotiation in PRM360

Item level Bid based live negotiation in PRM360

Reverse Bid Process

Reverse bid process is a negotiation methodology helping both suppliers and buyers in negotiating online in a stipulated timeframe. In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.

In Reverse bid process user can offer their best prices in Rev. Unit price column and click on Make a Bid option to submit their revised prices to the Buyer, there is no limit on number of bids to be submitted by user during the negotiation timelines.  You can review your position during the negotiation by referring the Rank on the screen. Ex: if the Rank is 2, the current bid amount by you stands in L2 position.

Its very important you thoroughly understand the fields which will be used at the time of Live Negotiation. Any confusion can lead to loss of time. Below is the Negotiation Details page  

Negotiation Ends in: The time left to begin the Live Negotiation

Current Price : Initial price quoted by you

Reduce Bid Amount by: Amount you enter to  further reduce the initial quoted price   

New Price to be Quoted : Final price after reducing the amount and before clicking Make a Bid

Step 1: When Negotiation has started

In PRM360 always look for Pink Color box as this will be the editable filed. Enter the Revised Unit Price and click on Make a Bid.

Maximum Reduction Error (Check below image) If you attempt to make a single bid with more than 25% min. reduction, then the system would throw an error. “Maximum Reduction Error”. 

Solution : If you need to change the bid more than 25%, it is recommended to submit them through multiple bids instead of single bid.

Step 2: When Negotiation has ended On successful completion of negotiation you will receive an email confirmation informing the negotiation completion 

Step 3: Final Negotiation Page 

Step 4: Final Communication : eMail confirmation, Negotiation is completed successfully. Now please wait for further communication from buyer.

Still have any question please contact, support@prm360.com or +917877360360 (09:00 am - 07:00 pm IST, Mon - Fri)