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Online Bidding

Online Bidding in Right Procure

Right Procure is India's largest online B2B marketplace that offers a global online bidding platform to buyers and suppliers of India to interact, buy/sell engineering components/part and expand business horizons.

At Right Procure, our mission is to promote "Make in India" and prominently establish Indian manufacturers and suppliers of engineering parts/components in the world market. We do this by providing buyers and suppliers with the necessary tools to reach each other, float enquiries, negotiate on product prices and T&Cs via our online bidding platform, exchange hundreds and thousands of messages, and conduct trade practices in the most effective, efficient and secure environment.

As a dedicated B2B marketplace for the engineering industry, we continue to develop our services and expand our database to benefit both our buyers as well as manufacturers/suppliers, do more business and discover more and more business expansion opportunities.

How it Works?

At Right Procure, we have consciously and analytically ensured that we keep the Online Bidding process simple. Here's how it works -

1. Buyer Registers

RightProcure offers a simple and quick registration process to buyers. All you need to do is fill-in some basic details and create an account for indulging into business dealings through our website.

2. Buyer Post Enquiries on selected product

Once a buyer has created an account and successfully completed the registration process, he/she can now post enquiries for the engineering products he/she wishes to buy through Right Procure.

3. Buyer Receives quotes from Suppliers

As soon as a buyer posts an enquiry on our portal, we intimate the requirements to our suppliers. The suppliers then quote their prices and provide other essential information about the query floated products to the buyers through the platform.

4. Invite Sellers for Online Bidding

At Right Procure's Online Bidding platform, buyers can review the responses received offline and send invitations to selected suppliers for an online bidding session. On the other hand, if a buyer finds a supplier's quoted prices competitive and appropriate, he/she can stop the process immediately and directly purchase the products from that supplier.

5. Online Bidding Session

In case a buyer wishes for an online bidding session with his/her selected suppliers, he/she needs to follow the below mentioned steps:-

  • Login on our portal
  • Pay the bidding fee along with a refundable security amount
  • Select the suppliers to invite for bidding
  • Define date,time and bidding period

Once done, we will create a Login ID and Password for each of the buyer's selected suppliers and send them an official e-mail intimating about the bidding session along with their respective Login IDs and Passwords.

6. Buyer & selected Suppliers login

On the day of bidding, Right Procure sends a SMS/E-mail alert 15 minutes prior to beginning of the process, to the concerned parties - both buyers as well as the suppliers to login and participate in the bidding session.

7. Bidding Starts

During the entire duration of the bidding session, buyers can negotiate on the prices and suppliers can revise their quotes "n" number of times.

8. After bidding session is over

At the end of the bidding session, supplier with the lowest price quote wins the bid and is immediately sent a confirmation of his/her win from our side.

9. Release of PO for MOQ

The buyer now releases a Purchase Order (PO) for the Minimum Order Quantity (MOQ) to the winning supplier.

10. Portal Releases Security Amount

At the end of the entire online bidding process, the buyer receives back his/her security payment made at the starting of the bidding process.

Advantages of Online Bidding

Online Bidding is easy to participate for both suppliers and buyers because of the instant online connection:-

  • Being an online portal, buyers and suppliers do not need a physical location to negotiate.
  • Bidder can participate in our online bidding from anywhere at the defined bidding time and date. This makes it flexible for both the buyers as well as for the suppliers.
  • All the product related information is neatly displayed on our website. Bidders can read all the necessary information before participating in the bidding session.
  • Online bidding at RightProcure helps buyers and suppliers save time and money. They are not required to travel anywhere and reach a bidding destination. All they need to do is be present online at the time of the bidding session.
  • The main advantage of online bidding is that it offers an opportunity to compare market prices with those quoted by the suppliers on our portal and negotiate heavily during the bidding session.

Acceptance of Win

Once the Online Bidding session comes to an end, the winning supplier must confirm his/her acceptance of win. RightProcure will send an official SMS/E-Mail informing the supplier on his/her win and define other essential information regarding the dealing. On the other hand, a SMS/E-Mail is also marked to the buyer for successfully finding a seller for his/her product requirements.

Further, the buyer must now release an initial Purchase Order (PO) to the supplier for the Minimum Order Quantity (MOQ) requirement mentioned in the enquiry raised at the primary stage. In case the buyer forgets or fails to release the initial PO, after the auction, his/her security amount is fortified by Right Procure and credited in the supplier's account against the ceased business dealing.

Terms and Conditions

To participate in Right Procure's online bidding session, buyers need to keep the following terms and conditions in mind.

Registration Process - Right Procure offers an easy registration process to its customers. It is essential to note that buyers themselves must register on the portal and provide 100% genuine and authentic information. In case the information furnished is not correct or found misleading, RightProcure holds the rights to ban or deactivate the account immediately.

Nominal Fee Payment - In order to avail the online bidding function at Right Procure, buyers must make payment of a nominal bidding fee through a valid credit card. Our payment gateways are secure and ensure utmost privacy of information shared.

Refundable Security Amount - Along with a nominal fee, buyers must also deposit a refundable security amount with Right Procure. The fee is taken as a token against buyer's participation in the online bidding process.

Define Requirements - When filing for an online bidding session, a buyer must define his/her purchase requirements, selected suppliers to be invited for bidding, date as well as the time for holding the bidding session.

Release of initial PO - At the end of the bidding session, a buyer must release the initial PO to the bid winning supplier within a stipulated time period (for instance, 4 working days). In case the buyer fails to send the initial PO, the security amount is forfeited by Right Procure and paid to the bid winning supplier as a compensation against the ceased business transaction.

Payment Methods

For Participating in Online Bidding

Buyers who wish to participate in the online bidding are required to make payment of a nominal fee inclusive of a refundable security amount. All payments must be made through a valid Credit Card issued by authorized banks of India. Right Procure offers a safe and secure payment gateway to its customers and sends instant alerts on successful/unsuccessful payments via a SMS/E-mail.

For making payment to the Supplier

A supplier must define the payment terms and conditions to the buyers in advance to avoid any kind of inconveniences or delays at a later stage.

Bear in mind, Right Procure is not responsible for any kind of non-payment of previously agreed amounts between the buyers and suppliers.

Customer Support

Right Procure understands the significance of time and offers top notch customer support to its clients. We ensure: -

  • Participation of suppliers in the bidding session
  • Fair and transparent bidding for both the buyer and the supplier
  • Refund of security amount on release of initial PO to bid winner supplier
  • Security amount is credited to the winning supplier in case the buyer fails to send the initial PO

My Accounts - Bidding History

Right Procure offers a "My Account" function to all the registered buyers and suppliers. In case of buyers, they can successfully view their past bidding history, the suppliers invited/participated along with the bid results. On the other hand, with this function, suppliers can view the enquiries received along with the buyer details and other bidding history.

Ensuring Fair Trade Practices

Right Procure believes and promotes fair trade practices. Though the details of all suppliers invited for the bid are displayed to the buyer who has called for the bid, the suppliers will not be able to view the details of other participating suppliers. By doing so, we ensure that the bidding suppliers do not form an alliance with each other and indulge into unfair trade practices.

FAQs

Q What is Online Bidding?

Online bidding is a process of participating in bidding sessions with one or more suppliers to negotiate on the prices of the bid products. RightProcure offers an online bidding platform wherein buyers and suppliers can interact, actively participate in bids and conduct business activities effectively and efficiently.

Q How to participate in online bidding with shortlisted suppliers at Right Procure?

In order to participate in an online bidding session with selected suppliers, buyers need to follow the below mentioned steps: -

  • Login on our portal
  • Pay the bidding fee along with a refundable security amount
  • Select the suppliers to invite for bidding
  • Define date, time and bidding period

Q What are the benefits of registering with Right Procure as a buyer?

By registering as a buyer, you can: -

  • Post enquiries
  • Search for suppliers
  • Avail consultancy services
  • Buy the shelf engineering components/parts
  • Receive offline quotes on enquires sent from suppliers
  • Invite suppliers for online bidding

Q What are the advantages of registering with Right Procure as a supplier?

By registering as a supplier, you can: -

  • Display your product range for sale on a global platform
  • Create/edit product catalogues
  • Search buyers for active leads
  • Send response to active leads - offline
  • Upload saleable inventory/off shelf components/parts
  • Opt for consultancy
  • Participate in online bidding

Q How to call for Online Bidding?

After receiving quotes from suppliers on the enquires posted on the portal, buyers can shortlist suppliers and send them a notification for participating in online bids. The buyer, here needs to specify the date, time and products for bidding.

Q What happens when a bid ends?

At the end of a bidding session, the winning supplier is intimated about his/her win and is sent an initial PO against MOQ. In case a buyer fails to send the initial PO, Right Procure forfeits the buyer's refundable security amount and credits it in the supplier's account.

Q Is it necessary to be online to view the quotes received from supplier?

No, it is not necessary to be online to view the received quotes. You can check and receive quotes offline as well.

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