Reshma, Reiterating what Sundar mentioned in a response to your previous post, competition is the key. If you are not getting many bidders actively participating in the events, I would suspect that they are nor very interested for some reason. It could be the product you are offering for sale, it could be the starting price, it could be the invited participants, lotting of the goods, and it can also be a matter of not giving them enough time to get ready for the event. Have you talked to the suppliers to ask them why they haven't been active bidders? Do you have any evidence that they are very interested in participating? A dutch auction my help, but would rather know some of the reasons they have not participated more.
Thanks for the pointers David. I will have to go back to my colleagues and discuss these points.
We are thinking of trying a Dutch Auction, but again need some help on this as we have never used this option before. After going through the product documentation, it looks like it may help as it sort of suits the purpose. But I would need some help with setting it up, how to best setup rules, etc. Would you have some sort of template of an auction that I can use?
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Apart from what David mentioned consider the following
- Is there a cartel operating?
- Is the market condition assessment made correctly (your estimates/expectations may be incorrect)