Auction Software Development

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The digital agency Ontario.Marketing offers a ready-made solution called "EAS" for conducting electronic auctions using English, reverse, and hybrid Dutch auction formats. The software has been time-tested and developed based on the Ukrainian state anti-corruption system ProZorro.Sale

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02/ What?

What is the "EAS" auction system?

The "EAS" auction system is a complex of hardware and software that enables efficient interaction between suppliers of goods/services and buyers through ascending or descending price bidding formats. This system is designed to stimulate competition and optimize procurement processes.

The "EAS" system allows suppliers to offer their products or services in an auction where buyers have the opportunity to compete with each other by increasing or decreasing the price. This process helps achieve the optimal price for buyers and provides suppliers with an effective means to promote their goods and services.

The auction system "EAS" is based on reliable algorithms that ensure transparency and fairness in the trading process. It also supports a wide range of functions that help manage and control the auction process, including lot systems, timers, notifications, and other tools that facilitate efficient trading.

Thanks to the "EAS" auction system, buyers have the opportunity to obtain the best price on the market, while suppliers can attract new customers and improve their competitiveness. This system is an indispensable tool for efficient procurement management and contributes to economic development by stimulating competition and optimizing business processes.

03/ Why?

Why open an electronic auction system?

First and foremost, it is advantageous as electronic trading platforms are designed to generate passive income with minimal labor costs. The owner of the trading system doesn't need to rent warehouses, search for suppliers, or hire a large staff of specialists. It is sufficient to simply purchase/develop a web resource and invest in its promotion.

Furthermore, the expenses involved in developing an electronic auction system are significantly lower than those required for implementing a full-fledged online store. The management of listing items, delivery, contract processing, and other intricacies of online trading are handled by the users of the trading platform, while the owner acts as an intermediary.

The e-commerce market in Canada is still gaining momentum, providing ample opportunities for young projects that do not have substantial advertising budgets. In fact, to make an electronic platform profitable, it is enough to ensure an intuitive interface and comprehensive functionality that caters to the main tasks of the users.

Application.

The formats for organizing the trading process in the "EAS" auction system may vary, but the fundamental concept always remains the same: participants compete for the right to enter into a contract, and the winner is determined based on a set of conditions defined by the rules.

Application of the "EAS" auction system

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These are systems for organizing trade relations between businesses and government institutions (for example, electronic platforms for the sale of assets of insolvent banks or for conducting tender procurement).

Government and municipal systems

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These are trading platforms of large companies where they post tender proposals to search for suppliers or contractors.

Corporate systems

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These are systems for organizing trade relations within one or multiple industries, allowing both individuals and legal entities to participate in the auctions.

Commercial systems

Note: Modern trends in the development of the e-commerce market often encourage the creation of comprehensive projects that combine the functionality of both government and commercial trading platforms.

Types of Auctions.

The "EAS" auction system supports the three most common forms of trading: English, reverse, and hybrid Dutch auctions. It is worth noting that the auction format differs not only in the stages of the trading process but also in its purpose.

Types of Auctions.

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English and Reverse Auctions

The English auction is the most well-known type of auction, also referred to as a forward or ascending auction. The main characteristic of this type of auction is the gradual increase in the price of the item (goods or services) being offered for sale by the auction organizer, as buyers compete to purchase the item.

It works exceptionally well in several cases

When the item for sale is scarce or rare and generates high interest among multiple buyers, thus potentially selling at a high price.
When there is property that is difficult to sell at market price.
As a means to gauge demand for a particular product.

Note: In Ukraine, we use the English auction as a tool for selling assets of insolvent banks through the ProZorro.Sale system.

Both English and reverse auctions share a similar workflow and common features

Each auction type starts with an initial price value set by the auction organizer and changes (increases or decreases) in predetermined minimum increments.
To ensure fair play, participants remain anonymous throughout the entire trading process.
Auctions consist of a specific number of rounds, with each round being time-limited.
There is a single auction winner—the one who offers the best price to the organizer.

On the other hand, the Reverse auction operates on the opposite principle of the forward English auction. In this case, the buyer becomes the auction organizer, declaring the maximum price they are willing to pay for the goods or services they wish to purchase. The sellers of these items or services assume the role of auction participants, gradually lowering their prices, competing to become the auction winner and, consequently, the seller.

Note: The reverse auction has become a prominent example of a system combating corruption in Ukraine, as sellers themselves approach the government and lower the price to the actual market level.

Hybrid Dutch Auction

The Hybrid Dutch Auction, also known as a combined auction, is a trading format designed for the sale of assets by the Deposit Guarantee Fund through the ProZorro.Sale system. It consists of three stages, each representing a different type of auction: Dutch auction, sealed bid, and best price auction.

The main rules of this type of auction are as follows

The first stage is a descending price auction where participants continue to lower the price until one of them decides to take the lot at its current price, or the price reaches the pre-determined minimum value, concluding the auction.
The second stage allows participants who did not place a bid in the first stage to bid for an increased price compared to the winner of the first stage.
The third stage grants the winner of the first stage the opportunity to make a final offer higher than the bid from the winner of the second stage.

Note: The price reduction coefficient and the minimum value are determined by the auction organizer.

Technology.

Basics of the "EAS" Auction System Software

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In the implementation of the “EAS” auction system, Ontario.Marketing utilizes the Yii2 PHP framework, which has a flexible architectural structure where the user interface, data storage logic, and management logic are separate components. This allows for minimal impact on the overall structure of the trading platform when modifying any system elements, resulting in cost savings in technical maintenance. Additionally, Yii2 includes a built-in module for integration with third-party systems, enabling the expansion of the web resource with additional tools such as telephony, converters, payment systems, and more.

To ensure a user-friendly interface and high performance of the “EAS” auction system on mobile devices, the Twitter Bootstrap frontend framework is utilized. This unique technology has proven itself in the international market and is actively used by major trading platforms.

The interface and structure of the “EAS” auction system are individually developed to meet the requirements and preferences of the client. For example, the trading platform’s website can be equipped with special sections of informational or functional nature, which not only contribute to its visibility in search networks but also provide added value for users.

PRICE LIST.

Latest Recognitions

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The cost of the auction system "EAS" may vary depending on the additional modules that will be used in it. The cost will also be influenced by the client's individual preferences, such as item listings, filtering modules, administrative panel functions, etc.