eAuctions, also known as electronic auctions, are online platforms or systems used in the procurement process to facilitate competitive bidding for goods or services. They provide a digital environment where suppliers can submit bids and compete with each other in real-time to win a contract or purchase order.

eAuctions offer various formats such as reverse auctions, where suppliers compete to offer the lowest price, or forward auctions, where buyers compete to secure the best terms from suppliers. These digital auctions promote transparency, efficiency, and cost savings by driving competition, encouraging price discovery, and enabling buyers to obtain the most favorable terms from suppliers.

Please see Reverse Auctions for more details on their application