E-procurement platforms have significantly gained traction among B2B organizations to procure goods and services in bulk. At the same time, reverse auction, owing to its ability to generate high consumer surplus, has played a critical role in the success story of e-procurement platforms.
iFusionTM Strategic Sourcing solution is designed and envisioned for e-commerce portals to find the right match between merchants and consumers for their desired products on a specific price range using reverse bidding.
Enables customers to add their own query description of products/services, identifies customer requirements using an NLP algorithm, and in turn, allows multiple merchants to fulfill the customer request in a competitive way
Directs a customer’s request to the right merchants who are in the best position to fulfill that request by analyzing merchant profile, inventory, ratings, transactional history, etc. using a relevancy algorithm
Uses customer cognitive behavior patterns, transactional data, and market trends to help merchant organization propose their products to the right customers. Additionally, a ranking algorithm orders the offers made by merchants based on customer’s preferences.