Who can use this feature?
A Supplier user who is invited to bid on a request.
Where a request includes an Auction you will be notified as soon as you have progressed to this stage and are invited to participate.
Opening the Auction page
After signing into DeepStream, open the Requests page then open the request with the auction and click the Auction tab. You will find information about an upcoming auction and will be able participate in the auction from here once it begins.
Reading the Overview and accepting the Bidder Agreement
Before you can participate in the auction you must read the Overview and accept the Bidder agreement. Both of these can be found by clicking the Overview button at the bottom-left of the Auction page.
The Overview contains important information around how the auction has been configured and will run, including bidding rules, timing rules, and more. Ensure you read and understand these details before the auction begins.
The Bidder agreement section is specified by the buyer and lists the terms for the auction that you must accept in order to participate. Once you have read this, use the checkbox and Submit button at the bottom of the panel to accept the agreement.
You will not be able to participate in the auction unless you accept the bidder agreement so ensure you raise any questions with the buyer well before the auction starts, if necessary.
Submitting an initial bid or pre-bid
If the auction has been configured to allow Pre-bids then you will be allowed to place a bid before the auction starts. This will be specified in the Overview section. You will not see any feedback on a pre-bid until the auction begins. If pre-bids are not allowed, you will submit an initial bid once the auction has begun.
The prices you use for your pre-bid or initial bid can be carried over from the previous stage of the Request.
To submit either your initial bid or pre-bid:
Enter prices for each line item within the auction using the New bid field at the right-hand side of each item.
When complete, click the blue Submit bid button at the top-right.
On submitting your bid successfully, you will see a confirmation message in the Activity panel and the value in the Your submitted bid panel will be updated.
If you cannot submit your bid, errors will show to indicate why and how you must correct your bid to ensure it can be submitted.
Auction countdown timer
You will see a countdown timer at the top-left of your screen. Before the auction starts this will show the time remaining until the auction starts. Once the auction has begun the timer will show the time remaining until the auction ends.
Depending on how auction is configured the timer may auto-extend if a bid is placed within the final minutes of the auction, to ensure all bidders have adequate time to respond.
Details of any auto-extension rules the buyer has configured will be specified in the Overview section.
Placing a new bid
When the auction is live and you have submitted a pre-bid or initial bid, you can place a new bid in 2 ways.
EITHER
Reduce your bid total by percentage or fixed amount
Use the Reduce bid total by panel to quickly reduce your bid by a specified percentage or fixed amount. Use the "+" and "-" buttons or the text field to specify how much to reduce your bid by. Your new bid total and your New bid line item prices will be reduced accordingly. When you are happy with your new bid, click the Place new bid to submit your bid.
OR
Adjust individual line prices
Adjust the individual line item prices manually using the New bid fields to reduce your bid. When you have finished click the Place new bid button.
On submitting your bid successfully, you will see a confirmation message in the Activity panel and the value in the Your submitted bid panel and line item fields will be updated.
If you cannot submit your bid, errors will show to indicate what the problem is and how you must correct your bid to ensure it can be submitted.
Bid feedback
Below the panel showing Your submitted bid you will see feedback about your submitted bid. Pay attention to this feedback to see how your are competing in the auction and assess any further bids you submit.
Depending on how the buyer has configured the auction this bid feedback could include:
Rank and lead bid
Bidders see their own rank and the lead bid
Example: “Your rank is 2nd and the lead bid is $12,300,00”
Rank only
Bidders see their own rank
Example: “Your rank is 2nd”
Leading or not
Bidders see whether they are the lead bid or not
Example: “Your bid is not the lead”
You can see what type of feedback has been configured for your auction in the Overview panel so that you know what to expect.
Chat with the buyer
Click on the Chat button at the bottom-right of your screen to open a direct chat with the buyer running your auction at any point before, during or after the auction. The buyer team will receive your message and can respond directly in the same chat window.
Before the auction begins, be sure to raise any queries with the buyer in good time to enable them to answer and make any adjustments as necessary.
The buyer can also use the Chat function to send you messages at any point. If you receive a message you will see a red notification badge appear next to the Chat button until you have read the message and you will also receive an email.
Tech support
If you need technical support at any point click on the Support button at bottom-right of your screen and send a message to the DeepStream technical support team who will provide immediate assistance.