As deregulation opens up more choices in the energy marketplace, customers are finding it advantageous to work closely with energy brokers. This relationship offers several advantages, such as access to expert advice, advanced technology and competitive pricing. Having a broker also eliminates the time and effort business owners expend trying to navigate the confusing and volatile marketplace.
At UM Tech, we have an appreciation for the changing dynamic of the energy industry and have designed energy software that enhances the relationship between energy brokers and their customers. Our state-of-the-art auction platform, EnergyAuctions (EA) assists brokers in obtaining the competitive pricing and transparency that customers demand.
What is Reverse Bidding Software?
The concept of reverse bidding software is quite simple. Essentially, suppliers compete with each other in a timed auction that starts with bids that are typically high, but over the course of the live competition continue to decrease until suppliers hit their bottom price. As the auction nears completion, the screen goes blind so that suppliers cannot see their competitors’ bids, further incentivizing them to bid their best possible price.
How Reverse Bidding Software Benefits Customers
Customers benefit from reverse bidding software because it offers transparency and competitive pricing. Transparency is key because it provides customers with peace of mind, knowing that their brokers are doing the right thing on their behalf. The savings generated from the auction not only has a direct impact on businesses’ bottom line, it also provides price certainty and budget stability in a volatile marketplace. Knowing that suppliers vigorously competed for their business makes customers more satisfied with the outcome. This satisfaction also helps cement the relationship between brokers and their customers.
Features of EnergyAuctions (EA)
- Auction Setup: Create an auction from a pricing opportunity
- Supplier Invites: Invite suppliers to participate in an auction
- Due Diligence: Provide customer data and terms to suppliers for their due diligence
- Auction Bidding: Conduct live auction where suppliers bid in real time
- Post Deal Completion: Provide suppliers with stats upon completion of an auction
If you would like to learn more about how EnergyAuctions (EA) can help strengthen your customer relationships, contact us today!