Jyoti Sharma
March 31, 2022
Online Auction Engine by agribazaar is a customized auction portal for corporates and traders to carry out trades, manage deliveries, and buy agricultural products from anywhere across the country. The engine provides buyers, processors, and exporters access to integrated logistics services in the larger market and direct participation, which reduces the intermediary cost. This engine offers more options for buying agricultural produce and making competitive returns.
The buyers make the payments directly into sellers’ bank accounts via AgriPay. The engine provides a single platform where farmers, FPOs, PSUs, suppliers, and buyers can trade agricultural products under one roof. With this engine, agribazaar aims for uniformity in agriculture marketing by streamlining procedures across the integrated markets.
How do we provide security?
- OTP based login for completely secure authentication
- 128-bit encryption for the platform
- Hosted on STQC compliant server
- Fast bid processing(~<600ms)
- Multi-currency and quantity units supported
- Real-time fund allocation to auction
Since agribazaar was founded, it’s been focused on removing information asymmetry between buyers and sellers and promoting real-time price discovery based on actual demand and supply.
But what makes us what we are & different from others?
- Paperless registration eKYC to authenticate data
- Reduces form time from 15 min to 1 min while running multiple concurrent auctions
- Customized auctions as per requirements & convenience
- Encrypted data transfers & controlled logging
- Introduces real-time availability of auction results
- Creates opportunity to increase trading windows, increase buyer/producer participation, and volumes of agri commodity traded at the auction
- Improves traceability and supply chain visibility with time to make better decisions
- Reduces time to dispatch /receive agri commodities
- Uses real-time bidding and price discovery allowing the stakeholders to efficiently bid for lots as per their requirements
- The system also allows for splitting of lots, anonymous bidding, and generates auction information, including auction sales data, including out lots and sale price of each lot, and buyer details
Conclusion
agribazaar’s mission has always been to integrate agri markets across the country through a shared online market platform. As a result, it’ll facilitate pan-India trade in agriculture commodities, providing better price discovery through a transparent auction process based on the quality of produce timely online payment. Our auction engine supports our mission to unify the agricultural sector and improve the agri value chain across India.
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