What is proxy bidding in SAP SRM-LA - Live Auction?

SAP Term: proxy bidding

• Component: SRM-LA

• Component Name: Live Auction

• Description: A bidding feature that requires a bidder to submit a minimum bid which is then used by the system to continually bid on behalf of the bidder, according to other bidding parameters such as bid decrement and reserve price, until the auction ends or the minimum bid is reached. Valid only for auctions with overall best bid validation. The purchaser must actively choose to enable proxy bidding at the auction level.

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• Key Concepts: 
  Proxy bidding is a feature of SAP SRM-LA Live Auction that allows buyers to set a maximum bid amount for an item and have the system automatically bid on their behalf up to that amount. This allows buyers to bid without having to be present at the auction, and also helps them avoid being outbid by other buyers. 
  
  How to use it: 
  To use proxy bidding, buyers must first register for the auction and then set their maximum bid amount for each item they are interested in. The system will then automatically bid on their behalf up to the maximum amount they have set. If another buyer bids higher than their maximum, the system will not bid any higher and the other buyer will win the item. 
  
  Tips & Tricks: 
  When setting a maximum bid amount, it is important to remember that the system will automatically bid up to that amount. Therefore, it is important to set a realistic maximum bid amount that you are comfortable with. It is also important to remember that if another buyer bids higher than your maximum, you will not win the item. 
  
  Related Information: 
  Proxy bidding is just one of many features of SAP SRM-LA Live Auction. Other features include real-time bidding, automatic bidding, and more. For more information about SAP SRM-LA Live Auction, please visit the official website.