Every quarter, Unit4 reports on statistics covering insights into the savings performed by Scanmarket by Unit4 eAuctions executed globally. The statistics are provided for procurement professionals who wish to better understand and optimize their businesses to achieve higher savings and efficiency.
Unit4 has been reporting these statistics each quarter since 2006, and they continue to be a highly valuable data asset to gain insights into categories and strategic sourcing trends.
The third quarter of 2024 showed continued momentum in eAuction savings, marking an increase in average savings to 19.56%, up from 10.09% in Q2 and 10.42% in Q3 of 2023.
The substantial rise in savings reinforces the effectiveness of eAuctions insecuring competitive pricing and mitigating inflationary pressures.
Diving into the category volumes, the top-10 categories had a little variationover Q3. Services and Construction & Repair retained their top positions,delivering consistent savings rates of 12.16% and 17.11%, respectively.
Industrial Machinery and Electrical & TelecommunicationEquipment both saw improvements, moving up the ranks tothird and fourth, achieving savings of 4.79% and an impressive 17.77%.
Newcomers in the top-10 for Q3 included Packaging Materials, whichentered at a high with 19.15% in savings, and Marketing Materials,Services & Advertising, yielding 11.68%. Meanwhile, Chemical Products andClothing exited the top 10 after making notable appearances in Q2.
As Q3 concluded, Scanmarket by Unit4 reported a savings rate of19.56%, which confirms that eAuctions continue to provide a vital toolfor buyers to mitigate inflationary pressures and secure competitiveprices across diverse categories.
With a strong close to Q3, anticipation builds for the results of Q4 as we look to see whether the upward trajectory in activity and savings will continue.
