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.
As predicted in the last quarter’s commentary, the average savings rate is now back and above the 10% mark. We saw a both higher activity and better savings upon conclusion of the second quarter.
The number of eAuctions executed in Q2 grew with almost 20% (19.57%) from Q1 of 2024, which again indicates a strong uptick in activity and is similar to previous years’ seasonalities.
We still hear from customers that eAuctions are seen as a reliable source of savings and price optimization across various categories.
Diving into the category volumes, the top-10 categories had a little variation over Q1. The top two stayed unchanged while the remaining categories shifted. Interestingly, two new categories entered the top-10 : Chemical Product and Clothing. The top three categories in Q2 were Services, Construction, and Iron & Metals. Once again, Services reclaimed the lead as the most-auctioned category, delivering solid savings of 11.17%.
Noteworthy savings performers for Q2 were Electrical and Telecommunication Equipment with a remarkable 47.37% savings rate, and Iron & Metals with 32.35%. Ingredients for food production suffered as price pressure mounted, thus concluding Q2 in tenth place with a negative savings rate of -1.14%.
As Q2 concluded, Scanmarket by Unit4 reported a savings rate of 10.09%, reaffirming the buyers’ embrace of eAuctions to counter inflationary pressures and secure better category prices. The results of Q3 are eagerly awaited to see if the activity and savings potential will continue to rise.
