New e-procurement mechanisms boost efficiency and satisfaction for buyers and suppliers.
The article discusses different ways to improve online purchasing processes. The researchers created new methods for buyers and sellers to communicate effectively while protecting sensitive information. They found that sharing more information in auctions leads to better results for both buyers and sellers. Auctions are more efficient than negotiations, but negotiations can lead to more balanced agreements. Suppliers are happier when they win auctions, while buyers can influence suppliers' behavior by sharing specific information. These findings can help improve online purchasing in the future.