A reverse auction is a type of auction where the roles of buyers and sellers are reversed. Instead of sellers bidding to offer their products or services at the highest price, buyers post their needs and sellers compete to offer the lowest price. This process helps buyers find the best deal while encouraging sellers to lower their prices to win the contract. In a reverse auction, participants typically use an online platform to submit their bids. This method is commonly used in procurement processes by organizations looking to purchase goods or services, making it efficient and cost-effective for both buyers and sellers.