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Initiate Buying Cycle

Initiate Buying Cycle is the primary feature of Marketpro, it allows the account user to initiate a Buying Cycle for themselves.

 

What is a Buying Cycle?

 

A buying cycle is the process of renewing an existing contract of the consumer. The application would send out the details of the existing contract to the market of electricity retailers. They would in return on viewing the consumer’s consumption and location would offer their charges for a given duration of renewed contract.

The user is then empowered to choose of all retailers offers the best offer for his day-to-day electric consumption.

You can go to the Initiate Buying Cycle from the Dashboard using the two menus displayed on the screen.

 

Initiate Buying Cycle Screen

 

 

Section 1, ‘Contract Drop Down Menu’

 

The purpose of the drop-down menu is to let you choose one of the contracts in the list that is ready for renewal.

This drop-down menu can list Past, Current, and Future contracts of the consumer. The drop-down will check which is the latest contract for any consumer’s site, if it is an expired contract, the drop-down will show, or if the site has a running contract, the running contract will be displayed instead of the past contract since the current contract is the latest. Or if the consumer has already renewed a contract for the site and he is waiting to start on it, then the renewed contract is displayed in the drop-down menu.

For example, if the consumer has a site for which he has an expired contract, additionally he has a running contract and he has already renewed his running contract. The drop-down menu will only show the renewed contract, that is the latest contract.

This allows the user to select the contract for a site that is due for renewal.

Once a user selects the contract the Initiate Buying Cycle screen updates with data that is linked to the selected contract.

 

Section 2, ‘Rate Watch Market Estimates Table’

 

The Rate Watch Market Estimates Table informs the user the Estimated Peak Rate per Kilowatt-hour and Estimated Off Peak Rate per Kilowatt-hour and consequentially calculates the monthly charges also.

The user can pick one of the durations for his contract renewal according to what suits him the most. The Estimate’s here is calculated from original data of Retailer offers in the market.

This section of the Initiate Buying Cycle has three tools:

  1. The first four check boxes allow the user to choose one among the standard durations for the renewal of contract
  2. The second arrow points to Custom Duration. On selecting the check box, a pop up appears that lets the user to customize the duration for the renewal of the contract. You can see the pop below. Please note the feature is available only for premium plan subscribers:
    • Here in this pop-up user is first asked to enter the number of months for the new contract duration.
    • Once number of months is entered it is verified that it is more than 0 months and then user can press the submit button to check the new contracts start date and end date.
    • Lastly, by now the Start Buying Cycle button will be enabled and then you can proceed to start a buying cycle. On pressing start Buying Cycle another pop up will open up.

  1. After selecting a duration, subsequently you click on Start Buying Cycle. Then the below pop-up appears that gives the user to choose the type of Buying Cycle: A. Tender; and B. Reverse Auction

 

Select if you wish to use Tender or Reverse Auction mechanism to get the rates from the retailer. Once confirmed these details as submitted to the retailer along with usage data of the site so they can quote their price for the Customer

 

Section 3, ‘Rate Watch Market Trend Chart’

 

This is the Price Trend chart based on our Rate Watch algorithm for the particular contract. This gives an indicative pricing to the customer if they renew the contract today for different contract durations.

    • Chart tells the trend of Rate for each type of contract duration over the recent few months
    • Rates are showed based on recent months.
    • User can use the checkboxes to compare between rates for each trend.
    • Legend describes the color assigned to each duration line. 

 

Section 4, ‘Selected Contract Details’

 

On selecting a contract in contract drop-down menu, the table displays Contract Details of the selected Contract.

    • Status: This column will tell the user if a contract is expired, still running or if a contract is upcoming.
    • View Details: This is a button that takes you to View My Contracts screen. Here in this screen more details of the Contract is being displayed.

 

 

 

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