What is Reserve price?
This price prevents the auction from being won by a bidder who offers a price lower than the pre-defined Reserve price.
If the closing price is lower than Reserve price, there is no winning bidder.
The main purpose of it is to safeguard the seller’s interest, where it will not be bound to sell its item at a price, which is lower than the reserve price. So if the seller is getting the last bidding, which is less than the maintained reserve price, then he is not obliged to execute it. He may simply reject, and the deal will be closed in that case.
Set up Reserve price
In the Auction you are creating/ editing:
- Tick to Reserve price checkbox if you want to set up a reserve price
- After that, tick to Show reserve price on front store checkbox if you want to show the reserve price on auction widget on your front store
- Enter the reserve price amount in the field. There are 2 ways to place the buy out price:
– Fixed: you place a price you want.
– Percentage: the reserve price will be calculated based on the product price
– Percentage: the reserve price will be calculated based on the product price
Here is the reserve price on the front store:
Need support?
If you cannot figure it out, don’t hesitate to contact us via email [email protected]. We are happy to help!