Setup an auction

You are here:
Estimated reading time: 1 min
  1. From the app admin page, go to Products
  2. Click Add product button > tick on the product(s) you want to set up auction feature
  3. Click Add

The configuration window for an auction includes the following settings:

Start and Close time

  • Start time: The planned time to officially start the auction
  • Close time: The planned time to close the auction. Note: The closing time value has to be greater than the starting time value.

Start and close time in the front end:

Starting price

  • Starting price: The amount to open bidding.

Bid increment

  • Bid increment: The minimum amount at which a new bid must exceed the previous bid. Let’s see the example below:
    – The current price/opening bid is US$ 10
    – The bid increment is US$ 5
    ==> The next acceptable bid must be equal to or more than US$15.

Reserve price

  • Reserve price: This price prevents the auction from being won by a bidder who offers a price lower than the pre-defined Reserve price.
    – Select Disable if you don’t want to use the reserve price.
    – Select Enable to turn on this feature. After that, fill in the reserve price amount in the Amount field. You can choose to show this price to bidders

Increment in a specific gap

  • Increment in a specific gap: The minimum amount that an auction bid must be raised each time the current highest bid is surpassed in a specific price gap. For example:

You need to enable the Increment in a specific gap feature and define the bid increment for each price range.

Dynamic closing

  • Dynamic closing: When a bid is placed in the time left period, an extra time period will be added which allows bidders to place more bids. When enabling this feature, you need to define the time left and the extended time amount (Unit: minute).

Buyout price

  • Buyout price: A price that, if accepted by a bidder, immediately ends the auction and awards the item to him/her. You should select “Enable” to turn on this feature and fill in the buyout price amount in the “Price” field:

Automatic bid

  • Automatic bid: Turn on this feature to enable the automatic bidding system for bidders.

Finally, click Save to complete setting up your first auctions.

Was this article helpful?
Dislike 0
Views: 424