Due to the rapid growth of the eCommerce and the Auction industry, the trend to create an online auction marketplace is growing immensely. The reason is quite obvious. Having an online auction marketplace will not only increase the probability of selling products on your online store but also provide “an engaged bidding experience” to your customers. In an online auction marketplace, the merchant can have multiple sellers registered across the world who can create an online auction set-up by keeping their products up for auction. All the configurations will be done from the admin end and Sellers will set their products for auction on the admin’s store. Thus, customers can bid on any of the products of their choice.
Having an Online Auction Marketplace can have multiple benefits both for admin as well as for Seller. Take a look.
- Merchant can register multiple sellers on his marketplace, enabling them to add products for auction and thus, customers will participate in an online auction.
- E-Auction Marketplace provides an engaged “online bidding“ experience to the customers.
- You as a merchant can take the Joining fee from customers so that customers can place bids on each seller’s products.
- Products set for auction always entice genuine customers. So, you will have consistent traffic on your website.
- Sellers registered in the marketplace meet potential customers.
Creating an Online Auction marketplace needs two set-ups.
First Create an Online Marketplace and Second Create an Auction Set-up.
This can be achieved effortlessly with Shopify as Webkul has integrated the Product Auction app with the Multivendor app.
Before moving on to have an auction set-up, let’s talk about creating an online marketplace first.
Create an Online Marketplace
For a Store owner, Multivendor Marketplace for Shopify is proved to be one of the best plugins ever to convert your store into a full-fledged marketplace. Once this app is installed on your store, you can register multiple vendors on your marketplace and enable them to publish their products on your store.
Once they get registered, each seller will have their separate Seller panel within the app and from their seller panel, they can upload their products.
Now, if you have successfully converted your store into a Marketplace, the next phase is to set-up an auction feature on your marketplace. How to do that?
In order to create an online auction marketplace, Webkul has come up with a thought to integrate the Product Auction App with Multivendor Marketplace App for Shopify. Thus, we have a new feature app within the Multivendor app i.e. Product Auction for Sellers to make this integration work.
How does this Integration work?
You might have used the Product Auction app for Shopify to enable the bidding feature on your eCommerce store. Once the merchant installs this app on his/her Store, he/she can set products for auction and monitor all the bids happening on the store from the app. That’s how you can have an auction set-up on your Store.
Let’s moving on to create an auction set-up on the marketplace.
To create an online auction marketplace with Shopify, first, you need to install the Multivendor Marketplace App. Then from the Feature App section, You can activate the “Product Auction for Seller” feature app. Also, make sure that the Product Auction app is installed on your store.
Now, Once the admin generates the API credentials from his/her end within the multivendor app, sellers can set auction on products and thus allow customers to participate in an online auction.
Key Features of Selling at Auction
1. Flexibility for Sellers
Your sellers will have great exposure to their products. Being a Store Owner, You can provide a great opportunity to your sellers to explore their brand by setting products up for auction. And at the same time, sellers will get paid higher for their products set for auction.
2. Have a Competitive Marketplace
Setting up an online auction marketplace creates a healthy competition among the buyers. Thus, your buyers will not wait to place a bid on the product of their choice and thus will have a great bidding experience.
3. Flexibility in Product Price
In an online auction marketplace, sellers registered on your marketplace will have the flexibility to offer reduced product prices. This may engage lots more customers to participate in an auction running on that product.
4. Meet Potential Customers
You and your sellers meet potential customers who are willing to bid on your products set for auction. Thus, you will get your sales rolling.
5. Accelerate your online Sales
Having an online auction marketplace and items set for auction plays a vital role in improving the sales performance of your website.
To explore the competitive environment of both auction and eCommerce Industry, building an Online Auction Marketplace is the best idea an eCommerce business owner can opt for. Thus, understanding both the industries in depth will definitely help the store merchants to reach close to the level of excellence in running an online store. Moreover, this effort will help to grow the community of both the sellers and the customers who are willing to participate in auction and purchase products.
Don’t have an Online Multi-Vendor Marketplace? But want to create one with Shopify! Do refer this:
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