eAuction Types: Supported Features in Auction App for Shopify

eAuction comes with different formats used worldwide. Here are the key types of online auctions listed below.
Have a Look:

Reverse Auction

The roles of seller & buyer are reversed in this type of auction. In this process, the buyer puts up a request for his/her required item and thus, Sellers bid for the prices at which they are willing to sell the buyer’s requested products. Lastly, the seller with the lowest bit will be the winner of the auction.

Regular Auction

It is normally the Forward Auction. It includes the process in which usually a seller puts up his/her products for auction and the buyers compete to offer different prices to the seller by bidding on the product. The buyer with the highest bid will be the auction winner.

In addition to it, the Forward Auction includes English Auction, Dutch Auction, etc.

English Auction

It is the most preferable format of an auction. In the whole process, the seller will set a minimum bidding amount and buyers start bidding. The price increases with every new bid by a fixed increment set by the seller. Every bidder knows about the price being bid and the highest bid amount accepted by the seller will be the winner.

Dutch Auction

In this auction process, buyers will set the lowest bidding amount. Once a supplier accepts the first bid, the amount keeps on increasing at a pre-defined interval. This auction is a bit private as there is less transparency. Suppliers will not see all the activities done by the bidders until the first bid is placed and the auction result is finalized. If there is a need to set-up an auction for a small period with a limited number of suppliers then Dutch Auction can be a good option.

Private Auction

 In this type of auction, the auctioneer can restrict the bidding participation to selected participants only. Only authorized participants can bid on the products set for auction by the auctioneer. Before participating in an auction, the buyer first needs to pay the joining fee set by the admin.

Fixed-Price Auction

When the auctioneer has set a fixed price on any product set for auction, it comes under a Fixed-price auction format. Thus, buyers will not bid on such products set for auction. But you can provide the “Buy Now” feature to your customers using which they can directly buy the product on their own choice.

Bidding Fee Auction

Bidding Fee Auction commonly known as Penny Auction in which if the customer wants to place a bid, he/she first needs to pay a non-refundable fee to get participated in the auction.

If You run a store and want to set products for auction then, You definitely need a manageable auction set up on your website for customers. If the customer finds a simplified bidding procedure, he/she will not wait to place bids on the products of their choice. This can be achieved using Product Auction App for Shopify.

With the Product Auction App, the store owner can add products for auction on his/her store. This bidding feature on products helps the buyers to bid on the products they are willing to buy. This will not only increase the likelihood of selling but also help you to identify the products that are in high demand.

ADDITIONAL FEATURES

In addition to it, there are lots more features one can have with this plugin: Have a look:

–Auction Joining Fee Feature
Buyers will bid on the product only if they pay the joining fee set by the merchant.

–Booking Amount for Auction Winner
The merchant can set a booking amount payable by the winner after winning the auction.

–Automatic Bidding
There will be an option to enable an automatic bidding feature on products set for auction. Thus, the admin can set a proxy bidding on products.

Proxy Bidding: This is the less time-consuming bidding process in the app.

Example:- Once you place a bid, you need to enter the maximum amount you are willing to pay for the item i.e. a confidential proxy bid. Now, if another bid is placed, the system automatically places the lowest possible bid on your behalf. The process goes on until a final winner will be decided. If you are the highest bidder at the end then, you will be the winner.

Please Note:- Proxy bidding can be set in any type of auction except Dutch auction.

–Bid for Multiple Units
Admin can enable the option to allow bidders to bid on multiple units of the same product set for auction.

-Bid Increment Rules
Admin can set a rate to maintain the gap between the bidding amount.

-Proxy Bidding Option
Admin can allow the customers to make bid automatically on Auction Products.

-Sealed Bidding Feature
If you don’t want bidders to have information about each other then, sealed-bid auction best suits your need. In this auction, potential buyers receive no information about the amount bid by other bidders.

-Twilio SMS Gateway Feature

Also, admin can have this feature to send SMS to auction winner and to the customers who joined the auction via Twilio SMS Gateway.

Now, if You own a marketplace with Shopify using Multivendor Marketplace App, You must have multiple sellers registered on it. So, you can allow your sellers to add the auction to their products using Seller Auction Feature App.

Here are some exceptional features of Multivendor-Product Auction for Sellers app:

• An Integration of Product Auction app with Multivendor Marketplace App for Shopify.
• An easy auction set up for sellers registered on the admin’s marketplace.
• Get an additional option to allow sellers to add auctions to products.
• Allow sellers to monitor the bids happening on the admin’s marketplace.
• Sellers can add base price & reserve price and set their products up for auction.
• Also, sellers can edit auction details from their respective seller panels.
• The merchant can remove the auction running on any of the seller’s products.
• Sellers can view the auction winner details.
• Also, sellers will have the option to start auction automatically on the set date.

Just by allowing the marketplace sellers to add auctions to products, your sellers will get a chance to expand their brand presence and reach.

Also, Customers participated in the auction will have an engaging experience of bidding and thus will bid on the product of their choice and buy them.

It has been pretty clear that to generate maximum revenue from your eCommerce business, it is important to pick a profitable niche. Using Shopify, you can create an auction set up on your store using the Product Auction App and add auctions to products.

Similarly, if you run a marketplace with a multi-seller registered on it, you can enable your sellers too to add auctions to their products & offer an ultimate bidding experience to customers. Also, this will help the admin to increase their brand awareness globally and help sellers to increase the likelihood of selling products.

Don’t Know how to Create an Online Multi-seller Marketplace? Learn from here!!!