Popcorn Bidding, also known as Dynamic Bidding, is a way of giving the bidders who were outbid an opportunity to rebid.
Making online auctions more flexible!
How does it work?
If a bid is made during the last set minutes (say 5 minutes) of scheduled auction closing time, the popcorn bidding comes into play!
The popcorn bidding automatically extends the scheduled closing time (say extends by 5 more minutes just after the last bid made). Basically, every bid made in the last minutes resets the clock to let more bidders bid for another set period of time.
When there are no new bids in those last extended minutes, the auction is closed & no further bidding activity can be conducted anymore. As usual, the bidder with the highest bidding wins the auction.
Pros of Popcorn Bidding
You might be running an online auction website or an online auction marketplace, there are multiple features you can use to rev-up your revenue.
For say, introducing the concept of the online auction joining fee or proxy bidding. Or maybe conducting an auction for fundraising, these are all the ways to give your auction website a hike. Similarly, dynamic or popcorn bidding will help from preventing sniping activities and a lot more.
If you don’t know, in auction snipping, the bidder waits until the last possible minute of an auction to place a bid. So as to prevent other bidders from placing a higher bid.
Auction snipping can be very annoying for the auctioneers as this reduces the possibility of other bidders from responding with a higher bid. Thus ending the auction on less probable bidding amount.
Introducing dynamic bidding can help to provide the bidders who were outbid an opportunity to rebid.
This concept gives the online auction scenarios a touch of the traditional live auction concept.
And if you are running an online auction for fundraising then a dynamic bidding concept will definitely help you in raising more funds.
Lastly, Popcorn or Dynamic Bidding proffers all your bidders an equal opportunity of winning an auction. This is by extending the completion time of the auction if a last-minute bid is placed.
Want to build an online auction website?
Creating online auction websites is particularly a good strategy to start an eCommerce business. Also, to gain popularity in a brief span of time.
Starting your own Online Auction websites will help you boost your revenue. It lets you put slow/old products upon auction & your buyers a way to buy cheap.
📃 Read: How to build an Online Auction Website?
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