Here’s the opportunity to earn more by turning your local marketplace into a high-powered auction website with the help of MultiVendotrX Pro’s auction product feature. Vendors can set up products for auction using this feature. They can also specify or extend the auction time, create auction widgets, enable various types of auctions, such as normal, proxy, reverse, or sealed auctions, and secure payments. So, stop waiting and jump right into learning about the auction product type now!
Enable Auction Product Type #
Do away with bid paddles, table arrangements, five-course meals, and the auctioneer calling out prices. Create your very own auction marketplace by simply enabling the auction product type option. If this product type were enabled, different vendors could set up their own auctions. To enable this product type –
- Go to MultiVendorX from your admin dashboard and hover cursor till the menu-list appears.
- Select the Module option from the menu-list.
- Once you get directed to the Module Page, swipe the Auction Type option from the Marketplace Types list.
- And there you have it! Let vendors hold as many auctions as they like.
Add Auctionale Products #
Vendors interested in holding auctions need to do it from their dashboards. To learn how vendors can enlist an auctionable item, lets read the following steps very carefully.
- Start from the vendor dashboard as a first step and the naviagate to Product Manager present on the dashboard menu. Under the product manager list, select the Add Product option. Alternatively, vendors can skip this step and navigate your cursor to the Add Product link available in the topside menu.
- If you have the CPG option enabled, the vendors must select the product category before proceeding to the next step.
- Once the product category is determined, vendor can fill in the product details by referring to this article.
- After the vendor has added relavant details like product name, decription and image he or she can add the auction details.
Auction Product With Simple Auctions #
If the auction extension used by you is simple auctions, the vendors needs to add the following details.
|Note: MultiVendorX does not provide you with an auction product type feature, it simply enables vendors to add this product type if you have it.|
Auction Tab #
Since MultiVendorX provides customizable product tabs, you can enable tabs relevant to auction products. The Auction tab is the first. To begin an auction, the vendor must customize the settings found in this tab.
Auction tab details include –
- Item Condition – This option allows vendors to specify the condition in which their products are. They can be either be in a new or used condition.
- Auction Type – This refers to the way in which the items can be bid. There are two types of auctions namely –
- Normal – We call it a normal auction when customers keep increasing the bidding amount.
- Reverse – When customers keep placing bids for the lowest amount, we call it a reverse auction.
- Proxy Bidding – Proxy Bidding is a method through which a customer can choose to enter a maximum amount he or she feels comfortable paying. Once they’ve set the maximum, the system will keep an eye on the auction on it’s behalf, and if he or she gets outbid the system will automatically bid again on their behalf, up to the maximum limit.
- Starting Price – Refers to the intial amount of the bid. In case of normal auction customers need to bid more than the starting amount.
- Bid Increment – Vendors can set a certain amount as a bid increment. Customers participating in the auction cannot pay less than the increment amount.
- Reserve price– Refers to the lowest price at which vendors are willing to sell their item. If they don’t wish to sell their item below a certain price, they can set a reserve price. The amount of the reserve price is not disclosed to the bidders, but they will see that the auction has a reserve price and whether or not the reserve has been met. If a bidder does not meet that price, the product cannot be purchased.
- Buy It Now – The buy it now option will allow customers to purchase an item at the set amount without participating in the bidding.
- Auction Dates – The vendors must select the auction date from the auction calendar.
- Relist– This button appears only if an auction has failed, expired, or ended. Clicking this, Relist Auction Dates fields appear so that vendors can restart their auction from a set date.
Auction Relist Tab #
Vendors can relist their products n case the previous bid fails, expires, or ends without the customer paying. Lets take a close look at the settings available under this tab.
- Relist if fail after n hours – In this field, vendors can set a time after which the product will be automatically listed in case the bid fails
- Relist if not paid after n hours – As mentioned in the previous option vendors can add a time range after which their product would be relisted if the customer fails to complete the payment
- Relist auction duration in h – Vendors can set the basic time range after which their product would be relisted.
For more information about WooCommerce Simple Auctions check this document here.
Auction Product with Yith WooCommerce Auction #
If your choice of auction extension is Yith WooCommerce Auction, then the vendor must complete the following configuration to enlist their auction product.
Auction Tab #
The vendor must configure the auction tab to enlist their auction product. The setting the vendor must take care of are –
- Starting Price– The initial start price of the biddable product. Bids will be taken greater than the set start price.
- Bid up– The automatic raise of the next bid after a bid has already been placed related to the Show bid up setting.
- Minimum increment amount– Bidding increment is done so the customer can bid in increments of the set number as the starting bid after a bid is placed in short it is the minimum amount to increase manual bids.
- Reserve price– The lowest price at which vendors are willing to sell your item. If vendors don’t want to sell their item below a certain price, you can set a reserve price. The amount of the reserve price is not disclosed to the bidders, but they will see that the auction has a reserve price and whether or not the reserve has been met. If a bidder does not meet that price, the product cannot be purchased.
- Buy it now price– Setting this price will allow the customers to directly buy the product at that price without submitting a bid. However, the Buy it now button disappears when bid exceeds the Buy it now price for normal auction, or is lower than reverse auction.
- Auction Dates– Set the starting and the ending date of the auction, this will show a countdown timer on the single product page, reminding customers of the time left to enter in the bids.
- Time to add overtime– Number of minutes before the expiration date on which postpone the auction if a new bid is available.
- Overtime– Number of minutes to extend the duration of the auction if a new bid is registered before its expiration.
- Time value for automatic rescheduling– Automatically relists auctions if not yet successful after the said time (can be entered in days/ hours/ minutes depending upon settings in the very next field Select unit for automatic rescheduling).
- Show bid up– Proxy Bidding/ Automatic Bidding is a method where a customer can choose to enter a maximum amount he/she feels comfortable paying. Once they’ve set the maximum, the system will keep an eye on the auction on behalf, and if he/she gets outbid the system will automatically bid again on behalf, up to the maximum limit. Therefore the system acts as a proxy in place of vendors ..
- Show overtime– If you want show overtime in product page, enable this option.
For more information about YITH WooCommerce Auctions, check this document here.
Auction List #
Vendors can track the the bidding for their product by following the Auction list. To view the list the vendor must go to Auctions available under Product Manager. This list shows a briefing about an auction, it’s start date, end date, it’s status and the max bid entered.