Learn About Auctions
New to auctions? No problem… we’ll get you up to speed in a snap!
This online store allow Vendors to publish any of their products either as a Shop Product or as an Auction Product.
Everybody knows how a normal online shop or store works. So, let’s discuss how an Auction Product works here on ISD. An auction is a system of buying and selling goods or services by offering them for bidding – allowing buyers to bid on the auction product and then selling it to the highest bidder. Bidders compete against each other, with each subsequent bid being higher than the previous bid. Once an item is placed for sale, the Vendor (in this case the auctioneer) will start at a relatively low price to attract a large number of bidders. The price increases each time someone makes a new bid, until finally, no other bidders are willing to offer more than the most recent bid, or the auction’s time runs out and closes, then the highest bidder wins the auction and purchase the item. The final bid must be equal or higher than the Vendor’s set reserve price (if he/she had set a reserve price), else the Vendor is at liberty not to accept the highest bid. An auction is considered complete when the vendor accepts the highest bid offered and the buyer pays for the goods or services and takes possession of the goods.
It sounds simple enough, however, there are different ways a seller can set up an auction and how a bidder can place a bid. Let’s familiarise ourselves with some terms used for it and explain how things work here on I Supply Direct.
Auction Types Explained
BIN ONLY auction (Buy It Now)
Price Details & Settings
Minimum Order Quantity (MOQ) Settings
"The only limit to our realization of tomorrow will be our doubts of today."
-- Franklin D. Roosevelt
Benefits Of An Online Auction
Convenience: The primary benefit of using an online auction is convenience; buying or selling from your armchair.
Open 24/7: The secondary benefit of using an online auction is that you can sell or buy at all hours of the day – seven days a week.
Instant: You get instant feedback by email when somebody outbid you or when a sale is made.
Saving: An online auction is effortless and saves you precious Time and Money.
Choice: Choices, Choices, Choices!