Auction module allows you to set up online auctions in your store. Create various types of auctions - standard, incremental, reserve, and automatic.
OverviewBack to top
Auction module allows you to set up online auctions in your store. Create various types of auctions - standard, incremental, reserve, and automatic. Bidders receive various email notifications about the auction. Select any product, enter starting & reserved prices, set bidding time, no. of days till winner can buy, restrict quantity limit, select increment & automatic options.
Increment Auction - The Increment bid is the amount by which a bid will be incremented each time. It is predetermined auction based on the current high bid. Here, if any bidder places a bid, then current price will increase with an incremental price. The store owner can set Incremental Price for various range of bid amount by entering "From" & "To" amount and then entering the increment amount. They can click on "Add Option" button to add more Incremental Price Range.
For example, If you are the first bidder on a listing where the starting price is $20. The increment for a bid range $20 to $50 is set as $10 and you place a maximum bid of $40, the current bid will be automatically increased by $10 and then the current bid is $50. No one can place a bid less than $50.
Reserve Price Auction-
A Reserve Price is a hidden minimum price that the admin is willing to accept for an item. In a Reserve Price auction, the admin is only obligated to sell the item once the bid amount meets or exceeds the Reserve Price. The admin is allowed to sell the item once the bid amount meets or exceeds the Reserve Price only. If the highest bid price is less than reserve price then no one will win the auction.
For example, If admin sets Reserve price as $100. Buyer A bids $40 for the product so the current bid is $40. Another bidder bids at $60 and the current bid becomes $60. Buyer C bids at $90 and the current bid becomes $90. Here no one placed the bid equal or more than reserve price so nobody will win the bid. If anyone places a bid equal or more than $100 he/she will win the bid.
The buyer place an automatic bid with the maximum amount that they want to pay for the product. The bid will be placed until it expires. If another bidder places the same maximum automatic bid or higher, the previous buyer will be outbid. Outbid buyer will be notified by an e-mail, so that they can place another higher bid. If previous bidder again place higher bid then he will win the bid otherwise he'll be outbid.
Outbid- Suppose a customer X bids $50 and if another customer Y bids more than $50 then the customer A will be outbid.
For example, buyer-A place an automatic bid with the maximum amount $100 for the product-X (reserve price-$60 and current bid price-$10). Another bidder B, place bid of amount $50 based on the current bid. The bid continue till the time expires. Buyer A will win the bid at reserve price $60 because nobody placed the bid more than reserve price and A's automatic price.
Use Case of Auction -
With the use of this extension, the store owner can run the online auction in its store. Any product can be auctioned using four sorts of auctions - standard, incremental, reserve, and automatic. Online auction allows the store owner to view and sell its products at the current market prices. It helps in clearing out the lying stock rapidly. The customers will be placing their bids and start competing for the products. The one who offers the highest bid can buy the product in the stipulated time.
Features of Auction -
- Auction types - standard, automatic, incremental, reserve.
- Bidder receives email notifications for outbidding other bidders.
- Show winner message, outbid message, auction rule, auction details.
- Users can change auto bid price multiple times.
- Show/ hide - auction price, automatic price, bidder's name.
- Configure email notifications for admin, outbid buyer, auto bid.
- Set bidding start time and end time.
- Specify the number of days till winner can buy the product.
- Restrict minimum and maximum quantity to buy.
- When bid winner doesn't buy the product, the second highest bid can buy the product.
- Supports multiple languages and translations.
- The source code is open for customization.
- Compatible with multi-store.
Work Flow of Auction -
After doing the configuration for standard, increment, automatic, and reserve auction. To add an auction, first select a product from the list, enter starting price, reserve price. Then, set the bidding start & stop time, no. of days till winner can buy, min. & max. quantity. To use automatic or reserve options select enabled.
The customers will see the bid details on top of the product page. It will show bid time left, quantity limits, current bid price, view other bidders name, bids, and time. For placing a bid, a customer can simply enter its bid amount and click place bid.
If a customer places a bid, the admin can view the bid information from the back-end. To send an email to the highest bidder, click notify the winner. The winner can then buy the bidding product.
Benefits of Auction -
Admin Benefits -
The auction creates excitement and interest among buyers, which help in increasing the sales numbers. The customers compete for the bidding product by offering their own prices. The store owner can set the reserve price in an auction for covering the cost and profit.
Buyers Benefits -
A bidder can view the other bidder's information, and then place its bid amount. The bidders get notification emails if someone places a higher bid, it keeps the competition going. The buyers decide the market value of the products by placing their bids.
Demo - You can check the live demo here.
Release NotesBack to top
- Compatible with CE: 1.6 1.6.1 184.108.40.206 1.7 1.8 1.8.1 1.9 1.9.1 1.9.2 1.9.3
- Stability: Stable Build
-------------------------------- Version 1.0.0 --------------------------------------
- Bugs Solved.
- Log errors cleared.
-------------------------------- Version 0.1.1 --------------------------------------
- Bugs solved.
- Log errors cleared.
+ Re-auction on same product after one auction is completed.
-------------------------------- Version 0.1.0 --------------------------------------
+ Incremental Auction Available.
+ Automatic and Reserve Auction Available.
+ Enable or disable Email notification option to Admin, seller, outbid buyer.
+ Enable Email Notification for Autobid to outbid autobid buyer.
+ Enable Email Notification for Auto bid to owner from backend.
+ Automatically notify when user bid will be outbid.
+ Date time picker for date and time selection.
+ Edit and delete feature for product auction.
+ Fully admin management.