Auction module will enable the auction feature for your shop by which admin can add auction for their product.
OverviewBack to top
Auction module allows the admin to add an online auction feature on their products. There are three options for setting the auction- Incremental, Automatic, and Reserve Price Auction. They can add, update and delete the auction on their products. Let's explain all the auctions one by one.
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 - Bidding is an important feature for the online stores. It allows the customer to bid on the products and buys the product at the bid price. While auctions admin can sale antiques, paintings, rare collectibles and expensive items online. The admin can add/edit auction and manage auction easily.
Features of Auction -
- This module allows the auction feature for the products.
- It supports Incremental, Automatic and Reserve Price Auction.
- Admin can enable or disable Email notification option to admin, outbid buyer.
- If user bid will be outbid then the user will be notified automatically.
- Date time picker for date and time selection while adding an auction.
Workflow of Auction -
The admin configures the module by setting Standard, Increment & Automatic Auction Option. They can add auction on their products by entering a starting price for the auction, Start and stop bidding date and time, automatic bidding, and incremental price. They can manage the auction by editing/deleting the existing auction. The customer can bid on the product page and when the bid amount reaches the reserve amount within the time limit then the person will win the bid. The buyer can see Auction details like Bidding price, Bid status & winning status if allowed by admin. If a customer wins auction on any product then he must buy that product with winning price within allowed time.
Benefits of Auction -
This module supports three important bid types- Incremental, Automatic and Reserve Price Auction. The admin can add any new product as an "auction" or "buy it now" or both. If selected "Both", the customer can buy that product with default price during auction and after auction as well. This module provides secure and bug-free bid feature to the customers.
Release NotesBack to top
- Compatible with CE: 2.0 2.1
- Stability: Stable Build
+ Fully compatible with magento 2.1.0
+ Code updated according to MEPQ2 standard and fixed some warnings.