Auction

Auction extension allows the store owner to sell the products on auction sale. Multiple customers can make a bid on the auctioned product and buy it at a competitive market price. Four types of auctions can be created - standard, incremental, automatic, and reserve price. 

The wallet system is available for receiving the security deposit for the auction. This will be the percentage of the total bid amount. From the backend configuration, multiple options are available for every auction type. Further email notifications are sent to the store admin, outbid, buyer and winner. On the storefront, the buyers can view the auction details on the product page and submit a bid easily. If won, the page will display the winning message, after that the buyer can proceed to checkout.

Note - This module will only work with simple, virtual, and downloadable product types.

Business Value

Bidding is an important feature of online selling. It allows the customers to bid on the products and buy them at competitive prices. With auction sale, sellers can do online auctioning for antiques, paintings, rare collectibles, and other expensive items. The admin can add/edit auctions and manage auction easily.

Let’s take a scenario wherein you’re selling paintings. Now, to sell these types of items, creating an online auction sale is the best choice. You don’t need a physical location, saves time and money, and receive instant feedback. Also, online auction enables buyers to send their offers conveniently from any place. Not only your products get wide attention worldwide but also you be able to generate high returns, as products are sold to the highest bidder.

One of the best examples of an online auctioning is eBay, that allows multiple buyers to bid against each other by offering competitive prices for the product. Using auction extension you can enable the bidding feature on your product and sell the items to the buyer who offers the best price.

Features List

• The admin can enable or disable email notification options to outbid buyers.
• Enable email notification for auto-bid to the owner from the backend.
• If the user bid will be outbid then the user will notify automatically.
• Date time picker for auction product sale date and time selection.
• Edit, cancel and delete feature for product auction.
• The admin can enable a wallet system, for receiving security for the auction applied which will be the percentage of the total bid amount.
• The deducted amount can be refundable or non-refundable.
• The customer can add money to the wallet thought a simple checkout process.
• The customer gets notified before the expiration of the wallet.
• The expiration date the wallet amount will be set according to the wallet setting, the admin has to setup cron.
• Incremental auction option set by the admin.
• Automatic and reserve price auction option set by the admin.
• The customer can see the auction details on the product page of the product.
• A separate tab on the product page to check the bid details for customers where they can check the bidder’s list.
• The customer gets notified by an email for another higher bid in case of an automatic bid.
• In the case of auto-bid, normal bids are done automatically.
• The customer can buy auction product with default price during the auction and after the auction as well depends on the admin configuration.
• Multilingual support with all languages working including RTL. 
• Compatible with the multi-store.

How Does The Extension Work?

Create Auction Rule

From the backend, the admin has various options to configure every auction type, email notifications, and wallet settings. The admin can configure 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.

Standard Auction

The admin can enable or disable the standard auction, show/hide current bid price, bidder name, auction price, auction details, winner message, and auction rule.

Incremental Auction

The admin can decide and set the incremental price range as per the need. To set and add the incremental price range, the admin can click on the set incremental price range and decide the incremental price for every individual price range.

Even the admin can also delete the created incremental price. Furthermore, the admin can enable or disable the incremental auction.

Automatic Auction

The admin can enable or disable the automatic auction option from the admin panel. Furthermore, the admin can enable or disable if the customers can change the auto-bid price multiple times, use incremental price, show automatic price, show automatic bidder name, show automatic bidder details, and show outbid message.

Reserve Price Auction

The admin can enable or disable the reserve price option from the admin panel easily. Using the reserve auction the admin can decide if the product will be sold-out only when the bid amount meets or exceeds the reserve price. 

Pay Via. Auction Wallet

The admin can enable or disable the wallet for the users. Here, the admin can manage the different wallet settings as the admin can enable or disable if the admin wants to refund wallet amount after canceling the auction, decide the minimum amount in the wallet to bid, decide the minimum amount to add in the wallet and enter the maximum amount to add in the wallet.

Furthermore, the admin can decide the wallet amount expire time (in days), amount expiry notification starts before days (wallet amount expiry notification to customer start time), enable or disable the fee deduction on every bid, enter the fee deduction percent (enter value 0 to 100. More than 100 considered as 100), and decide if the deduction fee is refundable or not.

Send Auction Email Notifications

Also, this module allows admin to configure email notification for each outbid auto bid buyer and Bid winner. Additionally, the admin can enable/disable email notification and set an email template for admin on any new bid as well as notify buyers when a higher bid arrives. The admin can even set the email notification for customer/admin on wallet debit/credit.

Enable Auction On Products

The admin can enable the auction to the products. The admin can navigate to the products from the catalog and select the product for which the admin wants to enable auction. Here from the auction options, the admin can select the buy it now, or auction or both.

Now from the auction manager in the admin dashboard, the admin can select the manage auction and a new auction. Even the admin can view, edit, and delete the already created auction. The admin can also delete and cancel the already created auction in bulk.

The admin can select a product from the drop-down menu, enter the starting price for the bid, reserve price, auction start, and end date, a number of days till the winner can buy, minimum and maximum quantity, enable or disable the increment and automatic options.

Manage Auction Wallet

In the admin dashboard, from the auction wallet under the auction manager, the admin can view the record of the auction wallet customers. The admin can view the name of the customer along with the total amount, remaining amount, used amount, modified at, individual details, and transfer request details.

Bid Now Button

The customer can bid on the product page and when the bid amount reaches the reserve amount within the time limit then the buyer 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 the auction on any product then the customer can only buy that winning product within the allowed time. Even the customer can find their bidding details under their customer account in the auction details.

Benefits

For Store Admin

• Providing auction will create more attraction towards the store and products.
• Offer Buy it now or auction sale or both options to customers.
• Use wallet for receiving a security amount from the customer for the auction which will be the percentage of the total bid amount.
• With an attractive auction page, engage more customers towards the store.
• Increase the number of products and the number of sales.

For Customers

• Buy products at competitive market prices.
• Offer bids on the products and view other bids as well.
• Add amount to auction wallet using multiple payment methods.
• View their bidding details from the customer account.
• See the detailed bid information over the product page.
• Get email notifications when they are outbid.
• Check the price and place a bid with the right price directly for the product.

Live Demo

You can check live demo from here.

Support Policy

• You get free 3 months of technical support included.
• You can buy 6 or 12 months extended support agreement.
• For issues, please create a ticket or send email to support@webkul.com
• Free lifetime updates of the module.