Seller Auction Marketplace Add-On allows the seller to add an Auction (Incremental, Automatic and Reserve Price Auction) feature to their products.
OverviewBack to top
Note - This module is an add-on of Webkul's Marketplace Module. To use this module, you must have purchased and installed Webkul's Marketplace Module first.
Seller Auction Marketplace Add-On allows the seller to add an online auction feature to their products. There are three options for setting the auction: Incremental, Automatic, and Reserve Price Auction. The sellers can add, update and delete the auction on their products. The module provides an auction process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder within specified time. The open ascending price auction is possibly the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid.
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 seller is willing to accept for an item. In a Reserve Price auction, the seller is only obligated to sell the item once the bid amount meets or exceeds the Reserve Price. The seller 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 seller 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 Seller Auction Marketplace Add-On - Bidding is an important feature for any Marketplace. It allows the customer to bid on the products and buys the product at the bid price. Both seller and admin can add auction on the products. While auctions seller can sale antiques, paintings, rare collectibles and expensive items online. The seller can add/edit auction and manage auction easily.
Features of Seller Auction Marketplace Add-On -
- This module allows the auction feature for marketplace seller’s product.
- It supports Incremental, Automatic and Reserve Price Auction.
- Admin can enable or disable Email notification option to admin, seller, 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.
- The seller can add/edit/delete the auction.
Workflow of Seller Auction Marketplace Add-On -
The admin configures the module by setting Standard, Increment & Automatic Auction Option. The seller 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. The seller 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 Seller Auction Marketplace Add-On -
This module supports three important bid types- Incremental, Automatic and Reserve Price Auction. The seller 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
+ Issues fixed for magento version 2.1.0
+ Dependency updated for marketplace.
+ This module is an add-on of Webkul's Marketplace Module. To use this module you must have installed Webkul's Magento2 Marketplace Module first.