Auction Update (April 2023)

Auction Update (April 2023)

We are glad to announce that we have made some much-requested updates to the Auctions feature.

You can now choose to enable a Buy Now option for live auctions, to set a price for customers who just don't want to wait for your auction to finish to buy it.
Additionally, you can choose to automatically restart auctions that have not had a winner. More details about each option on the add new auction page is below:

Starting Product Price: the price to start the first bidding at.

Reserve Price: the lowest price at which you are willing to let the item go for.
This is optional, so if you do not wish to have a reserve price you can leave it as 1.00
If the highest bidder bids a price below your reserve price, they will not be declared the winner and the item can be relisted.

Incremental Price: the amount (in dollars or percentage, depending on the next option) to jump between each subsequent bid.

Incremental Type: the default is 'by fixed amount' and will increase by the dollar amount input in the above 'incremental price' field.
example - if this is set to '5.00' and the current bid is $33, the next bidder will need to bid $38 to beat the current price.
'by percentage of the original price' will use the number input in the 'incremental price' field as a percentage instead of flat dollar amount.
example - if this is set to '5.00' and the first bidder was $20 and the current bid is $33, the next bidder will need to bid $34 to beat the current price.

Starting Bidding Date: can be set to the current time or a future time. Hours are in military time.
Ending Bidding Date: can be set to a future date and time, the default is 3 days from the current time. Hours are in military time.

Show Reserve Price: setting this to 'YES' will display the number you set in the 'reserve price' field on the item's page, so that high bidders will know the price they must meet to win the item.
setting this to 'NO' will not show the price you set as reserve price on the item's page, so high bidders will not know if they bid high enough to win the item until the auction is over.

Auto Restart: setting this to 'YES' will automatically relist the auction after approximately 3 days of the auction not having a winner, or the winner not paying for the item.
-if you also enable the Buy Now Button option below, the item will go in to Buy Now only mode for the approximately 3 days between the auction ending and being relisted. During that time, a customer could buy the item at the Buy Now price you set, before it gets relisted.
setting this to 'NO' will not automatically relist the auction.

Enable Buy Now Button: check this box and then set a buy now price for the item to allow a customer to claim the item immediately, without them having to wait for the auction time to end.
if not checked, the item will be listed just as a regular auction, and the customers will have to wait until the auction's end time to see if they have won.

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