The standard method of buying and selling is, a buyer visits a store, search for his desired product, look for the price tag & pays to the seller.
In some cases, the buyer can also go for negotiation which is completely optional. But this is where the idea of the auction is triggered.
In an auction, the interested buyers put up their bids and the one with the maximum bid takes away the product.
Online Auction
The concept of an auction has grown in the course of recent years and the reason is Online Auction.
Simply because it is the preferred & satisfying method of selling and buying for both the sellers & the buyers.
All you need to do is search for a suitable platform to build your online auction website
and software to execute the process of adding auction products, description of the auction, reserve amount, bid increments, the base amount, etc.
Gone are the days when conducting an auction requires human resources or physical presence.
Thus, you don't need to miss an auction just because you can't reach the venue or because of the unsuitable timing.
This is the reason why live auctions always have a limited product quantity & a limited number of buyers. Now, everything can be handled just in a click.
With online auctions, all you need is an Internet connection and you are good to bid!
A Marketplace of Auction
The notion of an Online Auction Website puts a highlight on an Online Auction Marketplace concept.
Setting up a store with multiple sellers and letting them put up products on auction and on top of it earning a commission from the same is definitely a great idea.
Having a multi-seller marketplace is in itself a beneficial step. Moreover, if you are looking to set up an online auction marketplace website then this can benefit you even more.
Starting an online auction marketplace will help you boost your engagement with an ample amount of buyers bidding on multiple products from different sellers.
It will simply create an exciting online auction atmosphere!
Image Source: Pixabay
If you know about auctions, you must be aware of the Forward Auction process in which a seller puts up a product for auction, multiple interested buyers bid for it & the highest one wins the auction.
Then there is a Reverse Auction process with one buyer and multiple sellers. On buyer's demand, the sellers come up with different bids. The one with the lowest bid wins the auction.
So, to have multiple sellers on your website you need to look for an application that will
let you convert your online store into a marketplace with an add-on to make it an online auction website as well.
Multi-Vendor Online Auction Marketplace for Shopify
If you are using Shopify as your platform then the search for this solution will take you up to Multi-Vendor Marketplace for Shopify
Multi-Vendor Marketplace app for Shopify will help you set up a flexible online marketplace where you can add unlimited sellers and products with multiple add-ons to enhance your store.
One such add-on to create online auctions on your marketplace is Product Auction for Sellers which is basically an integration of the Shopify Product Auction app.
This integration will let you allow your sellers to put products up for auction and later you can earn commission on each product sold on auction.
The sellers can enter the auction duration, reserve & base price and also the bid increment price.
Moreover, all the auction-related details can be managed by the admin as well as the sellers added to his store.
Demo of how your products with the auction will be displayed on the frontend using the app:
Selling Artwork on Online Auction
Thinking about auctions, the first thing that comes up to my mind is an auction of paintings.
Auctions give you the opportunity to buy artworks at competitive prices. Moreover, there is no doubt that artworks stand out to be the best auction products.
Just like Artsy, you can also build a perfect multi-artist marketplace to conduct auctions on their artworks.
Multi-Vendor Marketplace has an add-on by the name Artist Product Design, using which you can create a marketplace for artists.
Admin can create/add Artists on his store and let them add designs/artworks to sell. Moreover, using the product auction for seller add-on, he can put up those artworks on auction.
Image Source: Pexels
In the end, I hope you'll get help from this article to build or start your own online auction marketplace & get your customers into the field of bidding & winning!
Install the Multi-Vendor Marketplace app now & build your own auction site today with the Product Auction app.
If you have suggestions to make something better, do let us know.
In case of any issue or suggestion, create a ticket at Webkul UV desk.
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