A type of price advancement auction where the preset minimum price gradually increases. In Merkeleon, we promote cutting-edge mechanisms and digital technologies to launch an English auction in a fast and effective way. Explore it all!
Each bidder makes an entry, exceeding other bidders’. The price scales up by a fixed step specified by the provider or greater. Every participant knows all previous bids, so can adjust their strategy accordingly. The bidding goes on until one of the buyers offers a sum no one overtakes. At that point, the bidding ends. The highest bidder gains the upper hand.
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Do you want to set up an online tender that will make your business prosper? With Merkeleon user-friendly software for classic auctions, you get a convenient flexible system. The auctioneers put their products up for sale without any hassle. The bidders offer their prices to be the winner and acquire products. The platform operators profit from this race.
By participating in a fixed-price auction, users can immediately book a lot at a fixed price a seller sets in the description. In other words, if they offer a fixed price, they will get the product at the end of the auction. A bid can also be below the fixed price. In this case, the buyer wins if no other entry exceeds theirs
Search engine optimization, contextual advertising, media advertising, mailing campaign, virtual marketing, social media marketing. These are the major techniques to promote an Internet auction platform and make it recognizable by the audience online. Which technique to choose depends on the goals of your business
Instead of making bids at a minimum step, users can set the amount they are willing to spend, and the site will automatically bid. If the current bid is $20, and a user specifies a maximum of $100, the service will automatically bid $21. If someone interferes, the computer will continue to bid until the specified limit
Multi-lot means a single customer makes a purchase of several lots. These lots are homogeneous products or items functionally interconnected with each other. Such auctions make it easier to sell many goods during one bidding procedure. There are no guidelines on how to combine lots, and it fully depends on the seller
Platforms with multiple types of payment tools will naturally attract more customers who can choose among the most convenient types of payment. Different banking options impose different conditions for payment, say fees, delays, withdrawal time, etc. You can also choose what currency to collect. And this can be fiat and crypto
Reserve minimum price feature allows a supplier to state the minimum price they are ready to sell the lot for. The reserve price is specified in the beginning, altogether with the starting price. If no customer reaches the reserve price at the end of the auction, the lot cannot be sold and remains with the vendor
The process starts with an operator of the English auction, who sets a starting minimum price and duration that form the basis for the subsequent bidding process. If the platform allows, the operator can also specify the reserve price bidders need to reach to take the lot.
After these preparations, the auction is on. Here, clients make bids and raise the price. Everyone can see the bids and decide when to make one themselves, wait or leave. The auction proceeds until some bidder makes the entry no one beats in a certain period of time. In a classic auction, the last entry is also the largest.
To keep updated with the bidding flow, participants can get notifications about the status of their bids, whether someone outplayed them or not. During the auction, participants’ behaviour centres around the response to their opponent’s actions.
This is mainly about the desire to win and be the first in a race, not the extreme necessity to buy a product. In many cases, bidding goes on even if the price has long been above the market price of a product.
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English tenders are a common way of obtaining goods and services. An operator sets the minimum value for their item whose initial price is generally lower than the market. Then, the auctioneer starts the auction and observes bidders using various auction strategies.
The next method means a partaker will rise till the final victory. This is how their opponents get fought off and leave the auction, whatever the money they might have planned to spend. The risk for the followers of neverending bids may cause them to overspend because their opponents will rise knowing the consequence.
A bidder makes an entry every time in the last few seconds before the auction may end, thus delaying the conclusion for a long time. Just because classic auctions are sort of a fight for the so-called ultimate say or a final winning bid, bidders feel the urge to outdo their opponent and win anyway.
This tactic involves sharp bidding spikes. For example, the current entries are 10$, 12$, 16$. When you leap, you stake something like 100$. That is how the bidder overtakes control and possibly wins the tender. However, the final price may well surpass the value of a product.
Digital tenders have been successful in public procurement for a long time. In the context of high competition and economic crisis, auctions become an example of a way to keep businesses afloat. Other advantages include remote bidding, transparency of control, accessibility for individuals and businesses, security of transactions, and fair competition.
People from all walks of life can partake in online auctions. These may be regular retail customers as well as professional market participants, such as financial, collector, legal or investment companies.
Online auctions sell almost anything, from personal items to advertising posts. In a classic (English) auction, the range of items that exemplify frequently searched goods is incredibly diverse. These include equipment, furniture, decorative components for houses, jewellery, objets d’art, vintage items, luxury articles, cars, immovables, services.
The idea of this bidding variation lies in price advancement. Nevertheless, there is a reverse (Dutch) auction variation. Its reverse nature presupposes price decrease. In this case, a reverse course of action takes place, and smaller bids are accepted.
Matured and well-tested systems open more opportunities than freshly developed. When you decide to launch an auction site, the best solution is to employ ready-made software because proprietary development takes too much time, energy, and money, that may be retargeted to other tasks otherwise.
To secure the profit from an auction, the seller states the minimum price they will sell their product at. Participants can’t see this sum. The deal is concluded in case a winning price is equal to or exceeds the preset value.
1.Storage with voting.
You get an online store where users can find goods to purchase at a fixed price without bidding or they can vote for putting these goods for an auction.
A seller states a backup price, known as a reserve price, that may be used both to generate income for a platform provider and as an extra safety measure for the seller.
An auctioneer sets an auction stream with several lots. The seller launches the first tender themselves, while the rest start immediately after the prior ends.