Selling products on auction is widely practiced because of its numerous benefits. It is in practice since long and the online business community can also reap its benefits by adding it to their web-stores. Allowing your customers to bid a price they would like to pay for a product enables you to know the demand, which ultimately helps you in managing inventory and setting a higher profit margin.
Setting a price range for the auction gives you the freedom to set a minimum product price that covers all your expenses and a percentage of profit as well. To reap all such benefits of auctioning, you will have to tweak your Magento-powered online shop. One of the easiest methods to sell products by auction is the installation of Magento Auction extension. It is an impressive tool to add and manage auctions for different products and get bidding offers from your potential customers. For your assistance, a step by step tutorial is drafted below. Follow it thoroughly and enable product bidding quickly.
Step 1: Install Magento Auction extension and sign into your admin panel.
Step 2: Click settings and select configuration. Click the general information tab and enable the extension and it will allow the users of your online store to bid for their favorite products. You can add a custom message that displays when a user wins the bid. Save the settings as you move further.
Step 3: Move to each configuration tab one by one. For example, you can include or exclude the tax amount in the bid. And, select options in the email settings according to your preferences.
Step 4: Configure email notification settings to ensure every user gets notified about the progress of the bidding. Here, you can customize different messages for the auto bidders, watchers and admin.
Step 5: The configuration settings lay down the foundation for bidding on your online store, whereas to make it live, move to the “Manage Auctions” sections to manage auctions and create new ones. You can click any listing and continue editing it.
Step 6: Add auction by selecting products and configuring settings. It carries forward the products listed on your eCommerce website and allows you to select for allowing users to place a bid. And,
Step 7: Click Auction information to customize the auction you are about to create. Add a product name and the initial price. By giving a reserved price, you can secure the minimum profit in each unit. Select a start and end date to schedule the auction. It will disappear once the time expires. You can also configure the number of winners and the store view to applying the auction.
Step 8: For adding more auctions to your store, repeat the above method and you will start receiving bidding offers. To supervise these offers, click “Manage Transactions.” You can view each offer and decide a winner. The whole transaction data can be exported in a CSV file format for backup or using at another platform.
Step 9: The moment you add the Magento Auction extension to your store and configure the settings, you will see the addition respectively. The users know about the bid and the validity period. It supports auto and manual bidding as well.
Users can choose to follow the bidding of a product by clicking ‘Watch This’. They are also informed if they bid higher than the average users.
The users who bid below a predetermined slot are notified and are required to bid again in order to participate.
Step 10: To keep an eye on the bids, watchers, and winners; move to the "Manage Auctions" page and find the options below the information tab.
Step 11: The users of your website can find all the auctions on a separate page by clicking on the link in the header.
Step 12: In addition to the admin panel, the users are also given complete access to view the status of bidding from their user accounts.
With the above guide, you can easily set a base price for the products and allow the users to bid above it. This gets you the minimum profit and quick sales by a winning competition. Start selling products at varying prices to different users with the help of Magento Auction extension to pursue higher profits and quick inventory turnover.