Proxy bidding addon is now available for WPAuctionSoftware Plugin.
With this release, you can now bid on two or more items being sold around the same time. Proxy bidding makes bidding an online auction easier and less time consuming for buyers.
Features of Proxy Bidding – How its Beneficial for an Online Auction?
– Allows automated bidding: Proxy bidding addon allows users to make an absentee while the bidding process is going on. The user does not have to keep bidding by himself as it will be done by an automated system.
– Saves Your Time: It saves lot of time by playing a vital role of proxy bidder. Proxies do the bidding on your behalf once the amount is fixed.
– Saves Your Money: The proxy bidding can save your money which you may have otherwise lost in the usual online auction.
Proxy bidding addon allows the user to enable proxy bidding feature by setting ‘yes’ or ‘no’. The best part is you can enable proxy bidding feature any time you want; before the bidding starts, after or in-between the bidding process.
Next, the bidder places a maximum bid amount that he is willing to spend on a product. The user can do so by enetering the amount and clicking on maximum bid button.
So, here is the process of proxy bidding:
Step 1: Bidder Sets a Maximum Bid Amount
Step 2: System Places a Bid
Step 3: New User Places a Bid
Step 4: Bids are Compared
Step 5: System Places a New Bid
Step 6: Process Continues
Proxy Bidding – How it works for an online auction?
Proxy bidding is an online auctioning system in which the winning bidder pays the price of the second highest bid which makes auctioning on bidding easier and less-time consuming for buyers. Suppose, if you want to bid on an item but you can’t make to the auction yourself, you may still be able to participate through proxy bidding. Proxies bid on those products on your behalf.
The proxy bidding feature allows users to decide a maximum amount that they are willing to spend on an item. Once the amount is fixed then the user does not have to get engaged in any extensive bidding activities. From this point onwards the proxy bidding feature in the auctioning system comes into play.
The auctioning system now plays the role of a proxy bidder and places the minimum required bid on behalf of the user. When the bid on which the product has been auctioned reaches maximum bid amount specified by the user, the system notifies the user to place a new bid for the product. Here the user gets a chance to revise the maximum amount that he is willing to pay. And this process continues till the time window for the auction expires. This way the user can independently decide whether or not to update the maximum amount that he wishes to spend on an auction.
Say for Example:
A domain is in auction with a starting bid price of $12.99. If bidder A places a maximum bid amount of $20.00 for the domain, our system will start his bid at $12.99 and bid up to $20.00 automatically on his behalf. When bidder B visits the auction, he sees the current bid price as $12.99. If bidder B decides to place a bid for $14.00, he will be outbid immediately by bidder A, and the new minimum bid will be $15.00. In order to outbid the first bidder A, bidder B would need to bid at least $20.01. But if bidder B is not willing to spend more than $20 and stops bidding at $19, bidder A automatically wins the bid and gets the item at $19. If bidder B places a bid for $21.00, which exceeds bidder A’s maximum bid amount, then bidder A will lose the bid, and the new minimum bid would be $21.00.
Alternatively, the user can decide against updating the maximum amount he wishes to spend in an auction. Incorporate the proxy bidding solution into your online auction website now and save your users the effort of constantly monitoring the auction process, after all customer is king right!