Process: Create auction

 

Flow

Legend

 

Objective

To create an Open Cry or Sealed Bid auction to sell products to the highest bidder.

 

Description

Open Cry auctions, all bids are available for public viewing; each participant knows the other bids submitted.

Sealed Bid auctions allow participants to submit a bid that is seen only by the auction administrator. Seller sets a submission deadline, no bids received after that time are accepted. The bidder does not know the other bids submitted.

The following information is included when creating an Open Cry or Sealed Bid auction,

• The auction type.
• The product name.
• The quantity available.
• Whether a reserve price exists for the auction.
• The deposit amount to be forfeited if the winner refuses to accept the auctioned items.
• The auction start date and time.
• The conditions under which the auction will end, such as a scheduled end date and time.
• Bid rules describing the minimum bid price, quantity, and bid increment (bid increment is only for Open Cry auction).
• Pricing mechanisms for the auction. For a non-discriminative pricing mechanism, all winners are required to pay the price paid by the winner with the lowest winning bid. For a discriminative pricing mechanism, auction winners are required to pay their exact bid amounts.
• The display information for the auction. Such as the auction rule template and product display template to use.

If the same style will be used for several auctions, an auction style can be created first, and then an auction can be created based on the auction style just created.

When a specified quantity of a product is placed on auction, this quantity is no longer available for "normal" sale.

When an auction has started, an auction notification message is produced to inform customers that the auction has started. Auction start notifications are sent to customers who have added this auction to their own auction gallery.

For current auctions, only the following changes can be made,

• Postpone the end date or time.
• Increase the quantity.

For future auctions, all parameters except the auction type and auction item can be changed.

Any future or current auction can be retracted. When an auction is retracted, all bids are withdrawn. Inventory will be returned and deposits for all bidders are refunded.

 

Features

• Create Open Cry or Sealed Bid auctions
• Create Open Cry or Sealed Bid auctions based on auction style templates. All auction information except the auction item can be predefined in an auction style template.
• Create Open Cry or Sealed Bid auctions based on predefined bid control rules. One auction can only select on bid control rules. For an Open Cry auction, the bid control rule can be a minimum bid quantity, minimum bid value, or bid increments. For a Sealed Bid auction, the bid control rule can only be minimum bid quantity and minimum bid value.

 

Edition

Professional, Enterprise, Express

 

Tasks

Task	Description	Role
Specify auction bid control rule	Specify a previously defined bid rule for Sealed Bid and Open Cry auctions.	Seller
Specify auction display information	Specify what templates to use in displaying auction rules and the product display for an auction.	Seller
Specify auction pricing information	Specify pricing information for an auction.	Seller
Specify duration, closing rule	Specify when an auction starts and the conditions under which it ends.	Seller
Specify product and quantity	Specify information about the product to be auctioned such as SKU, product name, product description and auction quantity.	Seller
Submit auction creation	Submit the request to create an auction after providing all the detail. When the auction is created, the specified quantity of the product for auction is reserved and is no longer available for "normal" sale.	Seller
Time to activate future auction	It is time to activate the future auction.	System
Update auction display information	Update what templates to use in displaying auction rules and the product display for an auction.	Seller
Update auction pricing information	Update pricing information for an auction.	Seller
Update duration, closing rule	Update information on when an auction starts and the conditions under which it ends.	Seller
Update product and quantity	Update information about the product to be auctioned such as SKU, product name, product description and auction quantity.	Seller

 

Business artifacts

• Auction started notification
• Auction style template
• Bid control rule
• Current auction
• Future auction

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