Process: Work with auctions

 

Flow

Legend

 

Objective

Auction trading mechanism.

 

Description

Auctions offer special advantages in the following situations:

• When you are uncertain about the size of the market and the willingness of buyers to purchase a product; for example, when selling used or reconditioned products.
• When a product's price has been set too high initially, and you want to determine a price based on market demand.
• When you want to promote new product lines or liquidate inventory.

The following three types of auctions are described here:

Open Cry auctions

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

Sealed Bid auctions

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

Dutch auctions

Dutch auctions do not require bidders to set the initial bid price. Instead, the user creating the auction announces a price and asks if any participants will accept it. Usually the auction starts with a high bid price that is reduced over time until bidders have cleared the inventory.

You can create auctions to start immediately or at a later date. You can conduct multiple auctions simultaneously. Bidders must read the rules you have established for the auction before participating. Winners are notified through messages or by e-mail, and orders are placed for the product on auction. Discussion forums let you communicate with bidders about auctions.

 

Features

• Open Cry auctions
• Sealed Bid auctions
• Dutch auctions
• Auction style templates
• Bid control rules
• Auction discussion forum

 

Edition

Professional, Enterprise, Express

 

Subprocesses

• Bid on future Open Cry auctions
• Create auction style templates
• Create bid control rules
• Manage auction discussion messages
• Manage Dutch auctions
• Manage Open Cry auctions
• Manage Sealed Bid auctions
• Withdraw bids

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