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Live Auction feature is Available on Palmstreet

Apr 19, 2024
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Palmstreet Official

For the sake of enhancing engagement and creating an exciting atmosphere in Live Sales. We are greatly thrilled to introduce a live auction feature, which enables sellers to list auction items for buyers to bid and close orders within a specific countdown time.

How to have access to live auctions?

If you are using a lower version of the app, you may not be able to access any of the auction features. In this case, please kindly update your Palmstreet app to the latest version, which can be downloaded from the App Store or Google Play, to ensure that you have access to all the features during the auction.

How do sellers list auction items before the live show?

Firstly, just click + Add a listing to edit the item

Next, select "This item is for Auction" to make it an auction item.

And, navigate to "Set starting price" to type in the initial bid price.

Go to "Set timer" to pre-set the countdown time (Apply the default 30 seconds or customize from 5s to 300s).

Finally, confirm each piece of information and post the auction item.

Notes:
As shown, the Snipe Mode is turned off by default yet sellers can click the Snipe Mode button to turn it on. when snipe mode is not activated, in the event of a new bid within the final 10 seconds, the countdown timer will reset. However, once the Snipe Mode is on, the timer will not reset even if someone places a new bid in the final several seconds.

Apply the Dynamic Bidding Increment or Customize it

Dynamic Bidding Increments Rule:

If the highest price is less than $10, the bidding increment is $1.

If the highest price is between $10 and $30, the bidding increment is $2.

If the highest price is between $30 and $50, the bidding increment is $3.

If the highest price is between $50 and $100, the bidding increment is $5.

If the highest price is between $100 and $300, the bidding increment is $10.

If the highest price is between $300 and $1000, the bidding increment is $20.

If the highest price is over $2000, the bidding increment is $50.

Sellers can turn off the dynamic bidding increment to type in a desired fixed increment for the auction item.

How to start the auction?

Sellers can initiate an auction by navigating to the store detail page, selecting the auction item, and clicking the 'Start Auction' button.

This allows them to review the auction setup details, make adjustments to the starting price and countdown time if necessary, and commence the auction immediately with a tap on the 'Start Auction' button at the bottom.

How to quickly add&pin auction items during the show?

Firstly, click the quick add icon

Select Auction to edit the auction item name, starting price, and count-down time. Then click Add&Pin to quickly list the auction item and initiate the auction.

Notes:

If sellers are willing to enable the snipe mode or customize the increment, they can click the button of Advanced Settings.

Monitor the bidding

Once the auction starts, sellers will be able to track the exact number of bids placed. Everyone, including the seller, can view "Who is winning the current auction" in the pinned comment and "Who has won the auction" through a congratulatory window.

Preview the auction items

Buyers are able to view all listings for auction. However, they can not place a bid unless the seller starts the auction during the live show.

How do viewers place a bid?

Once a seller initiates an auction, potential buyers can participate by swiping the bid button. However, if they have not completed the necessary shipping and payment information, or if Apple Pay or Google Pay is not available on their device, they will be prompted to finalize those steps before becoming eligible to bid.

Place a bid only after the shipping & payment information is completed.

After that, viewers can swipe the bid button from the left to the right to validate their bid.

How to verify whether the bidder won the auction?

If a buyer places the highest bid and is not outbid until the final second of the auction, they will win the auction. When this happens, a congratulatory window will appear for all participants, including the host, announcing the auction winner.

  • Is Pay in 4 available for auction items?
    No, it is not applicable for bidding.
  • Can the seller initiate multiple auctions simultaneously?
    No, only one auction is available at a time.
  • Is the local pick-up order feature available for auction items?
    Yes, you can click the wallet icon to switch from shipping and local pick up.
  • Will credits apply to auction item orders?
    Yes, credits can be applied to auction items.
  • Can sellers customize the increments?
    Yes, sellers can customize the increment on the newest App version.
  • When will the bidder make the payment for the auction item?
    The payment will take action immediately once the bidder wins the auction.
  • What if the winner fails to make payment for the auction item?
    If the winner cannot make the payment within 5 minutes after winning the bid, the seller can restart the auction of that item.
  • Why can not find the place to enable snipe mode and fixed increments?
    Please click advanced settings to operate these features if you are quickly adding auction items.
  • Is it possible to pause or stop the auction in the process?
    No, no one can cease the auction unless the time is up.
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