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, Business, Express Edition
Subprocesses
Feedback
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