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Put your auctions in the fast lane
10/10/2019
|
Emma Clayton
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Want to promote your auction for free?  

 

For a limited time, buyfair is offering the main seller account user a premium membership for free. Therefore, you are able to take advantage of all the extra benefits this entitles you to features such as promoting your auctions 

 

You can select to promote your auction whilst you are creating an auction by simply clicking the ‘promote my auction’ tick box 

 

Premium members are entitled to promote up to 5 auctions per month. This means 5 of your auctions will appear in a carousel banner at the top of the buyfair in site navigation for all buyers to see.  

 

 

Buyers are then able to click on these products and be taken straight to the bidding panel. This boosts your brand straight to the top, raising more awareness and interest in the auctions you currently have live thus increasing the chances of more sales.  

 

Hassle free auctions  

 

On buyfair, auctions run for 3 or 6 days, depending what you choose. However, this doesn’t have to mean that you must relist your auctions manually every time it ends.  

 

When creating an auction, you can select for it to be auto-relisted by clicking the auto-relist tick box.  

 

 

 

This means that if there are still units left of your inventory once the first initial 3- or 6-day auction has ended, the buyfair system will automatically relist those inventory items.  

 

This is an excellent feature of the platform as it takes the hassle away from manual relisting and allows your items to appear in the marketplace until all the stock has been cleared without you having to give it much thought. However, it is important that you reserve the stock in your own inventory management system as in line with the auction terms and conditions, auctions cannot be cancelled once they have been put live.  

 

You are able to choose if you wish for the item(s) to be Auto-Relisted immediately (with a grace period of 30 minutes to amend anything after the end of the previous auction e.g. changes in your own stock levels), or to Auto-Relist on the same day of the week, the auction was originally created.   

 

 

 

This is helpful if the Auction was created for example, on a Monday for 6 days, you may wish to relist the Item on Monday again rather than relisting immediately on a Saturday where there will be less traffic to the marketplace.  

 

You can choose when you wish for the Auto-Relist option to end either on a specified End Date or by Auto-Relist Length of 2 weeks, 1, 3, 6, 9 or 12 months.  

 

 

 

It's important for the Auto-relist end date to be before the date you actually want your auction to end. This is because if the auto-relist end date is on the day you want your auctions to end, the buyfair platform will process this and auto-relist for another 3 or 6 days.  

 

E.g. You want your products to auto-relist for 4 weeks from the 1st of the month. You want each auction to run for 6 days and to auto-relist immediately. This means the auction will end on the 24th. Therefore, if the auto-relist end date was set for the 24th the auction would relist again for 6 days. Thus, being live for 5 weeks. So, the auto-relist end date needs to be the 23rd to stop this from happening.  

 

Auto-relist is a great feature to use as it is saving your time and your resources whilst maximising the value in your products.  

 

The different ways to sell your products on buyfair 

 

buyfair has three different ways products can be sold on the platform. Auction, Buy Now or Both. This can be chosen during the auction creation process.  

 

 

 

  • Auction allows you to set a reserve price for your product, per lot. This will then receive bids, with the highest bidders winning the sale. This is a multi-lot auction so there can be multiple winners. This auction must run for 3 or 6 days. 

 

  • Buy Now sales allow you to set the best possible price for your entire inventory of that SKU. This means the entire inventory is purchased in one transaction, by one Buyer. We encourage this price to be your best possible price to attract Buyers to purchase the whole SKU Inventory thus clearing your stock quicker.  

 

  • If you choose Both then you give the option for a Buyer to Buy Now or Bid in the Auction styleIf a Buyer selects Buy Now the auction will end and the product will be sold. However, if a bid is received on an auction before the Buy Now option has been selected, Buy Now will dissolve and the auction will continue without the Buy Now Option.  

 

We suggest that selecting the option of both will be the most effective with generating sales. This is because it will appear in both the Auction and Buy Now search facilities on the site maximising the visibility of your products. Additionally, it appeals to more buyers if they are given the option when they consider purchasing.  

 

For example, a hotel might have a launch upcoming and they need 1000 glasses in 3 days. If your auction had a Buy Now option, they would be able to purchase the entirety of your inventory in one transaction. Whereas, if it was only selected to be an auction sale then some buyers may not have the time to enter a bid.  

 

The only difference there is when creating your auction with the Both optionis the need of a Buy Now price. This is different to the reserve price. We encourage this price to be your best possible price to attract Buyers to purchase the whole SKU Inventory thus clearing your stock quicker. An example of the information you have to fill out during the auction creation process is below: 

 

 

 

This will appear in the marketplace to prospective buyers like so: 

 

 

 

Making these three simple changes to the way you create your auctions will be bound to make all the difference to your brand on buyfair and the sales you generate through ouB2B premium marketplace.  

 

If you need any further assistance with Selling on buyfair.global please take a look at the FAQ’s and Help Videos located in the Side Navigation Panel on buyfair.globalAlternatively, please get in touch with emma.clayton@buyfair.global for any other enquirers 

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