Online Penny Auction Website
Online bidding is an emerging concept in the business world and has lots of prospects of growth in its core; it has become one of the most popular online businesses. It is not only useful for bidding players rather for those also who serve these facilities. Online Auction software has lots of segments and they are designed with the help of online auction. Online auction consists of mainly two classes, one is classic auction and another is a reverse auction. Both are good square measures of buying wished products. Online Auction software with quality and modest features can offer vast opportunities to generate a good deal of income and maximize your profit.
During the recent years, auctioning has become one of the most popular online businesses. Today, online bidding websites have achieved huge popularity. Buyers and seller can buy or sell products and services through bidding sites as per their industry. Considering this popularity, a wide range of online auction business software products available out there. Online Auction software with quality features can offer great opportunities to generate a good income and maximize your profit. Our online auction website software can help you get an auction website with exciting and user-friendly features that generate you enough income and make running of auction business very easy. We are just matchless, particularly when it comes to the technical features of an online auction website. We enable our clients to keep track of many auction parameters.
5 Online Auction Web Portal types (more than any other auction software) :
• Standard: e-bay style; including Buy Now!, reserve price and proxy-bidding.
• Basic: straight and easy to understand.
• Penny: with Buy Now!, auto-bidding and time extension.
• Reverse: service oriented auction; a selectable winner.
• Fixed price: classic ad posting service.
How does Penny Auction work?
Penny auction which is characterized by the low prices for auctioned items and high profits for the operator is the “win-win” concept.
The price for auctioned items starts at zero and then increases with each new bid. The price increase is usually set to a minimum amount. To place a bid however, the bidder must pay a fee to the operator. The price of one bid is higher than the amount of increase.
Additionally, each new bid resets the timer to allow others placing their bids, too. The most active bidding begins when the auction timer almost expires.
Put simply, penny auctions are websites where customers cast non-refundable bids in auctions which increase the final auction price by a small, set increment. The last person to have bid when the timer expires wins the right to purchase the product, which is typically priced much lower than its retail price.
Bids cost just $0.30 and can be purchased in bid packs at the Bid Store or in the Bottom Bar. These bids are pre-paid and stored in the Bid Credit History section of My Bids. Each time you place a bid; it will be deducted from your remaining bids, and will increase the price of the auction by one cent. No more than 30 seconds is added to the timer whenever a bid is placed. This allows another user the opportunity to bid if interested.
And also just like a traditional auction, you win by being the last to bid. Once you pay the final auction price and shipping costs, the item is yours!
Here's the part that isn't like a traditional auction: If you don't win, you can't reclaim the bids you place. BUT, because we never want anyone to walk away with nothing, we offer a Buy Now feature on ALL of our auctions! When you use our Buy Now feature, we subtract the cash value of the bids you’ve placed (excluding voucher bids) from the value price of the item, and you pay the difference. It's just like buying the item at retail price! So at least you had a chance at getting it at a discount, eh?
Let's say you spend 30 bids trying to win a $30 valued product, but you don't win. Your 30 bids are worth $9 (30 x $0.30), so if you choose to use the Buy Now, you will only pay $21 more for the product. Please note that this offer applies to real bids only, and that voucher bids to do not apply to the Buy Now option.
How does bidding work?
You have two options when it comes to bidding. The first is to simply click the 'Bid' button. Assuming there is no technical malfunction, your bid will be recorded and your username will be shown as the highest bidder. To maintain the highest bid, you will need to keep clicking the ‘Bid’ button whenever another user outbids you.
The second option is to use the Bid-O-Matic feature. We developed Bid-O-Matic to enable you to participate in an auction while you are away from the computer. Bid-O-Matic will enter bids for you based on limits that you set— how many bids you’re willing to spend and when to start placing them.
How does the Bid-O-Matic work?
Bid-O-Matic automatically places bids for you in a more efficient way than other auction sites. Bid-O-Matic even lets you bid if you're not logged on to our website! Using Bid-O-Matic guarantees your bid will be placed in the last 20 seconds. You'll never have to worry about losing your Internet connection or getting distracted in the final seconds because Bid-O-Matic will bid as you instruct it to.
Bid-O-Matic will bid whenever the timer drops below 20 seconds, though it's up to the Bid-O-Matic exactly when it will place that bid.
Bid-O-Matic can be set up with a minimum of 3 bids and a maximum of 150 bids at a time.
Bid-O-Matic will start to bid for you as soon as you click the 'Activate' button, unless there is less than 2 seconds remaining on the auction clock.
Bid-O-Matic may be deactivated at any point during the auction. Please keep in mind that the number of deactivations will be limited to minimize server load.
If an auction ends, all unused Bid-O-Matic bids will remain in your account.You can only set one Bid-O-Matic at a time per auction.
Bid-O-matics cannot be activated on auctions with less than 2 seconds remaining on the auction clock.
How to Use:
In the Bid-O-Matic area on the right side of every auction page, simply enter the Bid From price (which is the price you want the Bid-O-Matic to start placing bids at) and the number of bids you're prepared for it to use. Then select 'Activate'.
Sit back, relax, and watch your Bid-O-Matic do all the work for you.
What about when two or more Bid-O-Matics are set to bid in the same price range?
If there are two or more Bid-O-Matics bidding in the same auction, a bid will be placed sometime in the last 20 seconds just like if there was one Bid-O-Matic bidder. Only one bid from a Bid-O-Matic bidder will be placed at a time.
The exact time that Bid-O-Matic bids varies – it can be anywhere between 0 and 20 seconds. It's randomized to prevent other bidders from knowing if a Bid-O-Matic is in play.
Please note that while the Bid-O-Matic function is offered on many of our auctions, it is not offered on all of them. If you do not see it on the auction page, you might be looking at an auction where Bid-O-Matic is not available.
Can everyone be a winner?
Yes! Even if you don't win the auction, you'll never have to walk away with nothing. Any time after you've placed your first bid in an auction, you may choose to buy the product at a discount using the Buy Now feature. You'll never have to pay more than the Value Price for any products on Penny Auction. But not everyone will win the auction at a large discount.
Why is time added to the auction clock?
Time is added to the clock whenever a bid is placed. This allows someone else the chance to bid if they want to. It's a lot like the "Going once, Going twice, SOLD!" approach of traditional auctions. The amount of time added to the auction timer depends on the particular auction, and varies between 10, 15, or 20 seconds.
How can I watch an auction?
If you see an auction you want to watch, you can click "+ Watchlist," which is found in the upper left corner of the auction page above the product picture. You can view all of the items on your watchlist in My Bids and in the Bottom Bar.
What's the difference between the auction ending price and the value price?
Auction End price
The auction end price is the price of the auction item when the timer reaches zero. The winner will purchase the auction item for that price.
The value price is the suggested retail price. If you decide to use the Buy Now feature, the value of the Real Bids you used in that particular auction will be applied to the value price.
OUR PENNY AUCTION SOFTWARE'S FEATURES & FUNCTIONS
User friendly system
Add new customers with easy sign-up possible in just minutes. All leading payment options to buy bid packages and keep customers excited with a dashboard for all new and activities.
Stable and secure system
Proper design and development ensures a secure and stable system with all activities synchronized to the server. Stability also increases with multiple web hosting options present suiting to the traffic of a particular website.
Create Multiple admin users depending on your requirements with the freedom to set permissions for each admin user. Give Create, delete, and run auction report permission to users of your choice.
Sales and members reports
The software generates business reports for bids sold, auctions sold, profit, loss, and other auction reports.
Watch list auctions
It is a powerful tool allowing customers to pick any number of items of their choice and track the status of those items regularly. Customer convenience is the key to this option provided by this penny auction software.
It enables customers to participate in bidding automatically with the freedom to set the number of bids and amount.
Buy it Now
Buy it now options adds to customer satisfaction by giving them the freedom to buy a product at special discounted price when the auction ends. This feature gives you the chance of additional business and also customers get the option of saving their bid money.
Search engine friendly URLs
A more visible auction website is possible with search engine friendly URLs. This becomes a possibility with optimized keywords and meta tags option available to the admin.
More traffic and networking is made possible by the friend referrals option present in the penny auction software. Customers send referrals or invitations for participation to their friends easily.
What to sell on Penny auction?
See the list of the most popular products from different business spheres to sell with penny auction soft!
• Travel packages
• Smart watches
• Real money (EUR, USD etc.)
• Store certificates
• Cosmetic services
• Consulting services
• Sport activites
• New cars
• Used cars
• Vintage cars
• Audio systems
• Hotel rooms rent
• Apartments rent
• Summer houses
• Caravan rent
The engine is written in the PHP + NodeJs frame.It has a very convenient template engine and it can also change the time of auction’s bids in real time without requiring the reloading of the page.
This is a very multi-functional admin panel.