Proxy Bidding
What is Proxy Bidding?
Proxy bidding refers basically to the automatic type of bidding. In an auction, when you place a bid and another user outbids you, you need to again come back and bid higher in order to remain the highest bidder. To avoid coming back, you can use automatic bidding which bids on behalf of you when someone outbids you. You can initially enter the maximum amount with which you are comfortable with then our plugin will bid on your behalf of you till that maximum amount is reached.
Please review the below video for creating an auction product under proxy bidding. This video will cover how to enable the proxy option from the auction setting, Create a proxy auction product, the bid workflow with the proxy auction and hide the bidder's name and bid value from the other users.
How does our plugin implement proxy bidding?
Let us take an example to understand the implementation. In our example, the admin will add an auction enabling proxy bidding.
In the above screenshot, admin has added auction with following values:
- Opening price = Rs 1
- Reserve Price = Rs 1
- Bid Increment = Rs 100
Tester A visits the product and places a bid of Rs 500.
The plugin will do the following:
- Set the maximum bidding amount for Tester A = Rs 500
- and place a bid of Rs 1 for Tester A
Tester B visits the product and places a bid of Rs 200.
The plugin will do the following:
- Place an automated bid on behalf of Tester A of Rs 300. Thus for Tester B, Immediate Outbidding will occur. If you place a bid and it is outbid immediately then it is certainly another bidder is using proxy bidding and has his maximum amount more than your current bid. In this case, you need to bid keep bidding higher until you have surpassed other user's maximum bidding amount. See below.
