Bidding Items

• On your add product page, set Product Type to Auction
• This will activate Auction tab as seen in the picture.

Few terms that was used:

• Bid increment is how much a customer can raise price at minimum
• Normal Bidding is when the item is bid at the highest price
• Reverse Bidding is when the item is bid to the lowest price
• Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed; the “current highest bid” (defined as second-highest bid plus bid increment) is always displayed. (reference Wikipedia)

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