Dutch Auction Overview
Get to know how to create and manage Dutch Auction
When you choose the Dutch auction format, the usual auction settings will be disabled, and only the Increment Intervals can be configured. This auction type allows for automatic price adjustments based on time intervals, providing a dynamic pricing process.
Key Features of Dutch Auction:
1. Setting Up Time Intervals
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You can configure Increment Intervals in seconds, minutes, or hours. These intervals determine how quickly the price will change during the auction.
2. Adding Items and Price Setup
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In the Adding Items step, you will set three key values:
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Starting Price: The initial price at the beginning of the auction.
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End Price: The final price that will be reached if no bids are made.
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Price Decrement/Increment: The amount by which the price will decrease (or increase) with each interval.
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Based on the time intervals you've set, the price will automatically adjust during the auction.
3. Interval Configuration
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You can specify the intervals in Seconds, Minutes, or Hours. The auction will follow these intervals, updating the price accordingly, allowing you to control how quickly the price changes.
4. Remaining Time Indicator
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A Time Remaining indicator will show participants when the next price interval will occur, helping them know when they can place their quotes.
5. Automatic Item Progression
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Once a price is accepted by a bidder or the time runs out without any bids, the system will automatically move on to the next item in the auction.
6. Awarding Prices
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When a price is accepted, it will be marked as "Awarded", displaying the final price that was accepted.
This dynamic process allows buyers and sellers to interact in a fast-paced pricing environment, with the system automatically managing price adjustments based on your configured settings.