How to sell with Shop Auction
Shop Auctions (Long-Form Auctions) is a selling format on Palmstreet Marketplace designed for high-value, collectible, rare, limited-edition, or one-of-a-kind products. Unlike fast-paced LIVE auctions, Shop Auction gives buyers more time to discover items, consider their bids, and compete for premium inventory.
Why Sell with Shop Auction?
Dedicated Channel for Premium Products: Showcase rare, collectible, high-value, limited-edition, or one-of-a-kind items in a format designed for premium inventory.
More Time, More Exposure: Extended auction durations increase listing visibility and create more opportunities for discovery and engagement.
Competitive Bidding, Better Results: As buyer interest builds over time, bidding can become more competitive and help drive stronger final sale prices.
High-Intent Buyer Participation: Bidders complete a pre-authorization step before placing a bid, helping ensure serious intent and reducing the risk of unpaid orders.
Better Buyer Participation with Max Bid: Buyers can set their maximum bid and let Palmstreet automatically bid when needed, helping them stay engaged throughout longer auctions.
Faster Conversion with Buy It Now: Buyers who are ready to purchase can use Buy It Now when available, helping sellers shorten the selling cycle and reduce unsold auctions.
How to Start a Shop Auction
Create a New Auction Listing
Tap the "+" button, then select Auction.
Add product details, set the auction duration, choose a starting price, and define the shipping policy.
Shop Auction is recommended for:
Rare or high-value inventory.
Limited-edition or one-of-a-kind products.
Items that benefit from more time for buyer consideration and competitive bidding.
Manage Auction Listings
After creation, use the "..." icon to edit listing details or delete the auction.
Tap the Share icon to promote the auction through social media or direct messaging.
Note:
Listings can be fully edited or deleted only before any bids have been placed.
Once bidding begins, the auction duration and starting bid price cannot be changed, and the auction cannot be deleted.
How Max Bid Works
Max Bid lets buyers set the highest amount they are willing to pay. Palmstreet then automatically bids for them when needed, helping them stay competitive without continuously monitoring the auction.
Keep in mind:
Palmstreet increases the bid only by the amount needed to stay in the lead, up to the buyer's Max Bid.
Buyers do not automatically bid or pay their full Max Bid amount.
If another bid exceeds the Max Bid, the buyer can increase their Max Bid to continue competing.
Buyers can increase their Max Bid after placing it, but cannot lower or disable it.
For sellers, no additional setup is required for Max Bid. Automatic bids are authorized by buyers and appear as part of the normal bidding activity.
How Buy It Now Works
Buy It Now is optional. If enabled, buyers can purchase the auction item immediately at the Buy It Now price instead of waiting for the auction to end.
When setting a Buy It Now price:
The Buy It Now price must be greater than the starting price.
If the auction has a reserve price, the Buy It Now price must be greater than or equal to the reserve price.
Choose the price carefully. Once any bid has been placed, the Buy It Now price cannot be changed.
When a buyer successfully purchases through Buy It Now:
The auction ends immediately.
The item is marked sold.
Other bidders receive an auction-ended notification.
Track Bids in Real Time
Sellers can monitor bidding activity in real time from the auction detail page, including bidder history, current price, and time remaining.
If Max Bid is used, some bids may be placed automatically by Palmstreet based on a buyer's Max Bid setting. These are still buyer-authorized bids.
Viewing All Created Auctions
Go to the Profile tab and tap View all in the Shop Auction section to review auctions created by the seller. Active and completed auctions can be viewed and sorted by status.
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