Magento 2 Auction Extension supports admin in equipping the auction feature for your e-commerce store. Joining in an Auction Online or Traditional for the product and service like on eBay and Amazon auction, the buyer can bid on those products to increase potential product competition.
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This kind of auction is very popular and easy to conduct.
You can enable this auction in the “Auction” function of the admin panel after installing the Magento 2 Auction Module.
The working principle is that you will start the bid at a certain price, and the bidders will bid on the product. The bidder paying at the highest price will be the winner.
In this kind of auction, the sellers can set an acceptable price at which you are willing to sell your products to the customers.
Any item for auction will be purchased only after the bidding price is equal to or exceeding the fixed amount.
This kind of auction is quite similar to a standard auction in which the offer price is raised for each bid.
However, in an increment auction, the bid must be raised at a minimum amount each time.
This “minimum amount” is called increment bidding and it can be set and adjusted flexibly by the admin. The admin can also enable or disable increment auction for each product.