Marketplaces with auction or bidding features have been around for a while. Well-known platforms like eBay (general), Copart (vehicles) and Sotheby’s (luxury items) use auction features to sell items in different verticals.
Auctions are complex features because they allow several buyers to bid for the same items simultaneously. Some auction sites charge a buyer’s premium which is a fixed or percentage fee on top of the final bid.
The user interface and UX challenges can therefore be substantial. You will also have to consider quality control in the form of valuations or inspections to protect your marketplace reputation.
CobbleWeb built an auction system for a luxury fashion marketplace that allows buyers and sellers to make offers and counter-offers for items. It includes conditions such as reserve prices, e.g. bids may not be less than 10% of the reserve price.
Do you have a list of features in mind?
We can help you select and implement the right features for your marketplace.