Term: Bid Increment

"Bid Increment" in auction terminology refers to the minimum amount by which a bid must be raised over the current highest bid in an auction. This increment is predetermined and set by the auctioneer or the auction platform. The purpose of the bid increment is to ensure orderly progression in bidding, preventing minor increases that could unnecessarily prolong the auction. It provides a clear guideline for bidders on the minimum amount they need to increase their bid by if they wish to remain competitive in the auction. The size of the bid increment may vary depending on the value of the item being auctioned and the auction's rules.

Read about configuring Bid increment strategies in Bidvise in our knowledge base. Or read our blogpost Effective Bidding Increments: Tips for Auctioneers