Configuring Bid Increments

Setting up effective bid increment strategies is fundamental to the smooth operation and success of auctions managed through Bidvise. A well-thought-out bid increment strategy can enhance the bidding process, making it engaging and fair for all participants. This entry details how to configure bid increment strategies within the Bidvise platform.

Creating and Editing Bid Increment Strategies

• To define a new strategy or edit an existing one, navigate to the 'Bid increment strategies' section under the 'Auctions' tab.
• Enter a name for your strategy that reflects its purpose or the auction type it will be applied to.
• Establish your bid thresholds and increment values. Each row should represent a bid range, with the 'Bid Threshold' indicating the maximum bid within that range, and the 'Increment Value' dictating the minimum amount by which the next bid must increase.
• To add more ranges, click 'Add step'. Be sure to save your configuration by clicking the 'Save' button.

Determining Effective Bid Increment Values

Consider the type of items and their value when setting increment values. For guidance on selecting appropriate increments, refer to our full post on establishing successful bid increment strategies.

Association with Auctions and Deletion Constraints

Each auction can be configured to use one specific bid increment strategy. Once a strategy is associated with an active auction, it cannot be deleted to maintain the integrity of the bidding process.

Effictive Bid Increments

Monitor auction performance and adjust your strategies as needed. Effective increments can vary depending on bidder behavior and item popularity. Ensure that increment values are sensible for the expected price range of your items; too high could deter bidders, too low may prolong the auction unnecessarily.

For a comprehensive understanding and expert tips on bid increment strategies, please refer to our detailed post.