Bidding Types: Per Lot (Single Price) vs Per Item (Quantity x Increment) Explained
Estimated reading: 3 minutes
This guide provides an overview for the two Bidding Type options available for Timed Auction Lots in the Webtron Dashboard.
Bidding Type – Per Lot – One Price for One Lot
Per Lot is by far the most commonly used Bidding Type. When set to Per Lot, your Lots will use a single Increment price structure for each Bid, regardless of the Quantity you set for that Lot.
In a nutshell: One Price buys the whole Lot, and your Bid button will display a whole amount:
When using Per Lot, setting a Quantity value for that Lot is optional. By default, Lots using the Per Lot configuration will have a quantity of 1, but you can set a value greater than 1.
Bidding Type – Per Item – Quantity multiplied by the Increment/Price
Per Item is a more niche Bidding Type. When set to Per Item, your Lots will use the Quantity multiplied by the Increment/Hamer Price to set the value of each Bid.
In a nutshell: Quantity x Increment = Bid Price, and your Bid button will display that equation:
When using Per Item, the Quantity value for that Lot must be greater than 1, Per Item requires a Minimum Quantity of 2 or higher.
Things to Consider – Bidding Types
Per Item Price Scaling – Quantity x Increment
Given your Per Item Lots will display the Asking Price as the Quantity multiplied by the Increment, keep that equation in mind when setting the Increment. A higher quantity value can quickly lead to a very high per-Bid Asking Price.
Per Item – Timed Auction Increment Limitations
Timed Auction Lots do not currently support decimal values for both Opening Bid and the Increment, the lowest possible Increment you can set for Lots in a Timed Auction is 1 (the Opening Bid can be 0).
Per Item – Buy Now’s best friend
Our recommended configuration for Per Item Lots is to also make use of the Buy Now Purchase Option, giving your Bidders the opportunity to Bid the Quantity x Increment, or purchase that Lot (entire quantity and all) for the Purchase Price you set.
Timed Auction Lots are Winner Takes All
Regardless of the quantity you set on a Lot and the Bidding Type or Purchase Option you use, if a Bidder wins a Timed Auction Lot they win it all. There is no option for them to decide a cap on the quantity they’d like to take, they have won it all and must take it all.
Bidding Types: Per Lot (Single Price) vs Per Item (Quantity x Increment) Explained
This guide provides an overview for the two Bidding Type options available for Timed Auction Lots in the Webtron Dashboard.
Bidding Type – Per Lot – One Price for One Lot
Per Lot is by far the most commonly used Bidding Type. When set to Per Lot, your Lots will use a single Increment price structure for each Bid, regardless of the Quantity you set for that Lot.
In a nutshell: One Price buys the whole Lot, and your Bid button will display a whole amount:
When using Per Lot, setting a Quantity value for that Lot is optional. By default, Lots using the Per Lot configuration will have a quantity of 1, but you can set a value greater than 1.
Bidding Type – Per Item – Quantity multiplied by the Increment/Price
Per Item is a more niche Bidding Type. When set to Per Item, your Lots will use the Quantity multiplied by the Increment/Hamer Price to set the value of each Bid.
In a nutshell: Quantity x Increment = Bid Price, and your Bid button will display that equation:
When using Per Item, the Quantity value for that Lot must be greater than 1, Per Item requires a Minimum Quantity of 2 or higher.
Things to Consider – Bidding Types
Per Item Price Scaling – Quantity x Increment
Given your Per Item Lots will display the Asking Price as the Quantity multiplied by the Increment, keep that equation in mind when setting the Increment. A higher quantity value can quickly lead to a very high per-Bid Asking Price.
Per Item – Timed Auction Increment Limitations
Timed Auction Lots do not currently support decimal values for both Opening Bid and the Increment, the lowest possible Increment you can set for Lots in a Timed Auction is 1 (the Opening Bid can be 0).
Per Item – Buy Now’s best friend
Our recommended configuration for Per Item Lots is to also make use of the Buy Now Purchase Option, giving your Bidders the opportunity to Bid the Quantity x Increment, or purchase that Lot (entire quantity and all) for the Purchase Price you set.
Timed Auction Lots are Winner Takes All
Regardless of the quantity you set on a Lot and the Bidding Type or Purchase Option you use, if a Bidder wins a Timed Auction Lot they win it all. There is no option for them to decide a cap on the quantity they’d like to take, they have won it all and must take it all.