What is a reverse auction? You might ask. A reversed auction is, as the name says, reversed. Instead of inserting a minimum amount, you now put in a maximum amount, and the users can keep bidding to lower the product price.
Step 1. Create an auction product and set price
We start by selecting the ‘Reverse’ auction type option. After that we set the starting price, which should be the maximum price. As the users can keep bidding to lower the price.
Step 2. Set the start- and end date
We scroll further down, and we select the start date (we could use the ‘now’ button to select today’s time and date) > Done. We click on the end date field, and give in the end date and time. Now go to the top to save the settings.
Step 3. Check the end result
On the shop page we see a message, informing the user that the auction is reversed. Furthermore we see the minimum amount we gave in, the countdown and the end date.
After placing a bid, just like a normal auction, the current bid price has changed. However, since it is a ‘reversed auction’ the price is lower instead of higher.