At stokkly we are continuously looking for ways to help our Sellers improve their excess inventory sales and move more of their overstock. Up until now, private sales on stokkly only allowed for selling items at fixed prices on stokkly. We are happy to announce today that we are launching auctions on stokkly, and making them available to all Sellers!
Let the market define the best selling price!
Sellers can now choose to sell their slow moving inventory in auctions on stokkly. The duration of an auction which must be fixed is defined in the private sale. stokkly does not support open-ended / permanent auctions in order to create a sense of urgency and also to provide Seller and Buyer alike with a deadlines.
Auctions are a great way to maximise the potential of excess inventory, by letting the market and competition define the correct selling price. Before the auction starts, the Seller determines the starting price, as well as the minimum bid increment, thus guaranteeing the merchandise won’t be sold at a loss. An attractive starting price is a great way to generate visibility and increase the number of potential buyers who will actually place bids.
Over the course of the auction, the Seller can follow the sale as bids are placed. Analyzing the bidding history after the end of a sale will allow for better pricing strategies for future sales. Once the auction has ended, a new sales order will be created automatically in the stokkly dashboard and the Buyer who placed the winning bid will be notified.
Questions and Answers
How does one create an auction on stokkly?
When creating a new private sale, in the Description tab, simply select “Auction Sale” from the Private Sale Type menu to activate the auction options (starting price, bid increment…)
How does one follow bids on a given auction?
Sellers can easily monitor the bids as they are being placed from the “Action” menu found in the Private Sale view. Once the sale has ended, Sellers will have full access to the complete bid history.
Can one specify a reserve price?
We opted for a lighter version of auctions, and chose not to include reserve prices for items on auction. However, Sellers can define a starting price for their auctions.
How many products can be sold in a given auction?
We allow sellers to place an unlimited number of items in a private sale. However, we advise Sellers to limit auctions to a maximum of 20 products. This way Buyers have a clearer vision of what is in the sale.
What is the bid increment?
The bid increment is the minimum amount a Buyer can add to an existing winning bid if he wishes to place a new bid on a given item. For instance, if the current bid for an item is 500 euros, and the bid increment specified by the seller is 20 euros, then the next bidder must place a bid of at least 520 euros.
How long should an auction last?
The Seller can decide freely how long the auction should last. However, we recommend a period of one to ten days maximum. We also recommend that auctions finish late morning or early evening, times at which there is most traffic on stokkly.
What is the best packing format for auctions?
stokkly is a 100% business-to-business where Buyers are looking for stock lots or large volumes. Items should therefore be offered by the box load, palette load or even bigger formats. Free shipping across Europe (or even to the rest of the world) will also prove to be an important factor for Buyers.
At stokkly we strive to help Sellers and Buyers of excess inventory to trade more freely. We aim to help Sellers close more and better excess inventory deals while giving Buyers access to an ever greater number of sourcing opportunities at fair prices, determined by the market. We believe that auctions are a great way to do this!
If you have any questions about this new feature, or if you have any rants or comments, please let us know by email, on twitter, Facebook or LinkedIn or whichever other way suits you best! We love hearing from our users, really ;-).