First thing’s first, a user finds an item they are interested in.
Auctions on Ethair have a time limit set by the seller. They can last up to thirty days or be as short as a few minutes.
The buyer will input the highest amount they are willing to pay for the item into the bid input field. They will be prompted to confirm the bid or be able to revise the max amount. If they are the first bidder, our system will automatically bid at the asking price. The max bid they input will be set in the background.
If the next bidder comes in and makes an offer that is more than the asking price, but less than that max bid, then the system will bid for the user at $1 over the other bid. It will continue to do that after each bid until the user’s max bid is reached.
If a seller has set a reserve price then the bid the the buyer places might not necessarily increase by $1. It will increase up to the maximum bid set by the buyer — but only if the current bid price is set less that the reserve price.
For example: an item listed with has zero bids with a starting price of $15. The seller sets the reserve price at $85. The reserve price is only seen by seller. A buyer bids $75, their bid is set at that price. If another buyer comes in and puts a max bid of $100 then the system will bid $85 as that is the reserve price..
Auctions are such that if the bidding doesn’t reach the reserve price, the item does not sell to the bidders. The price has to cross that threshold in order for the sale to happen, otherwise the auction cancels.
If a user gets outbid, our system will let them know via our messaging widget, so they can take action and increase the bid if they wish.
Our automated proxy bidding system will make sure the user is always the highest bidder up to the maximum amount that was set. A user’s maximum bid can be increased at any time by entering a new amount in the bid window.
The auction listing page shows users how many bids were placed so far on the item. It also will allow them to track the bids they placed, as well as bids placed by other users. The page will also show users which bids were proxy bids.
Once a user places a bid on an item, it will automatically be added to their ‘Watch List’, which can be found under the ‘Lists’ icon in the header.
Once the auction is won, the item will automatically be added to the user’s cart, where they can finish the checkout process and complete the transaction.
If the user is paying with cryptocurrency, then they will go through our secure escrow process. If they are paying with their local currency, the transaction continues as a typical online sale.
We look forward to showcasing more of our features as it gets closer to the launch date!