Most online auctions allow participants to bid on items, with the item going to the highest bidder. Some online auctions also allow donors to purchase an item for a set price rather than compete for the item through the bidding process. This buying option – called “Buy It Now” –can be added as an option on auction items.
This article will share details about the “Buy It Now” feature and the benefits of providing donors with an additional way to participate in auctions.
What is Buy It Now?
Buy It Now is a feature on auction platforms that allows users to purchase an item for a set price rather than compete for the item through the bidding process. This means that participants can choose to bid on an item or to buy it outright.
Why should I use Buy It Now?
Buy it Now offers benefits to both the experience organizer and the bidder.
Experience organizers appreciate that Buy It Now:
- Allows them to capitalize on the desirability of their items.
- Encourages a direct purchase of the item.
Bidders appreciate that Buy it Now:
- Allows them to avoid the risk of being outbid on an item they really want.
How do I set Buy it Now up?
- Click on My experiences in the left menu.
- If you have chosen a list view, click on the title of your experience. If you have selected a grid view, click on the experience image.
- Click Edit experience*.
- Click Auction in the timeline at the top.
- Scroll down to Add auction items.
- Click CREATE AN ITEM or on the pencil icon on an existing auction item.
- Click on the checkbox under “Buy It Now.” Set the Buy It Now price
- Click SAVE at the bottom of the page.
How do I determine the Buy It Now Price for the item?
The Buy It Now price for the item must be greater than the starting bid amount. The Buy It Now price is typically the item’s true market value or a slight markup from the true market value.
How does it look like on the fundraiser page?
What if someone wants a refund after purchasing the item?
The process for offering a refund differs based on whether the auction is still open or has closed.
If the auction is still open, the item is put back into the inventory for bidding or purchasing, and an email is sent to all bidders to let them know that the item is available again.
If the auction has closed, the item will not have a buyer or bidding winner associated with it.
Good To Know:
- The Buy it Now option is automatically disabled if bidding exceeds the Buy it Now price.
- If someone bids on an item and then later decides to Buy it Now, their bid is automatically canceled after purchasing the item.
- If someone purchases an item through Buy it Now, anyone who has placed a bid on the item will receive an email notifying them that their bid was canceled. If more than one of the item is available, there will be a link in the email to the item so they can place a new bid.