Auction 

The Gfresh auction uses an innovative system to guarantee suppliers sell all of their lobster at the best possible prices. 

Here’s how it works:

1. Starting high

The auction starts high and slowly drops - the auction starts at a price 10% higher than the product’s listing at the Gfresh Marketplace and it’s dropped incrementally by 0.1 Yuan every 10 seconds, until someone makes a bid.

2. Jumping up

Each new bid raises the price higher - once a bid is made, the seafood price jumps up automatically by 1 Yuan and then begins to drop again from this new level. 

Each time a new bid is made, the price jumps up again by 1 Yuan and the auction continues in the same fashion. This means with more interest, the price can go very high, but still only drop at a slow rate.

3. Bid adieu

The highest bid wins - for a bidder to be successful, there needs to be two consecutive 10 second periods after their bid with no new bids interrupting the drop. Once this occurs, the most recent high bidder wins the seafood at their price and quantity.

4. Sold!

The auction keeps going until all seafood is sold - bidders are required to specify their desired quantity prior to each bid and they’re only awarded this quantity when successful. If there’s any seafood left to sell after a winning bid, it will continue to be auctioned, starting at the price where the last winning bid occurred. If there are no new bids for 10 consecutive minutes the auction will end.

Minimum Order Quantity (MoQ)

With Gfresh, buyer and seller MoQ’s are not the same!  

Buyer’s can order as little as one box. Once the consolidated buyers orders meet the sellers MoQ, the buyers will be notified to pay into the Gpay escrow system and the seller will be contacted to ship the goods, which will be split into smaller orders and delivered by Gfresh.

New sellers often set lower minimum order quantities so buyers can ‘test them out’ and to begin the process of building your brand in the marketplace.

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