The online marketplace allows suppliers to connect with buyers from all around the world. Buyers are able to either purchase lobster directly from suppliers at the listed market price, or through Gfresh Auction. Auctions have been used to facilitate the trade of seafood for years, but with modern advances in understanding of open commerce, online auctions (particularly Gfresh Auctions) now provide the most efficient and lucrative method to date.
So what is a Gfresh Auction?
It’s our very own feature that 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 product 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.
The auction keeps going until all product 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 lobster 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.
Start now and kick-off your bidding war!