Latest release: Dec 6th, 2024
In this guide you'll learn how auctions work with Paloma, and how to run these sales with Instagram Live, Story & Feed posts.
Table of contents
What's next
Overview
With Paloma's auction pricing, customers are able to bid or BIN (buy it now) on items that are actively running for auction. These bids and BINs can be taken through:
Instagram Live Comments
Feed Post Comments
Story Replies
Direct Messages
The auction lifecycle
An auction has to be started on a product for it to have bids or BINs tracked – this can be done by scheduling it to start automatically, or starting the auction yourself
The Auction will end when the timer runs out, you select "end auction", or a BIN has been made
Bids will be available to review before releasing the claim to the winner, and BINs are instantly put in the customer's cart
How it works
1. Set up items for auction bidding
In Paloma, navigate to Products to list an item for auction:
Select Create new product
In the Claim section, select Single to open the form
In the new product form:
Set Pricing to Auction
Set a Starting price
Set a Duration for the auction
Shop keyword will be generated automatically, and can be edited inline. This is required for running multiple auctions at once
OPTIONAL: Set a Buy it now price
OPTIONAL: Set a Schedule for when the auction should start automatically
Once the form is complete, save to add the item to your inventory.
2. Running the auction
2.1. Start the auction
If you set a scheduled start time for your item, it will start on it's own. If not, you can start the bidding anytime.
Select the item you'd like to start the auction for
Select the actions menu in the top right, and select Start auction
2.2. Take BIDs and BINs
Customers can BID or BIN while an item's auction is running by:
Commenting on a Live
Commenting on a Feed post
Replying to a story
DMing your page
BID comment structure:
"BID + Code + Amount"
For example, if an item has the code AB: "BID AB 40"
BIN comment structure
"BIN + Code + Amount"
For example, if an item with code "AB" has a buy it now price of $30: "BIN AB 30"
Pro tip: If only one auction is running, customers do not need to include the item code. Instead they can comment "BID 40" or "BIN 40" for example.
Bid Confirmation DMs
When a customer submits a bid, they'll get a confirmation DM back, along with updates on the auction.
Bid accepted
Bid not accepted
This will be sent when the bid is lower than the starting rate, or lower than the current highest bid.
Bid outbid
2.3. Monitoring the auction
While the auction is running, you can monitor the bids and bins from the product's page:
From the item's page in Paloma, select the Bids tab
Bids will appear in realtime, in the order they come in
The winning bid will have a white background, and show a status of "Winning" on desktop
If there is a buy it now made, it will be displayed in the Bids tab as the winner, and automatically end the auction
3. Ending the auction
There are three ways an auction can end:
The timer runs out
You select "End auction"
You set a buy it now price, and a customer places a "BIN" on the item
When there is a BID winner
You will be prompted to review and release the claim to the winner, which will add it to their cart and notify them.
When there is a BIN winner
The customer will immediately receive the claim, which will add it to their cart and notify them.
Detailed rules of BID & BIN comments
Bids
Rule | Works | Does not work |
Only 1 item running: Enter "BID" followed by the amount | BID 40 | 40 |
More than 1 item running: Enter "BID" followed by the code, and the amount | BID AB 40 | AB 40 |
Only currency punctuation between "BID" and the amount | Bid AB $40 | Bid ?? 40 |
Only whole dollar increments are accepted | Bid AB 40 | Bid AB 40.50 |
Capitalization and spacing don't matter, but spelling does | bidAB40 | binBA40 |
BINs
Rule | Works | Does not work |
Only 1 item running: Enter "BIN" followed by the exact buy it now price | BIN 40 | 40 |
More than 1 item running: Enter "BIN" followed by the code, and the exact buy it now price | BIN AB 40 | AB 40 |
Only currency punctuation between "BIN" and the amount | BIN AB $40 | BIN ?? 40 |
Only whole dollar increments are accepted | BIN AB 40 | BIN AB 40.50 |
Capitalization and spacing don't matter, but spelling does | binAB40 | binBA40 |
What's next
As we continue developing on this feature, we'll be improving the following:
Automatically releasing claim winners
What else would you like to see? Give us a shout with the info below, or on Instagram @getpaloma.
Any trouble? Questions? We're here to help!
Use the Help button in the bottom right corner of app.getpaloma.com to start a chat, or email us at support@getpaloma.com.