As we’re building out the Vinfolio Marketplace and watching users interact more and more, we’re noticing several important trends. One of the most important is that sellers setting a low ask price drives successful Marketplace transactions .
As the above chart shows, the overwhelming majority of successful transactions in the Vinfolio Marketplace occur when there is a low ask price set by the seller. More importantly, the higher percentage in Total Dollar Volume when ask prices are set indicates that bidders set a bid price more effectively when they see that there is an asking price from a seller. For many sellers, this has a likely intended effect of raising the final price that they might see from any sale. It’s also clear that setting an ask price sends a message to bidders and that the data is acted upon.
You can set asking prices after you've clicked on either "Sell wine" or "Sell via Marketplace" where you will arrive at the following screen:
1. Indicate the quantity you would like to sell in the "Qty to sell" field.
2. Indicate an "Asking price".
3. If your wine is in Vinfolio storage, indicate a "Minimum price" and click "Auto-accept" to speed up the transaction process. Then click "Finished".
4. Be sure to read the Auto-accept Terms screen and click "Submit". You can also access Vinfolio's full terms from this screen.
As Vinfolio deploys new features like Auto Accept, setting low ask prices will have even greater effect upon successful sales.
