This article describes what Reserve Price are, their importance, and how sellers can add/edit them to their item listings.
This article contains the following sections:
- About Reserve Prices
- The Importance of Reserve Pricing
- Adding and Adjusting Reserve Pricing
- Markdowns
About Reserve Prices
The Reserve Price is the minimum price you will accept for each listing. The Reserve Price is not displayed to buyers, but when a potential buyer makes an offer, the Reserve Price determines whether or not the offer will be automatically accepted. Offers that are equal to or greater than your Reserve Price are automatically accepted. Offers that are below your Reserve Price require your approval.
Here's an example:
Your listing's Asking Price = $1000
Your listing's Reserve Price = $900
If a Buyer's offer is $900 (or higher) the offer is automatically accepted and the sale is complete.
If a Buyer's offer is $899 (or lower) you can either accept, counter, or decline the offer.
If you are selling more than 1 of the same item, offers for multiple quantities will be displayed as a subtotal offer for the quantity selected by the buyer. An offer for multiple quantities will be automatically accepted if the subtotal amount is higher than the combined subtotal of the Reserve Price.
Offers for a quantity higher than what is available will be declined.
Please note: Participants in our Wholesale program are excluded from Reserve Pricing.
The Importance of Reserve Pricing
Reserve Pricing is one of the strongest sales boosters on Chairish. Historically, we saw listings with Reserve Pricing selling 25% more, and up to 2 times faster than those without.
When creating a new listing, we set a suggested Reserve Price at a 20% discount. You may adjust your Reserve Price discount anywhere between 20%-5%.
Adding and Adjusting Reserve Pricing
You an add or adjust the Reserve Price of a listing by navigating to the 'Price' section of the listing form and using the Reserve Discount drop-down to select a discount percentage.
You can adjust the Reserve Price for one or more Active listings at once by navigating to your My Listings page and clicking on the Set Reserve Price link at the top of the list.
A pop-up window will open where you can indicate whether or not you want the discount you're selecting to override the Reserve Discount you've already selected on your Active listings. You can then enter your discount percentage and click the Apply Reserve Discount button.
Markdowns
Please note, when you mark down the Asking Price on a listing, the Reserve Discount % will not change. For example, if your Asking Price is $100 and your Reserve Price is $70 (30% discount) and then you lower your Asking Price to $80, your Reserve Price will still be $70 (30% discount off the original Asking Price).