Do you have any experience in retail? It does help.
The difference between auction and Buy It Now/Fixed Price.
In an auction you set the opening price for your item. Customers then bid what they think it is worth. The highest bidder wins (but not necessarily at his highest price, the actual selling price is determined by the guy who lost.)
Don't start your auction listings at a price that is lower than you are willing to accept. If you have only one bidder you must sell to him at that price.
A Buy It Now price can be added to an auction. It is usually higher than the opening bid. A customer can pay that price and end the auction. Usually bidding on the auction removed the BIN option. Make a BIN price high enough to indicate what you think the item is really worth.
Keep in mind that most bids arrive at the last moment. If someone asks you to end the auction and sell to him Right Now No Questions Asked, you would be wise to politely ask him to bid. He will not win, because his offer will almost certainly be lower than those of your bidders.
A Fixed Price is just what it says. You tell the customer what you want for the item. He buys or he doesn't. Simple .
