INVENTION / IDEA: ONLINE REVERSE AUCTION BACKGROUND OF INVENTION / IDEA 0001 Change future method of transactions between vendor and purchaser. 0002 The aim is to create new online markets for specific products that are brand new. This will be achieved by allowing consumers to nominate the specific product they wish to purchase “online” with the objective of achieving the lowest price offer from participating retailers (vendors). 0003 This then generates competition between all vendors operating within that product category.

摘要

#$%^&*AU2016266007A120180816.pdf#####Abstract The aim is to create new online markets for specific products that are brand new. This will be achieved by allowing consumers to nominate the specific product they wish to purchase "online" with the objective of achieving the lowest price offer from participating retailers (vendors). Final pricing will be achieved through the process of an "Online reverse auction", wherein participating vendors post their lowest price offer ("bid') against other vendor bids. The lowest bid "wins" the sale. The initial bid will not be higher than the recommended retail price.