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System for conducting reverse auction over Internet or over electronic connected display system, enables bidder to refrain or confirm purchase intention based on offer and to conclude sales contract at any time of purchase
System for conducting reverse auction over Internet or over electronic connected display system, enables bidder to refrain or confirm purchase intention based on offer and to conclude sales contract at any time of purchase
The system enables a vendor i.e. supplier, to enter general product data, the number of products, maximum and minimum selling price of each product, starting time of an auction, an auction running time and reduction steps. The system enables the vendor to manually or automatically send an offer over an electronic-mail and/or a short message service (SMS) and/or an electronic display system with successful auction by a bidder i.e. purchaser. The system enables the bidder to refrain or confirm purchase intention based on the offer and to conclude the sales contract at any time of purchase.
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