Digital Sales Interface for Simultaneous Remote Bidding
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Solution Overview
Problem
Conventional sales mechanisms, particularly for real-estate properties, often exclude potential purchasers who require financing or extended settlement terms, and lack transparency and fairness in remote bidding processes, leading to unequal opportunities and delays.
Innovation Solution
A computer-based sales process that allows bidders to submit bids through a server-connected system, featuring countdown timers, icons for bidding, and ranking based on pre-approved purchase terms, ensuring simultaneous bidding and transparent, fair competition.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional public auctions are used for selling real-estate properties, then the auction process can be conducted with an auctioneer and multiple bidders present, but bidders located farthest from the auctioneer may not be capable to submit an overriding bid and only bidders located closest to the auctioneer are able to provide an overriding bid
Solution Approach 1:
The patent replaces the mechanical system of physical presence at an auction location with an electronic communication system. Bidders can submit bids through electronic messages to the auctioneer without being physically present, eliminating the disadvantage of distance-based bid submission limitations while maintaining the auction process integrity.
Solution Approach 2:
The patent introduces electronic communication as an intermediary between bidders and the auctioneer. This intermediary system allows bid submissions to be transmitted electronically, enabling bidders who cannot be physically present at the auction location to participate equally in the bidding process.
2Adaptability or versatility
If conventional sales mechanisms are used, then the sales process can be conducted traditionally, but purchasers who are not cash unconditional buyers cannot participate due to finance terms and extended settlement dates requirements
Solution Approach 1:
The patent introduces dynamic terms and conditions that can be varied for each bidder rather than fixed conventional terms. The system allows purchase terms such as finance arrangements and settlement dates to be dynamically adjusted based on individual bidder circumstances, expanding the pool of potential purchasers while maintaining sales flexibility.
3Ease of operation
If remote online auctions are conducted using electronic tables passed around bidders, then participants can be located remotely, but it is difficult to ensure each bidder submits the bid in substantially the same time period and the process introduces substantial delays
Solution Approach 1:
The patent implements a feedback mechanism where the auctioneer receives electronic bid submissions and provides immediate acknowledgment and timing control. The system allows the auctioneer to manage the bidding sequence and timing electronically, ensuring all bidders operate within the same time framework without the delays inherent in physical table-passing methods.
4Reliability
If conventional auctions require public bidding, then the auction process can be conducted openly, but potential bidders have reticence to publicly bid because they identify themselves as potential buyers and publicly disclose their financial capacity
Solution Approach 1:
The patent uses electronic communication as an intermediary that masks the direct connection between bidder identity and bid submission. Bidders can communicate their financial capacity and bid intentions electronically without the psychological pressure of public announcement, maintaining bid authenticity while reducing participation reticence.
Data Source
AI summary
The invention relates to a system 10 for conducting a sales mechanism over the internet in accordance with an embodiment of the invention. The system 10 comprises a sales platform 18 for vendors of items such as a real estate property, sales facilitators 16 to administer the sales mechanism, and buyers (also referred to as bidders 14) to interact for selling and buying the items offered for sale. The description to follow will refer to a particular application of the sales mechanism for offering for sale a real estate property; however, the sales mechanism may be utilised for offering for sale any tangible or intangible item that is able to be sold.