WO2015120606A1

WO2015120606A1 - System and method for facilitating transactions

Info

Publication number: WO2015120606A1
Application number: PCT/CN2014/072061
Authority: WO
Inventors: Satya Bhagwan GURNANI
Original assignee: Www.Iwant.Com Limited
Priority date: 2014-02-13
Filing date: 2014-02-13
Publication date: 2015-08-20

Abstract

A system and method for facilitating transactions between buyers and sellers, comprising the steps of receiving from a buyer an item specification for goods or services desired to be purchased, displaying the item specification to sellers, and, communicating a bid from at least one seller to the buyer, wherein bids from one seller are not displayed to other sellers.

Description

SYSTEM AND METHOD FOR FACILITATING TRANSACTIONS

Field of the Invention

This invention relates to a system and method for facilitating transactions, and particularly, although not exclusively, to a system and method for facilitating transactions between buyers and sellers.

Background

With the advent of global telecommunications, online marketplaces for buying and selling goods and services has become commonplace. Most online marketplaces operate either as auctions in which a seller specifies an item for sale and potential buyers bid to purchase the item, or as reverse auctions in which a buyer specifies an item they wish to purchase and potential sellers bid to provide the item.

Existing online marketplaces display the highest bid for an item in the case of an auction, or the lowest bid for an item in the case of a reverse auction to users (hereafter termed the "winning bid"). It has been widely believed that by displaying the presently winning bid encourages the submission of further bids and results in the best price result for the seller in the case of an auction or buyer in the case of a reverse auction. However, in many instances displaying the presently winning bid results in further bids which are only incrementally higher or lower.

Furthermore, existing online marketplaces provide a limited range of options to the buyer with regard to the payment methods accepted. This is because these online marketplaces generate revenue through fees deducted from the purchase price and thus require the payment method to be a form of currency.

The present invention has been developed in light of this background.

Any reference to prior art documents is not an admission that they form part of the common general knowledge of a skilled person in any jurisdiction. In this specification the terms "having", "comprising" or "comprises" are used inclusively and not exclusively or exhaustively.

Summary of the Invention

According to the present invention there is provided a method for facilitating transactions between buyers and sellers, comprising the steps of:

receiving from a buyer an item specification for goods or services desired to be purchased;

displaying the item specification to sellers;

communicating a bid from at least one seller to the buyer, wherein bids from one seller are not displayed to other sellers.

In one embodiment, the method is characterized in that each item specification includes a price specification.

In a further embodiment, the price specification includes a virtual currency amount, an alternative payment condition or any one thereof. In a further embodiment, the price specification includes goods or services offered in exchange.

In a further embodiment, the item specification includes a plurality of alternative price specifications. In a further embodiment, the method further comprises the step of each bid including a price specification chosen from the plurality of alternative price specifications. In an embodiment, the method further comprises the buyer indicating whether the or each seller is to initially contact the buyer directly or via a facilitator of the method.

In an embodiment, the method further comprises communication between the or each seller being anonymous.

In one embodiment, the method further comprises the step of charging each seller a fee to communicate their bid to the buyer. In one embodiment, the method further comprises the step of characterizing the or each item specification as being in one of a plurality of categories, wherein the or each item

specification are displayed to sellers by category.

According to the present invention there is provided a computer program for a system for facilitating transactions between buyers and seller, said program causing a computer to execute the steps included in the method for facilitating transactions defined above.

According to the present invention there is provided a system for facilitating transactions between buyers and seller computing apparatus, comprising:

means for receiving an item specification for goods or services desired to be purchased by a buyer;

means for displaying the or each item specification to sellers;

means for communicating a bid from at least one seller to the buyer, wherein the means for displaying is configured to not display bids from one seller to other sellers.

In one embodiment, the item specification includes a price specification. In a further embodiment, the price specification includes a virtual currency amount.

In a further embodiment, the price specification includes a description of goods or services offered in exchange.

In a further embodiment, the item specification includes a plurality of alternative price specifications. In a further embodiment, each bid includes a price specification chosen from the plurality of alternative price specifications.

In an embodiment, the means for communicating the bid facilitates the or each seller initially contacting the buyer directly or facilitates at least initial communication between the or each seller and the buyer according to a preference provided by the buyer.

In an embodiment, the means for communicating the bid facilitates anonymous

communication between the or each seller and the buyer. In one embodiment, the means for receiving an item specification is arranged to associate the item specification with one of a plurality of categories of goods and services. In a further embodiment, the means for displaying is arranged to display item specifications grouped by category. In one embodiment, the apparatus further comprise a means for charging each seller a fee to communicate their bid to the buyer.

According to the present invention there is provided a system for facilitating transactions between buyers and seller, comprising:

an item specification module configured to receive an item specification for goods or services desired to be purchased by a buyer;

a display module configured to display item specifications to at least one seller;

a communication module configured to communicate a bid from at least one seller to the buyer, wherein the display module is further configured to not display bids from one seller to other sellers. In one embodiment, the item specification includes a price specification.

In a further embodiment, the price specification includes a virtual currency amount.

In one embodiment, the item specification module is further configured to associate the item specification with one of a plurality of categories of goods and services.

In a further embodiment, the display module is configured to display item specifications grouped by category. In one embodiment, the communication module is configured to communicate the bid facilitates the or each seller initially contacting the buyer directly or facilitates at least initial communication between the or each seller and the buyer according to a preference provided by the buyer. In an embodiment, the communication module is configured to facilitate anonymous communication between the or each seller and the buyer.

In an embodiment, the system further comprises a payment module configured to charge each seller a fee to communicate their bid to the buyer.

According to the present invention there is a computer program product, embodied in a non- transient form, comprising instructions for controlling a computer to:

receive from a buyer an item specification for goods or services desired to be purchased;

display the item specification to sellers;

communicate a bid from at least one seller to the buyer, wherein bids from one seller are not displayed to other sellers.

Description of Accompanying Drawings

In order to provide a better understanding, example embodiments of the present invention will now be described with reference to the accompanying drawings, in which:

Figure 1 is a flowchart of a transaction between a buyer and a seller according to one embodiment of the invention;

Figure 2 is a screen image of a buyer registration form according to the embodiment of Figure l;

Figure 3 is a flowchart of a buyer item specification submission process according to the embodiment of Figure 1 ; Figure 4 is a screen image showing example categories of good and services according to the embodiment of Figure 1 ; Figure 5 is a screen image showing example sub-categories of good and services according to the embodiment of Figure 1 ;

Figure 6 is a screen image of submitted item specifications according to the embodiment of Figure 1; Figure 7 is a screen image of an item specification submission form according to the embodiment of Figure 1 ;

Figure 8 is a screen image of a seller registration form according to the embodiment of Figure l ;

Figure 9 is a flowchart of a seller bid specification submission process according to the embodiment of Figure 1 ;

Figure 10 is a screen image of submitted item specifications displayed to a seller according to the embodiment of Figure 1 ;

Figure 11 is a screen image of a detailed item specification displayed to a seller according to the embodiment of Figure 1 ; Figure 12 is a schematic diagram of an embodiment of a system for facilitating transactions between buyers and seller arranged to perform the transaction of Figure 1; and

Figure 13 is a block diagram of an embodiment of functional modules configured to operate as the system of Figure 12.

Description of Example Embodiments The embodiments will be described in the context of an online system for facilitating transactions between buyers and seller in which users interact with a transactions computing apparatus over a communications network.

Throughout this description, the terms "buyer" and "seller" refer to users having a computing device in communication with a system for facilitating transactions between buyers and seller over a communications network. Furthermore, the term "open item specification" shall relate to an item specification which has not been fulfilled or completed, and the term "closed item specification" shall mean an item specification which has been fulfilled or completed.

Referring to Figure 12, a system for facilitating transactions between buyers and seller 1200 includes at least one or more processors 1202 or processing units, a system memory 1204, some form of storage media 1206 and a communications gateway 1208, such as a network interface card for communicating with a communications network, such as the Internet 1210.

In particular in one embodiment the computer memory 1202 is loaded with a computer program comprising computer readable instructions for execution by the computer processor 1202 so as to configure the computing apparatus 1200 to form functional modules 1300, which are depicted in Figure 13. The modules 1300 operate as at least a part of a system for facilitating transactions between buyers and seller as described further below and/or to perform at least a part of a method for facilitating transactions between buyers and seller as described further below. In this embodiment the modules 1300 comprise a user registration module 1302, an item specification module 1304, a search module 1306, a display module 1308, a payment module 1310 and a communications module 1312. In addition or in an alternative, one or more of the modules 1300 may comprise one or more electronic circuits.

In this embodiment the instructions may be stored on a non- volatile computer readable memory or a storage media 1206 for loading into operating memory 1204 of the computer 1200. Such non-volatile computer readable memory may be for example flash memory, CD ROM, DVD, floppy disk, hard disk drive, or other technology that enables non-transient storage of information, such as computer readable instructions, data structures, program modules, or other data.

Examples of well known computing devices that may be suitable for use with aspects of the invention include, but are not limited to, personal computers, server computers, hand-held or laptop devices, multiprocessor systems, microprocessor-based systems, set top boxes, programmable consumer electronics, mobile telephones, network PCs, minicomputers, mainframe computers, distributed computing environments that include any of the above systems or devices, and the like. Referring now to Figure 1, there are shown a flowchart of a method for conducting a method for facilitating a transaction between a buyer 10 and a seller 20 using the computing apparatus of the embodiment.

A user who wishes to use the computer apparatus as a buyer 10 first completes a buyer registration process 30 performed by the user registration module 1302. A user registration form 200 to register as a buyer as shown in Figure 2. The form 200 includes data fields for the user to enter their name and contact email address, a password, a contact preference, and credit card details. The contact preference allows a user to indicate whether they prefer to be contacted directly by sellers or via the computer apparatus, as will be described in further detail below.

Next, information entered by the user on the form 200 undergoes a verification process at 40 in which the entered credit card details are verified as being valid, for instance by the computer apparatus communicating with the user's bank. Additionally, the email address maybe verified by the computer apparatus sending a test message to the email address with a verification hyperlink which must be clicked in order to verify the address.

Once the verification process 40 is complete, terms and conditions are presented to the user for acceptance at 50.

Then, the user selects a unique screen alias at 60 which will be used to identify the user to other users of the computer apparatus. Preferably, the user selects an alias at 60 which is not their actual name to preserve anonymity, however this is not essential and is left to user choice.

Once an alias has been chosen by the user at 60, the user is able to use the computer apparatus to procure goods and services at 70.

Referring now to Figure 3, there is shown a flow diagram for a buyer 10 to submit an item specification for a good or service they wish to procure. Figure 3 is described in relation to the purchase of a car, however it should be appreciated that the process can be used for any good or service. Upon submitting their login credentials to the computer apparatus, the buyer 10 is presented with a home screen at step 300 by the item specification module 1304. An example home screen 400 is shown in Figure 4. The home screen 400 includes a plurality of icons 410, each of which has a text label beneath. The icons 410 represent categories of goods and services. To proceed, the buyer 10 selects an icon 410 representing the category of goods or services they wish to procure, for instance by selecting the automotive icon at step 310 of Figure 3.

After selecting the automotive icon at step 310, a category screen is presented to the user at step 320. An example category screen 500 is shown in Figure 5 for the case of the automotive category. The category screen 500 includes at least one icon 510 of the same general form as the icons 410. Each icon 510 denotes a sub-category. Whilst a single icon 510 is shown in Figure 5, it should be appreciated that additional icons 510 will be provided in other embodiments, such as icons for subcategories of vans, sports cars, convertible cars, family cars and so forth.

In an alternative embodiment, each icon 510 may represent a manufacturer of car rather than a class of car, such as providing icons for manufacturers such as BMW, Mercedes, Ford, or GM.

Categories and subcategories are defined and stored in a database in the computer apparatus of the embodiment along with associated icons 410, 510 and corresponding text labels.

In the embodiment, the home screen 400 and category screen 500 take the form of a website page served by the computer apparatus and communicated to buyers over the communications network 1210. In other embodiments, the home screen 400 and category screen 500 may be presented in alternative forms, such as an application on a mobile telephone or tablet or a program on a game console in communication with the computer apparatus over the communications network 1210.

The buyer 10 chooses a subcategory by selecting an icon 510, such as the car icon, indicated in Figure 3 at step 320.

Next, as seen in Figure 6, a display directory 600 is presented to the buyer 10 by the item specification module 1304 which contains a list of open item specifications within the same category and subcategory. Item specifications are stored by the computer apparatus in the database as will be described below. To present the display directory 600, the computer apparatus retrieves open item specifications from the database whose category and subcategory match the selections made by the user on screens 400 and 500.

The example display directory 600 shown in Figure 6 is for the case of the cars subcategory. The display directory 600 comprises a table 610, each row of which represents an open item specification from users registered as buyers. Selected fields for each open item specification are displayed in the table 610. By presenting the buyer 10 with information on open item specifications from other buyers, the buyer 10 is informed of other pricing requests for similar goods and services which may enable the buyer to adjust their own item submission for a more competitive price. A search function is provided at 620 to allow the buyer 10 to search on one or more of the fields displayed in the table 610, for instance when there are a large number of open item specifications in a subcategory.

To submit an item specification for a good or service the buyer 10 wishes to procure, the buyer 10 selects the submit entry button 630 on the display directory 600, shown in Figure 3 at step 340.

The computer apparatus displays an item submission form 700 to the buyer 10 in response to the buyer selecting the submit entry button 630. An example item submission form 700 is shown in Figure 7 for the case of a car. The form 700 includes fields relevant to the type of item, in the case of a car: the make, model, year, colour, and mileage. The form 700 also includes a field for a price specification shown in Figure 7 at 710. In this field, the buyer 10 may enter the valuable consideration they offer in return for the goods or services desired. Any form of valuable consideration may be entered by the buyer 10 in the price specification field 710, including currency, virtual currency such as BitCoin, precious metals such as gold, silver and platinum, or other goods or services offered in exchange. The buyer 10 may enter multiple valuable considerations, each of which is offered as alternative consideration for the goods or services desired.

The buyer 10 then completes the fields in the form 700, indicated in Figure 3 at 350. After the form 700 is completed, the buyer 10 submits the item specification to the computer apparatus by clicking the submit button 720, shown in Figure 3 at step 360. The fields in the form 700 are selected by the computer apparatus according to the category and subcategory of goods or services selected by the buyer 10. Thus each category may have different fields to provide relevant description options to the buyer 10. Relevant fields for each category are stored in the database by the computer apparatus. Data entered by the buyer 10 in the form 700 and submitted to the computer apparatus upon selecting the submit button 720 represents an item specification, which is received by the item specification module 1304. The item specification module 1304 may validate one or more of the data fields depending upon the category of good or service being sold. The data is stored in the database of the computer apparatus 100 by the item specification module 1304, which associated the item specification with the buyer 10 and with the relevant category and subcategory. The item specification module 1304 then marks the item specification data as open, such as by setting a flag field in the database.

Once stored in the database, the item specification of the buyer 10 will appear in the display directory 600 for that category of good or service, since the computer apparatus will find the item specification when searching the database.

A user who wishes to use the computer apparatus as a seller 10 is required to first complete a seller registration process 30, verification process 40, terms and conditions acceptance 50 and screen alias selection 60 in the same manner as described above for a buyer 10, unless otherwise noted below. The user registration module 1302 presents a user registration form 800 to register the user as a seller as shown in Figure 8. The form 800 includes similar data fields as the form 200 used to register as a buyer, however the form 800 omits the contact preference field because this is a buyer preference. A seller type field is provided for indicating whether the seller is a company or an individual. If the user selects "company", then additional fields are presented to enter the company name, incorporation, business registration number and any credits for accessing buyer contact information as will be described hereafter.

Once registered, a seller 20 may review item specifications submitted by buyers and respond to item specifications by submitting a bid at step 80. Referring now to Figure 9, there is shown a flow diagram for a seller 20 to submit a bid in response to an item specification. Figure 9 is described in relation to the sale of a car, however it should be appreciated that the process can be used for any other good or service. Similar reference numerals are used to denote similar steps to those described above in relation to the buyer 10 in Figure 3.

In response to a seller 20 selecting a subcategory in step 320, the search module 1306 searches the database for open item specifications matching the subcategory selected by the seller 20. Open item specifications are then displayed to the seller 20 at step 910 in a display directory 1000 by display module 1308. The search module 1306 may be a sub-module of the display module 1308.

An example display directory 1000 is shown in Figure 10 for the cars subcategory. The display directory 1000 is presented as a table 1010 with each row representing an open item specification. A search function 1020 is provided in a similar manner to that described above in relation to the display directory 600 for buyers. Contact information for buyers with open item specifications in table 1010 is not displayed in the display directory 1000. A seller wishing to contact a buyer selects the "view entry details" link 1030 adjacent a summary of the item specification in the table 1010. This is shown in Figure 9 at step 920.

Next, at step 930, a payment module 1310 of the computing apparatus checks the number of credits available to the seller 20. If the seller 20 has insufficient credits to view the buyer contact details of the selected item specification, the payment module 1310 presents an option to purchase more credits to the seller 20 at step 940. The payment module 1310 may be a sub- module of the communications module 1312.

If the seller 20 has sufficient credits to view the buyer contact details of the selected item specification, the payment module 1310 deducts a predefined number of credits from the seller's account at step 930. In one embodiment the number of credits is dependent on the category and subcategory of the item specification, which is stored as a table in the database. As an alternative to a deduction of credits on account, the seller may allow their credit card to be charged directly or another payment method may be provided. In some example embodiments, the number of credits available to the seller 20 is not applied. Instead, a seller may simply pay, by using the payment module 1310 to view the buyer contact details or as it may be the case in certain implementations, the seller needs to only fulfill a non monetary requirement, such as by providing requested information or perform a certain task before being able to view the buyer contact details.

The communication module 1312 then checks the contact preferences of the buyer associated with the item specification selected by the seller 20 at step 950.

If the buyer's contact preferences indicate they wish to be contacted directly by the seller 20, the communication module 1312 displays the buyer contact email entered during registration, or in the item specification if an alternative email contact was entered, along with the item specification at 960. An example of such a display is shown in Figure 11. The seller 20 may then submit a bid specification directly to the buyer 10, following which the seller 20 is given the option of returning to the display directory at step 910 or returning to the home screen 300

If the buyer's contact preferences indicate they wish to be contacted through the computer apparatus, the communication module 1312 displays a seller contact form (not shown) for the seller to provide a bid at step 980. The seller contact form may comprise a set of fields for the seller to enter data in a predefined manner, or may provide a text form for the seller to write a message to the buyer. In either case, the seller's bid is delivered to the buyer by the communication module 1312 of the computer apparatus. Where an item specification includes multiple price specification, the seller 20 identifies which price specification is of interest to them when providing a bid.

It should be noted that the seller 20 has not seen any other bids submitted by other sellers and is unaware of whether a more competitive bid has been submitted by another seller. This creates an imperative on the seller 20 to submit their most competitive bid specification when responding to an item specification.

Referring back to Figure 1, the buyer receives bids from sellers in response to an item specification. The buyer 10 is free to choose which of the communications from sellers to respond to. The buyer 10 and the chosen seller 20 correspond to finalise the transaction arrangements at step 90.

Up to this point the buyer 10 is able to remain anonymous if they have selected the computing apparatus to facilitate communication of the seller's bid. However in some cases in order to complete the transaction their identity may now need to be revealed. This may depend on the nature of the transaction, the nature of the goods or services being procured and/or on legal requirements. Nevertheless it may be possible for other transactions to be concluded completely anonymously.

The buyer and seller then complete a transaction by providing the goods and services in the agreed price at step 100. Following completion, the buyer and seller each leave feedback at step 110.

After the buyer 10 has left feedback for the seller 20 at step 110, the buyer 10 may mark the item specification as closed at step 120. Alternatively, the computer apparatus will

automatically mark the item specification as closed after a predetermined period, such as 30 days, after it was submitted. Once the item specification is marked as closed by the computing apparatus, the transaction process is complete, denoted in Figure 1 at step 130.

The computing apparatus of the embodiment provides a flexible system for buyers and sellers. For example, a buyer may specify several alternative price specifications each of which the buyer would be willing to pay in return for the desired goods and services. The buyer may receive communications from several sellers each of which would be interested in receiving only one of the alternative price specifications. The buyer may then choose a seller based on which price specification is most advantageous to the buyer. Furthermore, a seller may offer a more competitive price specification then the buyer identified in the item specification. Still further, the buyer and seller may correspond and negotiate a final price specification for the goods and services.

In embodiments where the seller 20 purchases credits to receive contact information for the buyer 10, there is no restriction required on the nature of the price specification between the buyer and seller. However, where the purchase of credits is not implemented, as is the case in certain example embodiments, restrictions may be placed on the price specification between the buyer and the seller.

It is anticipated that some users may have both a seller account and a buyer account with the computer apparatus. To prevent user confusion as to whether they are using the computer apparatus as a buyer or seller, the computer apparatus may be arranged to utilise an indicia, including a colour system, when presenting displays to the user, with different indicia used for buyer and seller accounts. For example the submit entry button 630, item specification form 700, view entry details link 1030, and buyer contact and item specification display of figure 11 may be colour-coded. In one arrangement, different colours are used to distinguish between buyers and sellers and between companies and individuals for a total of four colour combinations. For example, red is used to indicate an individual buyer, blue for an individual seller, orange for a business buyer and green for a business seller.

Modifications and variations as would be apparent to a skilled person are intended to fall within the scope of the present invention.

Claims

1. A method for facilitating transactions between buyers and sellers, comprising the steps of:

- receiving from a buyer an item specification for goods or services desired to be purchased;

- displaying the item specification to sellers; and,

- communicating a bid from at least one seller to the buyer, wherein bids from one seller are not displayed to other sellers.

2. The method of claim 1, characterized in that each item specification includes a price

specification.

3. The method of claim 2, characterized in that the price specification includes a virtual

currency amount.

4. The method of claim 2 or 3, characterized in that the price specification includes goods or services offered in exchange.

5. The method of any one of claims 2 to 4, characterized in that the item specification

includes a plurality of alternative price specifications.

6. The method of claim 5, characterized in that each bid includes a price specification chosen from the plurality of alternative price specifications.

7. The method of any one of claims 1 to 6, wherein the method further comprises the buyer indicating whether the or each seller is to initially contact the buyer directly or via a facilitator of the method.

8. The method of any one of claims 1 to 7, wherein the method further comprises limiting communication between the or each seller to be anonymous.

9. The method of any one of claims 1 to 8, further comprising the step of charging each

seller a fee to communicate their bid to the buyer.

10. The method of any one of claims 1 to 9, further comprising the step of characterizing the or each item specification as being in one of a plurality of categories, wherein the or each item specification are displayed to sellers by category.

11. A computer program for a system for facilitating transactions between buyers and seller that faciliates transactions between buyers and seller, said program causing a computer to execute the steps included in the method for facilitating transactions between buyers and sellers according to any one of claims 1 to 10.

12. A system for facilitating transactions comprising:

means for displaying the or each item specification to sellers;

13. The apparatus of claim 12, wherein the item specification includes a price specification.

14. The apparatus of claim 13, wherein the price specification includes a virtual currency amount, an alternative payment condition or any one thereof.

15. The apparatus of claims 13 or 14, wherein the price specification includes a description of goods or services offered in exchange.

16. The apparatus of any one of claims 13 to 15, wherein the item specification includes a plurality of alternative price specifications.

17. The apparatus of claims 16, wherein each bid includes a price specification chosen from the plurality of alternative price specifications.

18. The apparatus of any one of claims 12 to 17, wherein the means for communicating the bid facilitates the or each seller initially contacting the buyer directly or facilitates at least initial communication between the or each seller and the buyer according to a preference provided by the buyer.

19. The apparatus of any one of claims 12 to 17, wherein the means for communicating the bid facilitates anonymous communication between the or each seller and the buyer.

20. The apparatus of any one of claims 12 to 19, further comprising the means for receiving an item specification being arranged to associate the item specification with one of a plurality of categories of goods and services.

21. The apparatus of any one of claims 12 to 20, further comprising the means for displaying being arranged to display item specifications grouped by category.

22. The apparatus of any one of claims 12 to 21, further comprising a means for charging each seller a fee to communicate their bid to the buyer.

23. A system for facilitating a transaction, comprising:

a communication module configured to communicate a bid from at least one seller to the buyer, wherein the display module is further configured to not display bids from one seller to other sellers.

24. The system for facilitating a transaction of claim 23, wherein the item specification

includes a price specification.

25. The system for facilitating a transaction of claim 24, wherein the price specification includes a virtual currency amount.

26. The system for facilitating a transaction of claim 23 or 24, wherein the price specification includes a description of goods or services offered in exchange.

27. The system for facilitating a transaction of any one of claims 23 to 26, wherein the item specification includes a plurality of alternative price specifications.

28. The system for facilitating a transaction of claim 27, wherein each bid includes a price specification chosen from the plurality of alternative price specifications.

29. The system for facilitating a transaction of any one of claims 23 to 28, wherein the item specification module is further configured to associate the item specification with one of a plurality of categories of goods and services.

30. The system for facilitating a transaction of claim 29, wherein the display module is

configured to display item specifications grouped by category.

31. The system for facilitating a transaction of any one of claims 23 to 30, wherein, the

communication module is configured to communicate the bid facilitates the or each seller initially contacting the buyer directly or facilitates at least initial communication between the or each seller and the buyer according to a preference provided by the buyer.

32. The system for facilitating a transaction of any one of claims 23 to 31, wherein the

communication module is configured to facilitate anonymous communication between the or each seller and the buyer.

33. The system for facilitating a transaction of any one of claims 23 to 32, further comprising a payment module is configured to charge each seller a fee to communicate their bid to the buyer.

34. A computer program product, embodied in a non-transient form, comprising instructions for controlling a computer to:

display the item specification to sellers;