WO2018076064A1

WO2018076064A1 - Improvements in or relating to transactions

Info

Publication number: WO2018076064A1
Application number: PCT/AU2017/051181
Authority: WO
Inventors: Shaun SUMARU
Original assignee: 2Me Corporation Pty Ltd
Priority date: 2016-10-26
Filing date: 2017-10-26
Publication date: 2018-05-03
Also published as: AU2017351643A1

Abstract

A method or transaction platform (10) for transacting business between buyers (11) and sellers (13) and vice versa of products or services in an on-line environment by means of an electronic device having computing means is disclosed. In a purchasing embodiment the method comprises the steps of: (e) establishing a communication pathway (12) between a prospective buyer (11) and two or more prospective sellers (13) within a defined location parameter, the identity of the prospective buyer being invisible to the sellers (13); (f) identifying one or more input criteria for the product or service sought to be purchased by the prospective buyer (11); (g) inviting the prospective sellers (13) to make an offer to sell the product or service to the prospective buyer (11) for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer (11); and (h) closing the offer period, and opening a predetermined review period for the prospective buyer (11) to review any offers received pursuant to Step (c) and to accept an offer so received. Transaction platforms, electronic devices, and computer readable mediums which incorporate methods according to the invention, are also disclosed.

Description

IMPROVEMENTS IN OR RELATING TO TRANSACTIONS

Technical Field

[0001 ] The present invention is directed to improvements in or relating to transactions.

[0002] More particularly, but not exclusively, the present invention is directed to improvements in or relating to the purchase and/or sale of products and/or services in an on-line environment.

[0003] Whilst the discussion which follows includes specific reference to the sale of vehicles, that is intended primarily to provide context for the invention, and it will be appreciated that the inventive principles of the invention can be applied to other product or service categories.

Background Art

[0004] The following discussion of the background art is intended to facilitate an understanding of the present invention only. The discussion is not an acknowledgement or admission that any of the material referred to is or was part of the common general knowledge as at the priority date of the application.

[0005] The nature of the sale and purchase of products and services has evolved in recent years due to the emergence of transactions conducted on-line, and the explosion in the amount, and quality, of information that is available to a prospective purchaser or seller who has access to an internet-enabled electronic device.

[0006] The transformative nature of the on-line environment has accordingly changed the way a prospective purchaser assesses a product or service of potential interest to it and, as a consequence, purchasing habits.

[0007] In the case of tourism and travel, for example, it is now very straightforward for an intending traveller to investigate destinations of interest to it on-line, and to book and pay for transport such as a flight, and accommodation, directly with the airline or the accommodation service, also entirely on-line, thereby substantially reducing, and in some cases eliminating, the need for a selling intermediary such as a traditional bricks and mortar travel agency. [0008] Travel agencies and other booking intermediaries have of course recognised this trend, and do now also provide on-line services of the type they would have traditionally supplied by way of physical premises.

[0009] Many established retailers of products and services now also provide a blend of on-line and in-store selling points to cater for those purchasers who like to shop on-line, for those who prefer the traditional in-store experience, and for those who like to engage in a combination of those selling/purchasing methods (i.e. in-store inspection of the product or service and purchase on-line, or vice versa).

[0010] So as to enable a number of sellers of products and services to participate in the on-line selling process, and for ease of access and purchase, on-line selling intermediaries such as 'Wotif and 'Booking.com', in the case of the sale of accommodation and travel, and 'carsales', in the case of the sale of vehicles, are prominent examples of virtual businesses that have emerged in this transformative environment. These businesses invite subscribers to offer their product or service over a single virtual platform, with appropriate search engine criteria being provided to enable a user to access and assess the information it requires to undertake an informed purchase.

[001 1 ] Using the 'carsales' on-line selling process as an example, a number of user inputs are provided for in a corresponding number of fields on the graphical user interface of a website or in a downloadable app, such as the make, model, price, vehicle body type, location, and a keyword such as a preferred colour.

[0012] Following the entry of one or more of the available user inputs, a list of vehicles fitting the criteria become visible, and 'Enquire' and 'View' navigation links or tabs also appear. The 'View' navigation link or tab, as its name suggests, provides when clicked further information about the vehicle, including photographs from one or more angles, and invites the user to book an inspection. It can also provide other details such as the seller's name, location and contact details.

[0013] The 'Enquire' navigation link/tab, when clicked, devolves to an invitation for the user to provide their contact details to the seller.

[0014] The discretion in this scenario lies with the seller to elect whether to engage with an enquirer. It will be appreciated that that can be sub-optimal for the enquirer, as the enquiry can enter a 'twilight zone' where the enquirer is waiting for the seller's response, which may never come.

[0015] The present invention aims to provide an alternative approach to transactions conducted in a virtual environment which is believed to be more suitable to a user's needs.

Summary of Invention

[0016] In the context of the present invention, wherever the terms On-line' and 'virtual' are used in this specification, they are intended to be read interchangeably, and refer to the worldwide web, the internet, an intranet, or other global or local electronic communication network.

[0017] Also in the context of the present invention, wherever the terms 'offer' and 'bid' are used in this specification, they are intended to be read interchangeably.

[0018] In one aspect, the present invention provides a method for transacting business between buyers and sellers of products or services in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between a prospective buyer and two or more prospective sellers within a defined location parameter, the identity of the prospective buyer being invisible to the sellers;

(b) identifying one or more input criteria for the product or service sought to be purchased by the prospective buyer;

(c) inviting the prospective sellers to make an offer to sell the product or service to the prospective buyer for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer; and

(d) closing the offer period, and opening a predetermined review period for the prospective buyer to review any offers received pursuant to Step (c) and to accept an offer so received.

[0019] In another aspect, the present invention provides a method for facilitating the purchase by a prospective purchaser of a product or service in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between the prospective purchaser and a selected invitee group, the identity of the prospective purchaser being invisible to the selected invitee group;

(b) identifying one or more input criteria for the product or service sought to be purchased by the prospective purchaser;

(c) inviting the members of the selected invitee group within a defined location parameter to offer to sell the product or service to the prospective purchaser at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier; and

(d) closing the offer period, and opening a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c) and to accept an offer so received.

[0020] In another aspect, the present invention provides a method for facilitating the purchase by a prospective purchaser of a product or service in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between the prospective purchaser and a selected invitee group, wherein the identity of the prospective purchaser is invisible to the selected invitee group;

(c) inviting the members of the selected invitee group within a defined location parameter to offer to sell the product or service to the prospective purchaser at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier; (d) closing the offer period, and opening a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c); and

(e) closing the review period, and inviting the prospective purchaser within a predetermined acceptance period to accept an offer to purchase the product or service received pursuant to Step (c).

[0021 ] The review period of Step (d) and the acceptance period of Step (e) above may be coterminous, that is, they may be consolidated into a single time period increment of review and acceptance.

[0022] In another aspect, the present invention provides a method for facilitating the sale by a prospective seller of a product or service in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between the prospective seller and a selected invitee group, wherein the identity of the prospective seller is invisible to the selected invitee group;

(b) identifying one or more input criteria for the product or service sought to be sold by the prospective seller;

(c) inviting members of the selected invitee group within a defined location parameter to offer to buy the product or service from the prospective seller at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(d) closing the offer period, and opening a predetermined review period for the prospective seller to review any offers received pursuant to Step (c); and

(e) closing the review period, and inviting the prospective seller within a predetermined acceptance period to accept an offer received pursuant to Step (c). [0023] Methods according to this aspect of the invention may further include a negotiating period to enable the prospective seller and the offeror to negotiate the sale of the product or service on alternative terms to an offer received pursuant to Step (c).

[0024] Aspects of the present invention are predicated on the concept of a blind consumer model, as compared to other selling/purchasing options thought to be available in the on-line marketplace where the prospective buyer or purchaser needs to disclose their contact details in order to try and open a dialogue, and enter into a purchase negotiation, with a prospective seller, and vice versa.

[0025] It permits of a prospective purchaser (or a seller in the case of other embodiments disclosed herein) to obtain multiple quotes or offers for the same product or service by selecting their desired input criteria and inviting offers. This is thought to result in a competitive atmosphere which yields a 'best price' transactional tool, whilst allowing the prospective purchaser or seller to remain invisible to the members of the selected seller, buyer or invitee group.

[0026] In accordance with a typical embodiment, he prospective purchaser or seller is provided with a set of offers within the predetermined offer period, and is then provided with a predetermined review and acceptance period to consider the offers and to decide whether to accept any of the offers.

[0027] In accordance with one preferred embodiment, if an offer is not accepted in time, then it lapses. This provides both buyers and sellers with certainty about the time frame parameters by which the transaction process is to take place.

[0028] Offer data produced during the transaction process may be archived and recovered for future consideration and re-quoting if desired. Electronic devices associated with the invention will accordingly typically include storage means to enable this aspect of the invention to be effected.

[0029] A benefit that the offeror can derive from the invention is the knowledge that the offer price is only valid for a predetermined period, which can provide an indicator of the level of activity in the offeror's marketplace for the particular product or service. The data generated in this way can assist the offeror to adjust future offers for the same or similar products or services so as to be more competitive, attractive or persuasive to the prospective purchaser. [0030] The present invention may accordingly also provide a monitoring step or mechanism allowing members of a selected seller or invitee group to monitor their performance, including providing access to the numbers of users who are accepting or activating offers, and hierarchical levels of detail about those matters.

[0031 ] A product or service according to the invention may take any suitable form. A product according to the invention may comprise a vehicle. The vehicle may be new or used. It may be a passenger vehicle, such as a sedan or an SUV. It may be a prestige vehicle. It may be a truck, or a work or utility vehicle. It may be a bike, such as a motor bike. It may comprise a product requiring service or maintenance at, or during, a defined milestone, or because of an aspect such as a fault or a defect requiring repair, correction or adjustment, or it may be an add-on to an existing device, component or equipment. In the case of a vehicle, it may be a kilometre or time-defined service milestone.

[0032] The product may comprise, or include, a trade-in of a vehicle or an existing device, component or equipment.

[0033] The present invention is thought to provide a dynamic bidding platform enabling a more interactive and competitive marketplace for both buyers and sellers of products and services.

[0034] Using the example of a vehicle purchase, the invention avoids the need for the prospective purchaser or seller to waste time on the road visiting individual sellers or buyers such as vehicle dealerships. The benefit from a dealer perspective is that it has the ability to reach a complete marketplace of buyers for a particular vehicle make or model, giving the dealer the ability to offer and move ageing stock, and to attract incremental additional sales.

[0035] The sellers or members of a selected invitee group according to the invention will typically provide details of their location and contact details, and any other relevant criteria. That information will typically be stored in a database that is accessible and capable of being interrogated and the information retrieved according to need, as is known in the art.

[0036] The sellers or members of a selected invitee group according to the invention may be arranged according to a hierarchical structure. The hierarchy will typically be such as to allow preferential or greater access to features such as additional fields for the inclusion of more detailed information in the offer to make it stand out, or allowing preferential access to more detailed current or historical offer data, depending on where the member of the invitee group sits in the hierarchy.

[0037] Access to a seller or an invitee group will typically be by subscription, such as a paid subscription. Subscription levels may be segmented according to the fee payable, thereby permitting a hierarchical structure such as that described above to be effected. In a typical embodiment, 'standard' and 'premium' subscription levels are envisaged, providing different levels of access to the bidding or offering process.

[0038] A communication pathway according to the invention will typically be an electronic pathway. Preferably the communication pathway is a secure electronic pathway.

[0039] An input criteria according to the invention may take any suitable form. In the case of a prospective vehicle purchase, for example, an input criteria will typically include one or more of the vehicle make, model, body type, the year of manufacture, the number kilometres recorded on the vehicle's odometer, the engine size, the type of transmission, and colour.

[0040] An input criteria may also include, in the case of a vehicle, terms or conditions the prospective purchaser may wish to specify, such as finance terms, and/or whether the prospective purchaser has a trade-in that it wishes to include in the purchase process.

[0041 ] It will be readily appreciated that similar or analogous input criteria for other product or service types are envisaged as being within the scope of the invention.

[0042] A defined location parameter may take any suitable form. It may be suburb-based. It may be borough-, council-, region- or postcode-based. It may be town- or city-based. It may be State-based. It may be countrywide.

[0043] In a preferred embodiment, the defined location parameter is the State in which the prospective purchaser resides or is present at the time the prospective purchase is sought to be made. [0044] Methods according to the invention will therefore typically include the step of enabling the electronic device to verify the location of the device in order to identify the members of a seller or an invitee group susceptible to receiving an invitation pursuant to Step (b) based on their geographical proximity to the electronic device.

[0045] Methods according to this aspect of the invention may further include a negotiating period to enable the prospective purchaser and the offeror to negotiate the sale of the product or service on alternative terms to an offer received pursuant to Step (c). This may be in the form of a counter-offer.

[0046] A predetermined offer period increment may be any suitable time period. A typically preferred offer period is anticipated to be 2 hours.

[0047] A predetermined review period increment may be any suitable time period. A typically preferred offer period is anticipated to be 24 hours.

[0048] A predetermined acceptance period increment may be any suitable time period. A typically preferred acceptance period is anticipated to be 24 hours.

[0049] Where the predetermined review and acceptance periods are coterminous, the cumulative total time period increment is typically anticipated to be 24 hours.

[0050] Each offer made by a member of the selected invitee group will typically have a unique identifier which is unable to be shared with others by the prospective purchaser. This aids in its tracking and verification should the purchaser elect to accept an offer made pursuant to Step (c).

[0051 ] Method steps according to the invention will typically involve inputs to the computing means and evaluation of one or more of the steps by the computing means, to assist the purchaser's decision making.

[0052] Acceptance of an offer may take any suitable form. It may be by electronic means, such as by email, text or other social media communication, or it may be by telephone.

[0053] Embodiments of the invention may include a secure verification key or code to protect the identity of members of the selected invitee group, such as during a bid phase. In one example of this embodiment the identity of a member of the selected invitee group may be blurred, pixelated or otherwise obscured until unlocked by the prospective purchaser, seller or user by means of the secure verification key or code provided or made available to it during a phase of the present invention, such as a review or transactional phase of the performance of embodiments of the present invention. One example of a suitable verification key or code product is provided by Twilio.

[0054] Typical embodiments of the invention will enable the identity of the purchaser, seller or user to be revealed to the successful bidder or offeror once a transaction has been engaged in, effected or completed.

[0055] Embodiments of the invention may alternatively include a proxy or 'concierge' feature, whereby a prospective purchaser or seller may arrange for or contract a proxy or third party to engage with sellers and buyers during phases of the invention such as buying or selling phases, so that the prospective purchaser or seller is completely invisible and anonymous to the seller or buyer throughout the phases of the invention. In these embodiments the proxy or concierge effectively stands in the shoes of the prospective purchaser or seller as a buyer or seller's advocate or broker or its equivalent.

[0056] In another aspect, the present invention provides a transaction platform for use with an electronic device having computing means to facilitate the purchase by a prospective purchaser of a product or service in an on-line environment, the transaction platform comprising:

(a) communication means for establishing a communication pathway between the prospective purchaser and a selected invitee group, wherein the identity of the prospective purchaser is invisible to the selected invitee group;

(b) one or more input criteria fields for specifying criteria of the product or service sought to be purchased by the prospective purchaser;

(c) an invitation field for inviting members of the selected invitee group within a defined location parameter to offer to sell the product or service to the prospective purchaser at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(d) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c); and

(e) an acceptance field enabling the prospective purchaser within a predetermined acceptance period calculated by timing means to accept an offer received pursuant to Step (c).

[0057] Communication means according to the invention will typically be electronic communication means to provide an electronic communication pathway. Preferably the communication means is secure, thereby providing a secure electronic communication pathway.

[0058] Transaction platforms according to this aspect of the invention may further include a negotiating field to enable the prospective purchaser and the offeror to negotiate the sale of the product or service on alternative terms to an offer received pursuant to Step (c). This may be in the form of a counter-offer.

[0059] In another aspect, the present invention provides a transaction platform for transacting business between buyers and sellers of products or services in an on-line environment by means of an electronic device having computing means, the transaction platform comprising:

(a) communication means for establishing a communication pathway between a prospective buyer and two or more prospective sellers within a defined location parameter, the identity of the prospective buyer being invisible to the sellers;

(b) one or more input criteria fields for specifying criteria of the product or service sought to be purchased by the prospective buyer;

(c) an invitation field for inviting the prospective sellers to make an offer to sell the product or service to the prospective buyer for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer thereby creating a competitive bidding domain; and

(d) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c) and to accept an offer so received within the time provided.

[0060] A field according to the invention will typically be provided as part of a graphical user interface of the electronic device. Where appropriate or necessary, the field will be capable of receiving an input, such as a keyword. A field may comprise a navigation link or tab which devolves to a further operative function of the transaction platform.

[0061 ] A field according to the invention may be grouped with one or more other fields as part of a navigation bar of a graphical user interface.

[0062] In another aspect, the present invention provides a transaction platform for use with an electronic device having computing means to facilitate the sale by a prospective seller of a product or service in an on-line environment, the platform comprising:

(a) communication means for establishing a communication pathway between the prospective seller and a selected invitee group, wherein the identity of the prospective seller is invisible to the selected invitee group;

(b) one or more input criteria fields for specifying criteria of the product or service sought to be sold by the prospective seller;

(c) an invitation field for inviting members of the selected invitee group within a defined location parameter to offer to buy the product or service from the prospective seller at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(d) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective seller to review any offers received pursuant to Step (c); and (e) and an acceptance field enabling the prospective seller within a predetermined acceptance period calculated by timing means to accept an offer received pursuant to Step (c).

[0063] Transaction platforms according to this aspect of the invention may further include a negotiating field to enable the prospective seller and the offeror to negotiate the sale of the product or service on alternative terms to an offer received pursuant to Step (c).

[0064] Methods according to the invention will typically include one or more notification steps to notify the members of the invitee group that an offer is live or has been requested, to notify the prospective purchaser or seller that an offer has been received, and to notify the parties that the offer period has concluded. A notification step or steps will also typically be provided for the opening and closing of the review and acceptance periods.

[0065] Transaction platforms according to the invention will typically include one or more notification fields to notify the members of the invitee group that an offer is live or has been requested, to notify the prospective purchaser or seller that an offer has been received, and to notify the parties that the offer period has concluded. A notification field or fields will also typically be provided for the opening and closing of the review and acceptance periods.

[0066] In another aspect, the present invention provides an electronic device incorporating or associated with a method as described herein either as a consequence of a network-based connection or as part of a downloaded or downloadable app.

[0067] In another aspect, the present invention provides an electronic device incorporating or associated with a transaction platform as described herein either as a consequence of a network-based connection or as part of a downloaded or downloadable app.

[0068] An electronic device according to the invention will typically be a mobile electronic device such as a smart phone having Internet or web-based connectivity via Wi-Fi or an electronic communication network such as 3G or 4G. [0069] In preferred embodiments of the invention, the electronic device comprises a smart phone such as Apple's iPhone, Samsung's 'Galaxy', or one from other providers such as LG or Nokia, having an Android, WEBOS, Windows, or other phone app platform.

[0070] Other electronic devices having computing means envisaged as being suitable for the practice of the invention include, non-exhaustively, tablet computers, notebook computers, desktop computers, and wearable computers including electronic watches and head mounted displays, such as those marketed under the 'iPad' or 'Apple Watch' trade marks, or by other providers such as Samsung, Hewlett-Packard Company, or Dell, Inc.

[0071 ] The invention will typically utilise in-built user functions of the electronic device, such as touch-, click-, keystroke-, cursor- or voice-activation to enable a transaction to be initiated and conducted and to allow navigation of the graphical user interface of a website or in a downloadable app.

[0072] An input by a user, be it a prospective purchaser or seller or by a member of a selected invitee group, according to the invention will typically include a keyword or words, although it may include images, such as photographic or other electronic images.

[0073] The use and operation of electronic devices having computing means or using software applications is well-known to persons skilled in the art and need not be described in any further detail herein except as is relevant to the present invention.

[0074] The computing means of the electronic device can be a device or system of any suitable type, including: a programmable logic controller (PLC); digital signal processor (DSP); microcontroller; personal, notebook or tablet computer, or dedicated servers or networked servers.

[0075] The processor can be any custom made or commercially available processor, a central processing unit (CPU), a data signal processor (DSP) or an auxiliary processor among several processors associated with the computing means. In embodiments of the invention, the processing means may for example be a semiconductor based microprocessor (in the form of a microchip) or a macro processor. [0076] The controller will typically include an operating system which is capable of issuing commands and is arranged to interact with the app to cause the controller to carry out the respective steps, functions and/or procedures in accordance with the embodiment of the invention described herein. The operating system may be appropriate for the controller. For example, in the case where the controller comprises an IPHONE® smart phone, the operating system may be iOS.

[0077] In alternative embodiments of the invention, the software may comprise one or more modules, and may be implemented in hardware. In such a case, for example, the modules may be implemented with any one or a combination of the following technologies, which are each well known in the art: a discrete logic circuit(s) having logic gates for implementing logic functions upon data signals, an application specific integrated circuit (ASIC) having appropriate combinational logic gates, a programmable gate array(s) (PGA), a field programmable gate array (FPGA) and the like.

[0078] The application software and other electronic instructions or programs for the computing components of the electronic device, can be written in any suitable language, as are well known to persons skilled in the art. For example, for operation on an electronic device comprising an IPHONE® smart phone, the application software may be written in the Objective-C language. In embodiments of the invention, the electronic program instructions may be provided as stand-alone application(s), as a set or plurality of applications, via a network, or added as middleware, depending on the requirements of the implementation or embodiment.

[0079] In embodiments of the invention, the storage and management of data can include any one or combination of volatile memory elements (e.g. random access memory (RAM) such as dynamic random access memory (DRAM), static random access memory (SRAM)) and non-volatile memory elements (e.g. read only memory (ROM), erasable programmable read only memory (EPROM), electronically erasable programmable read only memory (EEPROM), programmable read only memory (PROM), tape, compact disc read only memory (CD-ROM), etc.). The respective storage may incorporate electronic, magnetic, optical and/or other types of storage media. Furthermore, the storage can have a distributed architecture, where various components are situated remote from one another, but can be accessed by the processing means. For example, the ROM may store various instructions, programs, software, or applications to be executed by the processing means to control the operation of the controller and the RAM may temporarily store variables or results of the operations.

[0080] In another embodiment, the present invention provides a method for transacting business between buyers and sellers of vehicles in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between a prospective vehicle buyer and two or more prospective vehicle sellers within a defined location parameter, the identity of the prospective buyer being invisible to the sellers;

(b) identifying one or more input criteria for the vehicle sought to be purchased by the prospective buyer;

(c) inviting the prospective sellers to make an offer to sell the vehicle to the prospective buyer for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer; and

In another typical embodiment, the present invention provides an electronic device for facilitating the purchase of a product or service, the electronic device comprising: a processor and a memory including computer-executable instructions, one or more computing devices to be in selective communication with the electronic device through a communications network, wherein a user or users of the one or more computing devices is/are able to access a server to purchase the products or service by:

(a) establishing a communication pathway between the user and a selected invitee group, the identity of the prospective purchaser being invisible to the invitee group; (b) identifying one or more input criteria for the product or service sought to be purchased by the user;

(c) inviting members of the selected invitee group within a defined location parameter to offer to sell the product or service to the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(d) closing the offer period, and opening a predetermined review period for the user to review any offers received pursuant to Step (c); and

(e) closing the review period, and inviting the prospective user within a predetermined acceptance period to accept an offer to purchase the product or service received pursuant to Step (c).

[0081 ] In another typical embodiment the present invention provides a computer readable medium for facilitating the purchase of a product or service and comprising computer executable instructions that, when executed on a processor, direct the processor to at least:

(a) establish a communication pathway between a user and a selected invitee group, the identity of the user being invisible to the invitee group;

(b) identify one or more input criteria for the product or service sought to be purchased by the user;

(c) invite members of the selected invitee group within a defined location parameter to offer to sell the product or service to the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(d) close the offer period, and open a predetermined review period for the user to review any offers received pursuant to Step (c); and

(e) close the review period, and inviting the user within a predetermined acceptance period to accept an offer to purchase the product or service received pursuant to Step (c). [0082] In another embodiment the present invention provides an electronic device for facilitating the sale of a product or service, the electronic device comprising: a processor and a memory including computer-executable instructions, one or more computing devices to be in selective communication with the electronic device through a communications network, wherein a user or users of the one or more computing devices is/are able to access a server to sell the product or service by:

(a) establishing a communication pathway between the user and a selected invitee group, the identity of the prospective seller being invisible to the invitee group;

(b) identifying one or more input criteria for the product or service sought to be sold by the user;

(c) inviting members of the selected invitee group within a defined location parameter to offer to buy the product or service to the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(e) closing the review period, and inviting the prospective user within a predetermined acceptance period to accept an offer to sell the product or service received pursuant to Step (c).

[0083] In another embodiment the present invention provides a computer readable medium for facilitating the sale of a product or service and comprising computer executable instructions that, when executed on a processor, direct the processor to at least:

(b) identify one or more input criteria for the product or service sought to be sold by the user; (c) invite members of the selected invitee group within a defined location parameter to offer to buy the product or service from the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(e) close the review period, and inviting the user within a predetermined acceptance period to accept an offer to sell the product or service received pursuant to Step (c).

[0084] In another embodiment the present invention provides a method for facilitating the purchase by a prospective buyer or purchaser of a product or service in an on-line environment by means of an electronic device having computing means, the method being substantially as described herein.

[0085] In another embodiment the present invention provides a transaction platform for use with an electronic device having computing means to facilitate the purchase by a prospective buyer or purchaser of a product or service in an on-line environment, the transaction platform being substantially as described herein.

[0086] In another embodiment the present invention provides a method for facilitating the purchase by a prospective seller of a product or service in an on-line environment by means of an electronic device having computing means, the method being substantially as described herein.

[0087] In another embodiment the present invention provides a transaction platform for use with an electronic device having computing means to facilitate the sale by a prospective seller of a product or service in an on-line environment, the transaction platform being substantially as described herein.

[0088] In another embodiment the present invention provides a computer readable medium for facilitating the purchase or sale of a product or service, the computer readable medium being substantially as described herein. [0089] In another embodiment the present invention provides an electronic device incorporating or associated with a method, transaction platform or computer readable medium as described herein.

Description of the Drawings

[0090] Notwithstanding any other embodiments that may fall within the scope of the present invention, an embodiment of the present invention will now be described, by way of example only, with reference to the accompanying Figures, in which:

Figure 1 is a flow diagram of a method/transaction platform for facilitating the purchase by a prospective buyer or purchaser of a product or service in an on-line environment by means of an electronic device having computing means, and

Figure 2 is logic diagram of one embodiment of a transaction platform according to the present invention.

Description of the Invention

[0091 ] Turning to Figure 1 , a method/transaction platform 10 is shown in schematic form for facilitating the purchase by a prospective buyer or purchaser 1 1 of a product or service (not shown) in an on-line environment.

[0092] Electronic communication pathway 12 is established between prospective buyer or purchaser 1 1 and a plurality of sellers or members of a selected invitee group 13 within a defined location parameter to enable group 13 to be invited to participate in a competitive bid to sell the product or service. Communication pathway 13 permits two-way communication between purchaser 1 1 and members of group 13, but does not allow for seller or invitee group 13 to know the identity of prospective purchaser 1 1 .

[0093] An input field 14 is provided to enable prospective buyer or purchaser 1 1 to input one or more criteria of the product or service it is seeking to receive sell offers for. The criteria are visible to the seller or invitee group 13. In the case of a prospective vehicle purchase, for example, an input criteria will typically include one or more of the vehicle make, model, body type, the year of manufacture, the number kilometres recorded on the vehicle's odometer, the engine size, the type of transmission, and colour. [0094] Offers by the seller or invitee group 13 are communicated to offer field 15, which is accessible only to prospective purchaser 1 1 for review of the offers made to that field. Offer field 15 remains open to offers for a predetermined offer period, such as a 2 hour window, following which it closes and the bidding/offer period ends.

[0095] Review/acceptance field 16 is only accessible to purchaser 1 1 , who is given a predetermined time period, such as a 24 hour window, to consider and accept an offer made from offer field 15. If an offer is not accepted within the predetermined timeframe, the offers lapse. If the prospective purchaser 1 1 wishes to re-quote for the product or service, the bidding process must start again and be put out to a seller/invitee group 13.

[0096] Once an offer has been accepted field 17 allows for the successful bidder to be informed, and for the losing bidders to also be informed.

[0097] The method and transaction platform is conducted using an electronic device having Internet-enabled connectivity, which incorporates or is associated with the method/platform such as through a website or a downloadable app.

[0098] It will be understood by those of skill in the art that the above described purchasing method may similarly be applied to or adapted for a selling phase by a prospective seller of a product or service.

[0099] Turning to Figure 2, a logic diagram illustrating a transaction platform 20 and methodology according to one typical embodiment of the present invention is shown.

[00100] Access to, and utilisation of, transaction platform 20 is typically by means of an electronic device such as a mobile phone or tablet computer (not shown).

[00101 ] Transaction platform 20 includes Start 21 , Onboarding Screens 23, a Terms & Conditions Agreements field 23, and Support, Tutorial, Terms and Conditions and Privacy, and Settings and Notifications Panel fields generally designated 25, as are typically known in the art, to enable initial and ongoing user engagement with transaction platform 20.

[00102] Home screen 24 is the general engine room of platform 20, and provides an interactive, aesthetically attractive interface (also not shown) for the user to transmit, receive and review information, including data from feedback loop 36. [00103] Click Quote Card 26 is provided to enable the user to access valid or expired quotes through gate 30 via input circuit 27 and to refresh an expired quote and view/load the refreshed quote or to view a valid quote via logic string 31 . Logic string 31 includes input fields for matters such as the Personal Information of the user, a Verification Code input field, and a View Quote and Call or Email field. Data obtained via these steps is fed back to Home Screen 24 via feedback loop 36.

[00104] Click New Quote field 28 is provided to enable the user to access and engage, in the embodiment shown, in or with offers to buy a new or used vehicle either directly or by a Concierge or proxy feature through gate 32 via input circuit 29. Details of the vehicle sought to be purchased are generally indicated by logic string 33 (in the case of a prospective new vehicle purchase) and by logic string 34 in the case of the Concierge feature, including matters such as the manufacturer, the vehicle model, the desired colour, the type of transmission, a defined location parameter such as the State (in the case of Australia), and whether finance is required or a trade-in is involved, are input by the user. It will be understood that other input parameters may be included in these fields, depending on user taste or preference.

[00105] In the case of the prospective purchase of a used vehicle, additional data generally indicated by logic string 35 may be input, including the distance the vehicle has travelled, the year range, and the fuel type.

[00106] Once the data has been collated from one of logic strings 33, 34, 35, it is sent to a selected invitee group, such as two or more vehicle dealerships, accompanied by an invitation to offer or bid for the purchase/sale of the vehicle. The offer/bid process will typically be time limited.

[00107] The dealer(s) response(s) are fed back to the user via feedback loop 37, and to Home Screen 24 via feedback loop 36. The user may view and filter the quotes received, and then have the option of accepting or rejecting an offer.

[00108] Transaction platform 20 may include additional characteristics (not shown) such as a Counteroffer feature enabling the user and a member of the selected invitee group to enter into a dialogue/negotiation for alternative purchase terms, such as the purchase price, or purchase incentives. [00109] It will be readily understood by those of skill in the art that the above described purchasing transaction platform may similarly be applied to or adapted for a selling phase by a prospective seller of a product or service.

Alterations and Modifications to the Embodiments

[001 10] Modifications and improvements to the invention will be readily apparent to those skilled in the art. Such modifications and improvements are intended to be within the scope of this invention.

[001 1 1 ] Reference to positional descriptions, such as lower and upper, are to be taken in context of the embodiments depicted in the figures, and are not to be taken as limiting the invention to the literal interpretation of the term but rather as would be understood by the skilled addressee.

[001 12] Throughout this specification, unless the context requires otherwise, the word "comprise" or variations such as "comprises" or "comprising", will be understood to imply the inclusion of a stated integer or group of integers but not the exclusion of any other integer or group of integers.

[001 13] Where the words "store", "hold" and "save" or similar words are used in the context of the present invention, they are to be understood as including reference to the retaining or holding of data or information both permanently and/or temporarily in the storage means, device or medium for later retrieval, and momentarily or instantaneously, for example as part of a processing operation being performed.

[001 14] Furthermore, in embodiments of the invention, the word "determining" is understood to include receiving or accessing the relevant data or information.

[001 15] Where the terms "system", "device", "platform" and "apparatus" are used in the context of the invention, they are to be understood as including reference to any group of functionally related or interacting, interrelated, interdependent or associated components or elements that may be located in proximity to, separate from, integrated with, or discrete from, each other.

Claims

CLAIMS:

1 . A method for transacting business between buyers and sellers of products or services in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

2. A method for facilitating the purchase by a prospective purchaser of a product or service in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between a prospective purchaser and a selected invitee group, the identity of the prospective purchaser being invisible to the invitee group;

(c) inviting members of the selected invitee group within a defined location parameter to offer to sell the product or service to the prospective purchaser at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier; (d) closing the offer period, and opening a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c); and

3. A method for transacting business between buyers and sellers of vehicles in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

4. A method for facilitating the sale by a prospective seller of a product or service in an on-line environment by means of an electronic device having computing means, the method comprising the steps of:

(a) establishing a communication pathway between the prospective seller and a selected invitee group, wherein the identity of the prospective seller is invisible to the selected invitee group; (b) identifying one or more input criteria for the product or service sought to be sold by the prospective seller;

(e) closing the review period, and inviting the prospective seller within a predetermined acceptance period to accept an offer received pursuant to Step (c).

5. A method according to any preceding claim, and further including a negotiating period to enable the prospective buyer or purchaser and the invitee to negotiate the sale of the product or service on alternative terms to an offer received pursuant to Step (c).

6. A method according to any preceding claim, wherein the review and acceptance periods are coterminous.

7. A transaction platform for transacting business between buyers and sellers of products or services in an on-line environment by means of an electronic device having computing means, the transaction platform comprising:

(c) an invitation field for inviting the prospective sellers to make an offer to sell the product or service to the prospective buyer for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer; and (d) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (c) and to accept an offer so received within the time provided.

8. A transaction platform for use with an electronic device having computing means to facilitate the purchase by a prospective purchaser of a product or service in an on-line environment, the platform comprising:

(a) one or more input criteria fields for specifying criteria of the product or service sought to be purchased by the prospective purchaser;

(b) an invitation field for inviting the members of a selected invitee group within a defined location parameter to offer to sell the product or service to the prospective purchaser at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

(c) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective purchaser to review any offers received pursuant to Step (b); and

(d) an acceptance field enabling the prospective purchaser within a predetermined acceptance period calculated by timing means to accept an offer to purchase the product or service received pursuant to Step (b).

9. A transaction platform for transacting business between buyers and sellers of vehicles in an on-line environment by means of an electronic device having computing means, the transaction platform comprising:

(a) communication means for establishing a communication pathway between a prospective buyer and two or more prospective sellers within a defined location parameter, the identity of the prospective buyer being invisible to the sellers; (b) one or more input criteria fields for specifying criteria of the product or service sought to be purchased by the prospective buyer;

(c) an invitation field for inviting the prospective sellers to make an offer to sell the product or service to the prospective buyer for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective buyer, and

10. A transaction platform for facilitating business between buyers and sellers of products and services in an on-line environment by means of an electronic device having computing means, the transaction platform comprising:

(a) communication means for establishing a communication pathway between a prospective seller and a selected invitee group, wherein the identity of the prospective seller is invisible to the selected invitee group;

(c) an invitation field for inviting the selected invitee group to make an offer to buy the product or service from the prospective seller for a predetermined offer period based on the one or more input criteria, each offer being invisible to all but the prospective seller, and

(d) timing means for timing the opening and closing of the offer period, and for timing the opening and closing of a predetermined review period for the prospective seller to review any offers received pursuant to Step (c) and to accept an offer so received within the time provided.

1 1 . An electronic device for facilitating the purchase of a product or service, the electronic device comprising: a processor and a memory including computer-executable instructions, one or more computing devices to be in selective communication with the electronic device through a communications network, wherein a user or users of the one or more computing devices is/are able to access a server to purchase the product or service by:

(a) establishing a communication pathway between the user and a selected invitee group, the identity of the prospective purchaser being invisible to the invitee group;

(b) identifying one or more input criteria for the product or service sought to be purchased by the user;

12. A computer readable medium for facilitating the purchase of a product or service and comprising computer executable instructions that, when executed on a processor, direct the processor to at least:

(c) invite members of the selected invitee group within a defined location parameter to offer to sell the product or service to the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier; (d) close the offer period, and open a predetermined review period for the user to review any offers received pursuant to Step (c); and

(e) close the review period, and inviting the user within a predetermined acceptance period to accept an offer to purchase the product or service received pursuant to Step (c).

13. An electronic device for facilitating the sale of a product or service, the electronic device comprising: a processor and a memory including computer-executable instructions, one or more computing devices to be in selective communication with the electronic device through a communications network, wherein a user or users of the one or more computing devices is/are able to access a server to sell the product or service by:

14. A computer readable medium for facilitating the sale of a product or service and comprising computer executable instructions that, when executed on a processor, direct the processor to at least:

(b) identify one or more input criteria for the product or service sought to be sold by the user;

(c) invite members of the selected invitee group within a defined location parameter to offer to buy the product or service from the user at a price determined by the offeror for a predetermined offer period based on the one or more input criteria, each offer having a unique identifier;

15. An electronic device incorporating or associated with the method, transaction platform or computer readable medium of any preceding claim.

16. The electronic device of Claim 15, being an internet-enabled device.