WO2016098081A1 - System and method for reverse auction - Google Patents

Abstract

The present disclosure relates to the field of E-commerce, and more particularly to a system and method for improved reverse auction. The proposed system includes a case based reasoning engine (CBRE) that can be accessed by a plurality of customers and/or vendors, wherein the CBRE, using past information on vendors, their ratings, products and quotes, generates an offer for a customer for a product required by him if no quote is received from vendors during a time period accepted by the customer for receiving such quotes. In another aspect, the system generates a list of vendors hyper local to a customer for product required by him, sends request for quotation to them after approval of the same by the customer, and sends a list of all quotes or the best quotes along with vendor information and their ratings to enable the customer to select the right vendor.

Description

SYSTEM AND METHOD FOR REVERSE AUCTION

TECHNICAL FIELD

[0001] The present disclosure relates to the field of electronic commerce, particularly to conducting auctions.

BACKGROUND

[0002] Background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.

[0003] Most people spend a significant amount of time and effort looking for best available rates for desired products. It is observed that people mostly end up paying significantly more than the best possible price for a product. It is difficult to know if a better price than that being offered at a store exists since the store offering the better price may be unknown to the user. In some cases, the customer may have additional benefits from his/her current position. For example, the customer intending to procure an 'LED TV' from a shop may not be aware that the shop across the street whose list price for the same product appears higher is actually offering a financially better alternative due to the presence of a corporate discount and an additional cash-back on the credit card she can make the payment with.

[0004] It is also seen that more often than not, prices are often negotiated and the difference between listed and negotiated prices for different customers at the same store could be drastically different. For example, 'car insurance' from the same insurance firm for the same car and time may vary a lot depending on the negotiating skills of the customer and the pricing offered by other competing companies. Settling for an apparently lower cost often leads to people making a compromise on quality. For example, for a service like 'AC Repair and Maintenance' settling for a low cost may often lead to several uncovered items, poor quality of replaced parts, bad workmanship or limitations in warranty.

[0005] In the light of the above problem, there is a need to have a system that provides best available rate for a product using negotiating skills and judgment of an expert user backed by support of an intelligent computer system.

[0006] All publications herein are incorporated by reference to the same extent as if each individual publication or patent application were specifically and individually indicated to be incorporated by reference. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided herein, the definition of that term provided herein applies and the definition of that term in the reference does not apply.

[0007] As used in the description herein and throughout the claims that follow, the meaning of "a," "an," and "the" includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein, the meaning of "in" includes "in" and "on" unless the context clearly dictates otherwise.

[0008] All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g. "such as") provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention.

OBJECTS OF THE INVENTION

[0009] It is an object of the present disclosure to provide for a system and method that provides best available rate for a product or service or a combination of these to customers.

[0010] It is an object of the present disclosure to provide for a system and method that can get quotes for different products and/or services from a plurality of vendors, and provide such quotes or a best of those to the customers requesting for such products and/or services.

[0011] Other objects and advantages of the present disclosure will be more apparent from the following description when read in conjunction with the accompanying figure, which is not intended to limit the scope of the present disclosure.

SUMMARY OF THE INVENTION

[0012] The present disclosure relates to the field of electronic commerce, particularly to conducting auctions.

[0013] In an aspect, the present disclosure relates to a system for conducting reverse auction, said system comprising a case based reasoning engine (CBRE) configured to receive a product purchase request from a customer, based on which said system is configured to initiate a timer, through a timer module, to set a time for quote submission within which time at least one quote of at least one vendor is to be provided to the customer by the CBRE; an RFQ generation module configured to generate, based on a template, a RFQ based on the product purchase request from the customer; an RFQ transmission module configured to, through the CBRE, transmit the RFQ to one or more vendors of at least one vendor cluster based on customer location and attributes of the product purchase request; and a quote receipt and transmission module configured to enable the CBRE to confirm if at least one quote from at least one vendor is received for the RFQ, wherein the CBRE is further configured to process received quotes from at least one vendor with quote(s) stored in repository module of the CBRE, and send a final set of quotes to the customer within the set time.

[0014] In an aspect, along with the final set of quotes, rating of the respective vendor can be sent by the CBRE to the customer. In another aspect, alongwith the final set of quotes, information pertaining to the respective vendor is sent by the CBRE to the customer. In another aspect, the customer places an order for the product based on the final set of quotes. In another aspect, the at least one vendor is allowed to revise its quote even after submission but within the set time. In another aspect, the product purchase request to be submitted to the CBRE can be specified by means of a request form generation module.

[0015] In another aspect, the CBRE can further include a revision module that can be configured to enable an expert to revise the product purchase request to generate a modified product purchase request to enable accurate quotes to be received from the vendors. In another aspect, the at least one vendor cluster comprises a plurality of vendors that are hyper local to the customer for the product. In another aspect, the customer can be authenticated through an authentication and validation module. In another aspect, the product purchase request from the customer can be associated with a transaction identifier, based on which the final set of quotes are sent to the customer. In yet another aspect, in case no vendor gives a quote for the RFQ, CBRE can be configured to identify one or more quotes from its repository to generate the final set of quotes.

[0016] In another aspect, the present disclosure relates to a method for conducting reverse auction, said method including the steps of receiving a product purchase request from a customer; initiating a timer to set a time for quote submission within which time at least one quote of at least one vendor is to be provided to the customer by the CBRE; generating, based on a template, a RFQ based on the product purchase request from the customer; transmitting, through the CBRE, the RFQ to one or more vendors of at least one vendor cluster based on customer location and attributes of the product purchase request; and enabling the CBRE to confirm if at least one quote from at least one vendor is received for the RFQ, wherein the CBRE is further configured to process received quotes from at least one vendor with quote(s) stored in repository of the CBRE, and send a final set of quotes to the customer within the set time.

[0017] Other features of embodiments of the present disclosure will be apparent from accompanying drawings and from detailed description that follows.

BRIEF DESCRIPTION OF THE DRAWINGS

[0018] A system and method for intelligently conducting reverse auction in accordance with the present disclosure will now be described with the help of accompanying drawings, in which:

[0019] FIG.1 is a high level block diagram indicating the functioning of a reverse auction system in accordance with the method and system of the present disclosure.

[0020] FIG. 2 illustrates via a schematic block diagram the key modules of the proposed reverse auction system in accordance with the method and system of the present disclosure.

[0021] FIG.3 illustrates via an exemplary flow diagram the functioning of the proposed reverse auction system in accordance with the method and system of the present disclosure.

DETAILED DESCRIPTION OF THE INVENTION

[0022] The following is a detailed description of embodiments of the disclosure depicted in the accompanying drawings. The embodiments are in such detail as to clearly communicate the disclosure. However, the amount of detail offered is not intended to limit the anticipated variations of embodiments; on the contrary, the intention is to cover all modifications, equivalents, and alternatives falling within the spirit and scope of the present disclosure as defined by the appended claims.

[0023] Each of the appended claims defines a separate invention, which for infringement purposes is recognized as including equivalents to the various elements or limitations specified in the claims. Depending on the context, all references below to the "invention" may in some cases refer to certain specific embodiments only. In other cases it will be recognized that references to the "invention" will refer to subject matter recited in one or more, but not necessarily all, of the claims.

[0024] Various terms as used herein are shown below. To the extent a term used in a claim is not defined below, it should be given the broadest definition persons in the pertinent art have given that term as reflected in printed publications and issued patents at the time of filing. [0025] The expression 'reverse auction' is a type of auction in which the roles of buyer and seller are reversed, sellers competing to sell and/or services to buyers by offering competitive prices and best possible terms.

[0026] The expression 'auction system' used hereinafter in the specification refers particularly to a reverse auction system.

[0027] The expression 'product' used hereinafter in the specification refers to both tangible items and intangible items or services that may be available for sale.

[0028] The expression 'customer' used hereinafter in the specification refers to a person intending to procure at least one product, defined herein above.

[0029] The expression 'vendor' used hereinafter in the specification refers to a person intending to sell at least one product, defined herein above to at least one customer, defined herein above.

[0030] The expression 'value' used hereinafter in the specification, as part of an attribute- value pair constituting data processed by a reverse auction system, typically represents a user input in the form of at least one of a character (letter, number, space, punctuation mark, or symbol), string, alphanumeric characters, GUI elements ( radio button, check box, and the like) and a set; the value being a user input via any known input means including keyboard input, voice recognition, retinal scan, fingerprint matching and the like.

[0031] The expression 'form' used hereinafter in the specification refers to a collection of data comprising attribute -value pairs of items used to describe a product, defined herein above. The attributes are generally fixed. The values may be locked or editable.

[0032] The expression 'case based reasoning' or 'CBR' used hereinafter in the specification refers to the process of solving new problems based on the solutions of similar past problems using an extending analogy. It is believed to imitate the working of the human brain in everyday problem solving. In the context of the present disclosure, CBR is used to automate processes by using the learning's of an expert user. A CBRE or 'case based reasoning engine' is a system, method or algorithm using the CBR process to solve problems.

[0033] The expression 'expert user' used hereinafter in the specification refers to person or a robot or any other machine or program or assistive technology products intending to edit the 'value' defined herein above, with the intent of supplementing / managing the learning process of the CBRE by suitably editing, approving or disapproving every learned 'value'.

[0034] The expression 'hyper local' used hereinafter in the specification refers to a means to solve the problem of matching immediate demand with the nearest available supply in the most optimised manner. [0035] The expression 'machine readable media' used hereinafter in the specification refers to devices/communication portals not limited to electronic / web based devices including telephones, mobile/portable devices, computer systems based on internet / intranet / extranet / telecommunication systems and any combination thereof.

[0036] The expression 'intelligent auction system' used hereinafter in the specification refers to a system implemented on a 'machine readable media', defined herein above, and being capable of serving multiple concurrent auction related transactions.

[0037] In the following description, numerous specific details are set forth in order to provide a thorough understanding of embodiments of the present invention. It will be apparent to one skilled in the art that embodiments of the present invention may be practiced without some of these specific details.

[0038] Embodiments of the present invention include various steps, which will be described below. The steps may be performed by hardware components or may be embodied in machine -executable instructions, which may be used to cause a general-purpose or special- purpose processor programmed with the instructions to perform the steps. Alternatively, steps may be performed by a combination of hardware, software, and firmware and/or by human operators.

[0039] Embodiments of the present invention may be provided as a computer program product, which may include a machine-readable storage medium tangibly embodying thereon instructions, which may be used to program a computer (or other electronic devices) to perform a process. The machine -readable medium may include, but is not limited to, fixed (hard) drives, magnetic tape, floppy diskettes, optical disks, compact disc read-only memories (CD-ROMs), and magneto-optical disks, semiconductor memories, such as ROMs, PROMs, random access memories (RAMs), programmable read-only memories (PROMs), erasable PROMs (EPROMs), electrically erasable PROMs (EEPROMs), flash memory, magnetic or optical cards, or other type of media/machine-readable medium suitable for storing electronic instructions (e.g., computer programming code, such as software or firmware).

[0040] Various methods described herein may be practiced by combining one or more machine -readable storage media containing the code according to the present invention with appropriate standard computer hardware to execute the code contained therein. An apparatus for practicing various embodiments of the present invention may involve one or more computers (or one or more processors within a single computer) and storage systems containing or having network access to computer program(s) coded in accordance with various methods described herein, and the method steps of the invention could be accomplished by modules, routines, subroutines, or subparts of a computer program product.

[0041] If the specification states a component or feature "may", "can", "could", or "might" be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.

[0042] Exemplary embodiments will now be described more fully hereinafter with reference to the accompanying drawings, in which exemplary embodiments are shown. This invention may, however, be embodied in many different forms and should not be construed as limited to the embodiments set forth herein. These embodiments are provided so that this disclosure will be thorough and complete and will fully convey the scope of the invention to those of ordinary skill in the art. Moreover, all statements herein reciting embodiments of the invention, as well as specific examples thereof, are intended to encompass both structural and functional equivalents thereof. Additionally, it is intended that such equivalents include both currently known equivalents as well as equivalents developed in the future (i.e., any elements developed that perform the same function, regardless of structure).

[0043] Thus, for example, it will be appreciated by those of ordinary skill in the art that the diagrams, schematics, illustrations, and the like represent conceptual views or processes illustrating systems and methods embodying this invention. The functions of the various elements shown in the figures may be provided through the use of dedicated hardware as well as hardware capable of executing associated software. Similarly, any switches shown in the figures are conceptual only. Their function may be carried out through the operation of program logic, through dedicated logic, through the interaction of program control and dedicated logic, or even manually, the particular technique being selectable by the entity implementing this invention. Those of ordinary skill in the art further understand that the exemplary hardware, software, processes, methods, and/or operating systems described herein are for illustrative purposes and, thus, are not intended to be limited to any particular named element.

[0044] In accordance with an aspect of the present disclosure, there is provided a computer implemented system adapted to co-operate with at least one auction system for generating at least one template form that facilitates generating a Request For Quote (RFQ) for at least one product, the system being further adapted to retrieve, reuse, revise and retain at least one data constituting the at least one template form being processed by the at least one auction system, the data being attribute-value pairs. [0045] In an aspect, system of the present disclosure can include an input module adapted to receive at least one request form from the at least one auction system, the request form comprising requested data. System can further include a revision module co-operating with the input module, the revision module being adapted to provide a user interface for editing the value constituting at least one of the attribute -value pairs, by an expert user, to generate a modified form comprising modified data; a repository module adapted to receive and retain either the requested data constituting a received form or the modified data constituting a modified form as a stored form and adapted to store data on vendors and customers registered, various forms generated by the system and various quotes being offered by the vendors and provide such data to customers, vendors and expert users as required. System of the present disclosure can further include a processing module configured to compare the request form comprising the requested data with the stored form in the repository and either update or append the value constituting at least one of the attribute -value pairs in the stored form. System of the present disclosure can further include an output module co-operating with the repository module configured to retrieve for reuse at least one of the stored forms, and transmit at least one of the stored forms as the template form to the auction system for generating a Request For Quote (RFQ).

[0046] In accordance with a second aspect of the present disclosure, there is provided a method for generating at least one template form that facilitates generation of a Request For Quote (RFQ) for a product by at least one auction system, the method including the steps of receiving, in an input module, at least one request form from the at least one auction system, the request form comprising at least one data being requested data, the data being attribute- value pairs. The method can further include editing the value constituting at least one of the attribute -value pairs by an expert user, and generating a modified form comprising modified data, in a revising module. The method can further include receiving and retaining, in a repository module, either the requested data constituting a received form or the modified data constituting a modified form as a stored form; comparing the request form comprising the requested data with the stored form, in a processing module; updating or appending the value constituting at least one of the attribute -value pairs in the stored form, in the processing module; and retrieving for reuse at least one of the stored forms and transmitting at least one of the stored forms as the template form to the auction system for generating the RFQ, by an output module.

[0047] In accordance with a third aspect of the present disclosure, there is provided an intelligent auction system for conducting reverse auction of at least one product by an auction system implemented on a machine readable media, wherein system includes an authentication and validation module adapted to perform at least one of authentication and validation of a customer accessing the auction system and making a request; a timer module adapted to generate a time limit for responding to the customer request; a request form generation module adapted to generate a transaction ID and at least one request form corresponding to the customer request; a Case Based Reasoning Engine (CBRE) adapted to co-operate with the request form generation module and generate at least one template form that facilitates generating a Request For Quote (RFQ) for at least one product, a RFQ generation module adapted to receive the template form and transmit it the customer for approval and further adapted to receive either the approved template form or a modified template form as a Request For Quote (RFQ) for transmitting along with the confirmed time limit to at least one vendor, said at least one vendor being selected from vendor cluster generated by the vendor cluster module for the customer and the product; a quote receipt and transmittal module configured to receive at least one quote in response to the RFQ from at least one vendor and transmit the received at least one quote to the customer for selecting at least one vendor and to said processing module of said CBRE for learning; and a vendor information module adapted to receive details of the selected at least one vendor from the customer and accordingly provide details of the customer to the selected at least one vendor.

[0048] In an aspect, the Case Based Reasoning Engine can include an input module adapted to receive the at least one request form, the request form comprising data, being requested data, the data being attribute-value pairs; a revision module co-operating with the input module, the revising module adapted to provide a user interface for editing the value constituting at least one of the attribute -value pairs by an expert user to generate a modified form comprising modified data; a repository module adapted to receive and retain either the requested data constituting a received form or the modified data constituting a modified form as a stored form and adapted to store data on vendors and customers registered, various forms generated by the system and various quotes being offered by the vendors and provide such data to customers, vendors and expert users as required; a processing module adapted to compare the request form comprising the requested data with the stored form in the repository and either update or append the value constituting at least one of the attribute- value pairs in the stored form; an output module co-operating with the repository module to retrieve for reuse at least one of the stored forms, and transmit at least one of the stored forms as the template form for generating the RFQ; a vendor cluster module adapted to generate vendor clusters (aka lists) of vendors that are hyper local to a customer for the at least one product, customers from same location for same product having the same vendor cluster; and a vendor rating module adapted to store and provide ratings information on different vendors to customers of the system, based on previous transactions.

[0049] In accordance with a fourth aspect of the present disclosure, there is provided a method for intelligently conducting reverse auction of at least one product by an auction system, implemented on a machine readable media, the method including the steps of performing, by an authentication and validation module, at least one of authentication and validation of a customer accessing the auction system and making a request; generating a time limit for responding to the customer request by a timer module; receiving confirmation of the time limit from the customer and generating a transaction ID and at least one request form corresponding to the customer request by a request form generation module; generating a template form corresponding to the customer request by a Case Based Reasoning Engine (CBRE);receiving and submitting the template form to the customer for approval by the RFQ generation module; receiving and submitting the approved template form as a Request For Quote (RFQ) along with the confirmed time limit to at least one vendor by the RFQ generation module, said at least one vendor being selected from vendor cluster generated by the vendor cluster module for the customer and the product; receiving at least one quote in response to the RFQ from at least one vendor by a quote receipt and transmittal module; transmitting the received at least one quote to the customer and to a processing module of said CBRE for learning by the quote receipt and transmittal module; receiving and optionally comparing the received quote, by the customer; selecting at least one vendor, by the customer; and providing details of the customer to the selected at least one vendor, by a vendor information module.

[0050] Additionally, in the method for intelligently conducting reverse auction of at least one product as described herein above, the step of receiving at least one quote can also include receiving the rating of the vendor providing the at least one quote, said rating being provided by the vendor rating module.

[0051] Additionally, in the method for intelligently conducting reverse auction of at least one product as described herein above, the step of transmitting at least one quote to the customer can also include the system using quotes already in repository module if no vendors respond with a quote within time limit confirmed by the customer or the customer provides no time for providing quotes.

[0052] Preferably, in the method for intelligently conducting reverse auction of at least one product as described herein above, the step of performing at least one of authentication and validation can be preceded by the step of checking if the customer accessing the auction system is a first time customer or a revisiting customer.

[0053] Typically, in the method for intelligently conducting reverse auction of at least one product as described herein above, the step of generating a template form can further include the steps of receiving the at least one request form from the request form generation module , the request form comprising at least one data, being requested data, the data being attribute -value pairs; editing the value constituting at least one of the attribute-value pairs by an expert user and generating a modified form comprising modified data; receiving and storing either the requested data constituting a received form or the modified data constituting a modified form as a stored form; comparing the request form comprising the requested data with the stored form; updating or appending the value constituting at least one of the attribute -value pairs in the stored form; and transmitting at least one of the stored forms as a template form to the RFQ generation module.

[0054] Additionally, in the method for intelligently conducting reverse auction of at least one product as described herein above, the step of receiving and submitting the approved template form can be preceded by at least one of editing of the template form by the customer and pre-registering of vendors corresponding to the customer request.

[0055] In an embodiment, the system and method of the present disclosure may be enabled through a computer program product.

[0056] The system and method for intelligently conducting reverse auction in accordance with the present disclosure will now be described with reference to the embodiment shown in the accompanying drawings.

[0057] FIG. 1 illustrates via a high level block diagram the functioning of a reverse auction system in accordance with the method and system of the present disclosure.

[0058] As shown, in an aspect, the proposed system can include a case based reasoning engine (CBRE) 104 that a plurality of customers shown as customer 102-1, customer 102-2.. customer 102-n can access. In another aspect, the system can have a plurality of registered vendors for different products shown as 108-1, 108-2, 108-3, 108-4, 108-5, 108-6 ... 108-n etc.

[0059] In an exemplary embodiment of the disclosed system, customer 102-1 can make a request for a product PR-1, wherein the CBRE 104 can receive such a request and can send to the customer a time limit for responding to the customer request. Once the customer accepts this time limit, CBRE 104 can generate a request for quotation RFQ-1, and can also generate a vendor cluster such as 106-1, 106-2 (collectively referred to as vendor cluster 106 hereinafter) for registered vendors hyper local to customer 102-1 for product PR-l .In an exemplary embodiment of the disclosed system such vendor cluster 106 can include registered vendor 108-1, registered vendor 108-2 and registered vendor 108-3. CBRE 104 can send the request for quotation RFQ-1 to these vendors for PR-1 giving details of PR-1 and its various features as required by customer 102-1. Upon receiving such request, vendors in vendor cluster 106-1 can make various quotations illustrated as PQ-1-1, PQ-1-2 and PQ-1-3. CBRE 104 can receive these quotations and once the time limit accepted by the customer has expired, can send a listing of all such quotations and their vendors or list of the best quotes and their vendors to customer 102-1 as list of quotes LQ-1. In an aspect, LQ-1 can also include rating information on each vendor. Based upon such information, customer 102-1 can select a vendor and the order can further be executed.

[0060] Likewise different customers can raise requests for different products and accept different time limits for responding to their requests, a vendor cluster hyper local to each customer for his product can be generated, requests for quotations can be sent to such vendors and upon expiry of time limits set by different customers, a list of quotes received or a list of best quotes received for their requests can be sent to them.

[0061] In another aspect, CBRE 104 can store details of previous quotes and vendors for various products being requested by various customers. Such record can be used by the system of the present disclosure to make a quote to a customer when said customer requests an immediate quote or when none of the vendors who have been sent the RFQ respond within the time period accepted by the customer.

[0062] In another aspect, Vendors can also revise the quotes within the reverse auction time period to stay competitive or based on seasonal demand, which can help Users to choose the vendor with best price and good rating. For every user, based on location, list of vendors can differ, and CBRE can be generate list of vendors with pricing on case to case basis.

[0063] In another aspect, CBRE 104 can be configured to interact with the user and the vendor throughout the transaction process till the list of quotes from vendors is generated and user will choose the product by placing the order.

[0064] FIG. 2 illustrates exemplary functional modules of the proposed reverse auction system in accordance with the method and system of the present disclosure.

[0065] In an aspect, authentication and validation module 210 can perform at least one of authentication and validation of the customer accessing the auction system and categorizes the customer as a first time visitor or a revisiting customer. [0066] In another aspect, a timer module 212 can generate time limit for responding to the customer request, and if the customer accepts the time limit, a transaction ID and at least one request form corresponding to the customer request can be generated by a request form generation module 214. In an aspect, the customer request can be for purchase of a product. In another aspect, the product can have several attributes, each with some possible values.

[0067] In an aspect request form generation module 214 can submit a query based on the at least one request form to a Case Based Reasoning Engine (CBRE) 222 on the availability of a template form pertaining to the product. In an aspect, the CBRE 222 can be adapted to retrieve, reuse, revise and retain at least one data constituting the at least one template form and can include an input module 224, a revising module 226, a repository module 228, a processing module 230, an output module 232, a vendor cluster module 234 and a rating module 236.

[0068] In an aspect, the request form from the request form generation module 214 can include at least one data that can essentially be the requested data for the requested product, such data including attribute -value pairs, for instance. The requested data can be received by the input module 224. The revision module 226 co-operating with the input module 224 can provide a user interface for editing at least one of the values constituting the attribute-value pairs by an expert user, and a modified form can be generated that can include modified data. The modified form can then be stored as a stored form in a repository module 228.

[0069] In another aspect, repository module 228 can store data on any or a combination of vendors and customers registered, various forms generated by the system, and various quotes being offered by the vendors and can provide such data to customers, vendors and expert users as and when required.

[0070] In another aspect, processing module 230 can be configured to compare the request form comprising requested data with the stored form and values constituting at least one of the attribute-value pairs in the stored form can be updated / appended, as suitable. The modified form can thus be either generated from history or by an expert user. The stored form can then be transmitted as a template form, by output module 232 to a RFQ generation module 216.

[0071] In an aspect, the template form can then be submitted to the customer for approval by the RFQ generation module 216. The customer can approve the received template form or can edit the template form to include or exclude data as per his requirement prior to approving the template form. In such a fashion, a Request For Quotation ( RFQ ) with clear product information can be generated. [0072] In another aspect, potential vendors who may be able to attend to the customer request can be optionally pre-registered by the authentication and validation module 210.

[0073] In an aspect, vendor cluster module 234 can generate vendor clusters (aka lists) of vendors that are hyper local to a customer to ensure faster and reliable delivery. In another aspect, such vendor cluster can be unique to a customer for a product. In another aspect, vendor cluster module 234 can generate the same vendor cluster for customers from same location for same product.

[0074] In an aspect, vendor rating module 236 can store and provide ratings information on different vendors to customers of the system, based on previous transactions, enabling them to get faster and more reliable delivery of the product.

[0075] In another aspect, the approved template form can then be submitted as a Request For Quote (RFQ) along with the confirmed time limit to multiple vendors based on hyper local concept (vendor cluster) by the RFQ transmittal module 218.

[0076] In an aspect, CBRE 222 can search and intimate hyper local vendors with clear requested product information via SMS and E-mail. In another aspect, for customers from same location looking for same product the hyper local vendor cluster can be the same. In another aspect, vendors can respond for quotes for the product through URL provided to them via SMS or E-mail.

[0077] In another aspect, quote receipt and transmittal module 220can receive quotes from multiple vendors forming the hyper-local vendor cluster for that product and that customer. In another aspect, quote receipt and transmittal module 220can receive at least one quote from at least one vendor in response to the RFQ. In yet another aspect, quote receipt and transmittal module 220 can receive at least one quote from at least one vendor in response to the RFQ as well as the rating of the at least one vendor. The at least one quote can be either a standard quote or a modified quote.

[0078] In another aspect, quote receipt and transmittal module 220 can send the quotes received by it to CBRE 222 for its learning and storing such quotes in repository module 228. In such fashion, CBRE 222 can continuously update itself and have access to relevant data for a future product request similar to that received at any time in the past.

[0079] In another aspect, CBRE 222 can map the quotes of various vendors to the transaction ID generated by request form generation module 214 and can accordingly collect all such quotes. [0080] In an aspect, if none of the vendors contacted responds with a quote, and pricing of the product required by the customer is available in repository module 228, the system of the present disclosure can use this information.

[0081] In another aspect, until the time limit for submitting a quote against an RFQ is not over, CBRE 222 can enable a vendor to revise his quotes and can accordingly update itself and repository module 228.

[0082] In an aspect, once the time accepted by the customer for responding to his request has expired, CBRE 222 can collect all quotes received from different vendors and /or available in repository module 228 and send those to the customer as a list, along with vendor name using quote receipt and transmittal module 242. Once the time accepted by the customer for responding to his request has expired, the best quotes and their vendors' information can be made available to the customer using quote receipt and transmittal module. In another aspect, the rating of each vendor of the leading quotes can also be made available to the customer using quote receipt and transmittal module 242 and vendor rating module 236. (See Table-7). In yet another aspect, the best quotes and their vendors' information can be made available to the customer at any interim time as well, if requested by the customer. In yet another aspect, all quotes received by the system till the expiry of time accepted by the customer for responding to his request and their vendor information can be made available to the customer.

[0083] In another aspect CBRE 222 can also send the rating information for each vendor whose quote information is being sent, to the customer.

[0084] The customer can receive and compare the quotes to select at least one vendor. In another aspect, the customer can compare the quotes and the ratings to select at least one vendor.

[0085] In another aspect, vendor information module 238 can provide details of the customer to the selected at least one vendor for completing the payment process and accordingly bringing a closure to the customer request.

[0086] In an aspect, other vendors cannot come to know of the customer details.

[0087] While the exemplary embodiment of the present disclosure has been explained with reference to a product, the system disclosed can be configured to function likewise for a service or for a combination of a product and a service.

[0088] To further elaborate on the reverse auction system and method of the present disclosure, an exemplary auction involving a product 'Tablet' can be as explained herein below. [0089] In an aspect, a typical template form that can be provided to a customer for approval can be as indicated in Table- 1 herein below.

Table- 1

[0090] The form received by the customer can include several items. Some can be pre- populated from an initial request statement while some can be bound by availability. For example in case of an Apple iPad the model itself can allow filling of Item, Brand, Product Name, Version, Screen Size as indicated above. The customer can choose to further lock some more items, for example Memory, Wifi and 3G, Payment Mechanism and upper-limit on Delivery Time as indicated in Table-2 herein below. Items left optional by the customer can be required to be filled by the vendor. Table-2

[0091] The RFQ finalised by the customer can then be submitted to the vendors of the vendor cluster for that product and customer, along with the desired time -limit. Some vendors can choose to have a standard quote that can be used to immediately place a quote on their behalf if it matches the customer's criteria. Alternatively, some vendors can choose to fill the RFQ as indicated in Table -3 herein below.

Table-3

Name Value Customer Vendor

Item Tablet

Brand Apple Inc.

Product Name iPad

Version Generation 3 Screen Size 9.7 in

Memory 64G

Color No Preference All

Wifi and 3G Wifi +3G

Product State New only

Warranty No preference

Product Cost (incl 30,900

tax)

Delivery Cost 99

Payment Credit Card, COD Credit Card, COD Mechanism only

Delivery Time Within 1 week 3 days

Delivery Location Andheri West,

Mumbai

[0092] Some vendors can choose to include add-on items (see Carry Case in Table-4) to enhance the quality of the quote. The same vendor can submit multiple quotes if they have different composition or terms (Table-5).

Table-4

Name Value Customer Vendor

Item Tablet

Brand Apple Inc.

Product Name iPad

Version Generation 3

Screen Size 9.7 in

Memory 64G

Color No Preference All

Wifi and 3G Wifi +3G

Product State New only

Warranty No preference

Product Cost (incl 29,900

tax) Delivery Cost 99

Payment Credit Card, COD Credit Card, COD Mechanism only

Delivery Time Within 1 week 3 days

Delivery Location Andheri West,

Mumbai

Carry Case Free CallMateUniveral worth Rs 699

Table-5

Name Value Customer Vendor

Item Tablet

Brand Apple Inc.

Product Name iPad

Version Generation 3

Screen Size 9.7 in

Memory 64G

Color No Preference All

Wifi and 3G Wifi +3G

Product State New only

Warranty No preference

Product Cost (incl 29,600 tax)

Delivery Cost 99

Payment Credit Card, COD Credit Card, COD Mechanism only

Delivery Time Within 1 week 3 days

Delivery Location Andheri West,

Mumbai

Carry Case Free No [0093] Some vendor can revise the price during the reverse-auction as indicated in Table- 6.

Table-6

[0094] Once the time accepted by the customer for responding to his request has expired, the best quotes and their vendors' information can be made available to the customer. In another aspect, the rating of each vendor of the leading quotes can also be made available to the customer. (See Table-7). In yet another aspect, the best quotes and their vendors' information can be made available to the customer at any interim time as well, if requested by the customer. In yet another aspect, all quotes received by the system till the expiry of time accepted by the customer for responding to his request and their vendor information can be made available to the customer. Table-7

[0095] In an aspect, based upon the quote information of various vendors quoting, the customer can decide to select one of the vendors, in which case his approval can be recorded and his details (such as name, address, contact coordinates etc.) can be submitted to the winning vendor. In an aspect, based upon the quote and rating information of various vendors quoting, the customer can decide to select one of the vendors, in which case his approval can be recorded and his details (such as name, address, contact coordinates etc.) can be submitted to the winning vendor.

[0096] In an aspect, other vendors can not come to know of the customer details.

[0097] The CBRE 222can now be explained with the exemplary embodiment of creating the initial RFQ for an iPad (a popular tablet computer) and then using it to create a RFQ for an iPad Mini ( smaller iPad of different form-factor) and a Lenovo Yoga (another popular tablet computer but with different form -factor and dynamics).

[0098] A customer can request for an iPad. The request can be attended to by an expert user and a template form can be generated by the expert user from the history of the iPad product.

Items in square brackets can be multiple -options.

Category=Computer

SubCategory=Tablet

Product=iPad Mini

Screen=Touch

Brand=Apple Inc.

ScreenSize=9.7 in

Version=Generation 3 Memory=64G

[0099] For instance, a customer can wish to specify the color as white and can specifically desire Wifi+3G. So the above template form can be pulled-out and revised to generate a modified form.

Color= [White, Black]

Network= [Wifi, Wifi+3G]

[00100] After some time during the auction, a vendor can choose to add an accessory called Carry-Case , the first time this happens the expert user can standardize the term , thus the modified form can become -

Category=Computer

SubCategory=Tablet

Product=iPad Mini

Screen=Touch

Brand=Apple Inc.

ScreenSize=9.7 in

Version=Generation 3

Memory=64G

Color= [White, Black]

Network= [Wifi, Wifi+3G]

[*] Carry-Case=

[00101] In all future transactions, the slot for adding carry-case can be present without requiring any intervention by the expert user. Also in the display of options to the customer/vendor, quotes with and without carry-case can be marked out separately. Similarly if a vendor can supply only one color, that can also be reflected accordingly.

[00102] Now if another customer asks for a 32 GB or 16G iPad, the form can get modified to -

Product=iPad Mini

Screen=Touch Brand=Apple Inc.

ScreenSize=9.7 in

Version=Generation 3

Memory= [64G, 32G, 16G]

Color= [White, Black]

Network= [Wifi, Wifi+3G]

[*] Carry-Case=

[00103] If yet another customer asks for an iPad Mini, the expert user can retrieve the form of the iPad and can create a form for iPad Mini as -

Category=Computer

SubCategory=Tablet

Product=iPad Mini

Screen=Touch

Brand=Apple Inc.

ScreenSize=9.7 in 7.9 in

Version=Generation 3

Memory= [64G, 32G, 16G]

Color= [White, Black]

Network= [Wifi, Wifi+3G]

[*] Carry-Case=

[00104] In an aspect, if a customer wants to add an accessory called "ScreenGuard", the form for the iPad Mini can get as -

Category=Computer

SubCategory=Tablet

Product=iPad Mini

Screen=Touch

Brand=Apple Inc.

ScreenSize=9.7 in 7.9 in

Version=Generation 3

Memory= [64G, 32G, 16G] Color= [White, Black]

Network= [Wifi, Wifi+3G]

[*] Carry-Case=

[*] ScreenGuard=

[00105] In another aspect, the expert user can also be prompted "do you want to add ScreenGuard as an optional to all Tablets?"

[00106] In yet another an aspect, if there is a request for Lenovo Yoga 8 B6000, the expert can pull out and create

Category=Computer

SubCategory=Tablet

Product=Yoga 8 B6000

Screen=Touch

Brand=Lenovo

ScreenSize=8 in

Version=

Memory= [32G, 16G,8G]

Color= [White, Black, Silver]

Network=Wifi+3G Calling

[*] Carry-Case=

[*] ScreenGuard=

[00107] FIG. 3 illustrates via an exemplary flow diagram 300 showing functioning of the proposed reverse auction system in accordance with the method and system of the present disclosure.

[00108] As shown, at step 302, a customer can make a request for a product. At step 304, the system of the present disclosure can authenticate and validate the customer. At step 306, a time limit for responding to the customer request can be generated. At step 308, method of the present disclosure can check whether the customer has accepted the time limit or not. If the customer accepts the time limit, at step 310, a transaction ID corresponding to the customer request can be generated. At step 312, a query to the CBRE can be submitted based on which, at step 314, a template form giving the customer's requirements can be generated, and at step 316, this template form can be submitted to the customer for his approval. Once the customer approves the template form, a request for quotation (RFQ) can be generated at step 318. At step 320, the RFQ with clear product information can be submitted to multiple vendors based on hyper local concept (vendor cluster).

[00109] At step 322, multiple vendors can submit quotes. At step 324, method of the present disclosure can check if the time limit accepted by the customer for the auction has expired or not. If it has not, at step 326 vendors can revise their quotes and CBRE can accordingly be updated. If the time limit accepted by the customer for the auction has expired, at step 328, CBRE can generate a list of best quotes based on latest quotes received from the registered vendors or from repository if no registered vendor responds with a quote. At step 330, customer can receive list of best quotes and can select vendor by placing order. In another aspect, at step 330, customer can receive a list of best quotes along with ratings information of vendors submitting said quotes and can select vendor by placing order. At step 332, vendors can be notified, and at step 334, customer can complete payment for his order.

[00110] In another aspect, if at step 308, the system determines that the customer has not accepted the time limit, the system can directly move to step 326, and can immediately generate a list of best quotes based on latest quotes received from the registered vendors or from repository if no registered vendor responds with a quote. At step 328, customer can receive list of best quotes and can select vendor by placing order. In another aspect, at step 328, customer can receive a list of best quotes along with ratings information of vendors submitting said quotes and can select vendor by placing order. At step 330, vendors can be notified, and at step 332, customer can complete payment for his order.

[00111] In an embodiment, system and method of the present disclosure may be enabled through a computer program product.

[00112] As used herein, and unless the context dictates otherwise, the term "coupled to" is intended to include both direct coupling (in which two elements that are coupled to each other contact each other) and indirect coupling (in which at least one additional element is located between the two elements). Therefore, the terms "coupled to" and "coupled with" are used synonymously. Within the context of this document terms "coupled to" and "coupled with" are also used euphemistically to mean "communicatively coupled with" over a network, where two or more devices are able to exchange data with each other over the network, possibly via one or more intermediary device.

[00113] It should be apparent to those skilled in the art that many more modifications besides those already described are possible without departing from the inventive concepts herein. The inventive subject matter, therefore, is not to be restricted except in the spirit of the appended claims. Moreover, in interpreting both the specification and the claims, all terms should be interpreted in the broadest possible manner consistent with the context. In particular, the terms "comprises" and "comprising" should be interpreted as referring to elements, components, or steps in a non-exclusive manner, indicating that the referenced elements, components, or steps may be present, or utilized, or combined with other elements, components, or steps that are not expressly referenced. Where the specification claims refers to at least one of something selected from the group consisting of A, B, C ... .and N, the text should be interpreted as requiring only one element from the group, not A plus N, or B plus N, etc. The foregoing description of the specific embodiments will so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the appended claims.

[00114] In an embodiment of the disclosure, one or more of a process or step carried out by the system may involve use of a electronic device or a data processing device or a sensor or a microcontrollers or a PLC (Programmable logic controller) or a PID (proportional- integral-derivative) controller, or a combination thereof, which may further involve one or more predefined algorithms or programs or logic.

[00115] The terminology used herein is for the purpose of describing particular embodiments only and is not intended to be limiting of the invention. As used herein, the singular forms "a", "an" and "the" are intended to include the plural forms as well, unless the context clearly indicates otherwise.

[00116] The use of the expression "at least" or "at least one" suggests the use of one or more elements, as the use may be in one of the embodiments to achieve one or more of the desired objects or results.

[00117] The process steps, method steps, algorithms or the like may be described in a sequential order, such processes, methods and algorithms may be configured to work in alternate orders. In other words, any sequence or order of steps that may be described does not necessarily indicate a requirement that the steps be performed in that order. The steps of processes described herein may be performed in any order practical. Further, some steps may be performed simultaneously, in parallel, or concurrently.

[00118] The aim of this specification is to describe the invention without limiting the invention to any one embodiment or specific collection of features. Person skilled in the relevant art may realize the variations from the specific embodiments that will nonetheless fall within the scope of the invention.

[00119] It may be appreciated that various other modifications and changes may be made to the embodiment described without departing from the spirit and scope of the invention.

ADVANTAGES OF INVENTION

[00120] The present disclosure provides for a system and method that can generate unambiguous and clear product information and leads to various vendors based on which the vendors can make accurate quotes for the product.

[00121] The present disclosure provides for a system and method that can generate list of vendors that are hyper local to the customer to ensure faster and reliable delivery.

[00122] The present disclosure provides for a system and method that enables vendors to revise their quotes enabling them to become more competitive and allowing the customer to get best possible deal.

[00123] The present disclosure provides for a system and method that can provide ratings information of various vendors to the customers enabling them to get reliable and faster delivery of the product required by them.

[00124] The present disclosure provides for a system and method that can use information relating to past similar transactions to generate accurate Request For Quotes and list of suitable vendors and can provide previous quotes to the customer for product required by him in case of urgency or in case none of the vendors quote for product required by him within the time limit accepted by him.

Claims

CLAIMS We claim:

1. A system for conducting reverse auction, said system comprising:

a case based reasoning engine (CBRE) configured to receive a product purchase request from a customer, based on which said system is configured to initiate a timer, through a timer module, to set a time for quote submission within which time at least one quote of at least one vendor is to be provided to the customer by the CBRE;

an RFQ generation module configured to generate, based on a template, a RFQ based on the product purchase request from the customer;

an RFQ transmission module configured to, through the CBRE, transmit the RFQ to one or more vendors of at least one vendor cluster based on customer location and attributes of the product purchase request;

a quote receipt and transmission module configured to enable the CBRE to confirm if at least one quote from at least one vendor is received for the RFQ, wherein the CBRE is further configured to process received quotes from at least one vendor with quote(s) stored in respository module of the CBRE, and send a final set of quotes to the customer within the set time.

2. The system of claim 1, wherein alongwith the final set of quotes, rating of the respective vendor is sent by the CBRE to the customer.

3. The system of claim 1, wherein alongwith the final set of quotes, information pertaining to the respective vendor is sent by the CBRE to the customer.

4. The system of claim 1 , wherein the customer places an order for the product based on the final set of quotes.

5. The system of claim 1, wherein the at least one vendor is allowed to revise its quote even after submission but within the set time.

6. The system of claim 1, wherein the product purchase request to be submitted to the CBRE is specified by means of a request form generation module.

7. The system of claim 1, wherein the CBRE further comprises a revision module configured to enable an expert to revise the product purchase request to generate a modified product purchase request to enable accurate quotes to be received from the vendors.

8. The system of claim 1, wherein the at least one vendor cluster comprises a plurality of vendors that are hyper local to the customer for the product.

9. The system of claim 1, wherein the customer is authenticated through an authentication and validation module.

10. The system of claim 1, wherein the product purchase request from the customer is associated with a transaction identifier, based on which the final set of quotes are sent to the customer.

11. The system of claim 1, wherein in case no vendor gives a quote for the RFQ, CBRE is configured to identify one or more quotes from its respository to generate the final set of quotes.

12. A method for conducting reverse auction, said method comprising the steps of:

receiving a product purchase request from a customer;

initiating a timer to set a time for quote submission within which time at least one quote of at least one vendor is to be provided to the customer by the CBRE;

generating, based on a template, a RFQ based on the product purchase request from the customer;

transmitting, through the CBRE, the RFQ to one or more vendors of at least one vendor cluster based on customer location and attributes of the product purchase request; enabling the CBRE to confirm if at least one quote from at least one vendor is received for the RFQ, wherein the CBRE is further configured to process received quotes from at least one vendor with quote(s) stored in respository of the CBRE, and send a final set of quotes to the customer within the set time.

13. The method of claim 12, wherein alongwith the final set of quotes, rating of the respective vendor is sent by the CBRE to the customer.

14. The method of claim 12, wherein the at least one vendor is allowed to revise its quote even after submission but within the set time.

15. The method of claim 12, wherein the CBRE is configured to enable an expert to revise the product purchase request to generate a modified product purchase request to enable accurate quotes to be received from the vendors.

16. The method of claim 12, wherein the at least one vendor cluster comprises a plurality of vendors that are hyper local to the customer for the product.

17. The method of claim 12, wherein in case no vendor gives a quote for the RFQ, CBRE is configured to identify one or more quotes from its respository to generate the final set of quotes.