WO2014059486A1

WO2014059486A1 - A transaction method and system

Info

Publication number: WO2014059486A1
Application number: PCT/AU2013/001210
Authority: WO
Inventors: George FRENEY; Michael Mcgee; Jonathan PEASE; Amir EYAL; Howard LEIBMAN; Charbel ZEAITER; Sam ELLIOT; Jake RANALLO
Original assignee: BOOODL Pty Ltd
Current assignee: BOOODL Pty Ltd
Priority date: 2012-10-19
Filing date: 2013-10-18
Publication date: 2014-04-24
Anticipated expiration: 2015-04-19

Description

A TRANSACTION METHOD AND SYSTEM

Technical Field

The present disclosure relates to a computer-implemented method and system for marketing and, in particular, to a computer-implemented method and system for facilitating commercial transactions between entities.

Background

Commercial transactions generally relate to the transfer of goods or services from one entity to another entity in exchange for money or other consideration. The entities involved in such a commercial transaction may be individuals or businesses. The transfer of goods and services may be permanent, such as when a product is bought by a purchaser from a vendor, or temporary, such as when a product is hired or leased by a lessee from a lessor.

The goods or services involved in a commercial transaction may be broadly referred to as items. A successful commercial transaction is effected when an entity wanting to acquire a particular item under a set of purchasing conditions is brought into contact with an entity wanting to sell that particular item under a set of selling conditions and there is sufficient overlap between the set of purchasing conditions and the set of selling conditions to allow the transaction to occur. The sets of purchasing and selling conditions may relate, for example, to a price range, geographical location, shipping costs, or condition of the item.

An entity, being either an individual or a business, may want to acquire an item that is owned by another entity. In one scenario, the owner of the item advertises the item and the set of selling conditions, such as the price. A buying entity wanting to acquire the item sees the advertisement, determiners whether the set of selling conditions match the set of purchasing conditions of the buying entity and, if so, performs a commercial transaction relating to that item. In another scenario, the buying entity that wants to acquire a particular item may place a "wanted to buy" advertisement. In order to be successful, an owner of the desired item must see the advertisement and respond.

In a further scenario, the owning entity may no longer want the wanted item or may be prepared to sell the wanted item under a set of selling conditions, but does actively advertise the item. Consequently, a buying entity wanting to acquire that item may not be able to effect a commercial transaction to obtain the wanted item. There is a continuing need to bring purchasers and vendors in contact with one another in the scenario in which there is sufficient overlap between a purchasing set of conditions relating to one or more items and a selling set of conditions relating to those items.

Thus, a need exists to provide an improved method and system for facilitating commercial transactions between entities.

Summary

The present disclosure relates to a computer-implemented method and system for facilitating commercial transactions between entities.

In a first aspect, the present disclosure provides a transaction method comprising the steps of:

registering at least one entity with a transaction system;

associating an individual profile with each said registered entity corresponding to an individual, each individual profile including at least one of a list of wanted items and a list of owned items;

associating a business profile with each said registered entity corresponding to a business, each business profile including a list of inventory items;

identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity; and

effecting a commercial transaction based on said identified match.

In a second aspect, the present disclosure provides transaction system server, comprising: a memory for storing data and a computer program;

a processor coupled to said memory for executing said computer program stored in said memory; and

a transaction system application forming part of said computer program, said transaction system including instructions for performing a transaction method, said method comprising the steps of:

registering at least one entity with a transaction system;

associating a business profile with each said registered entity corresponding to a business, each business profile including a list of inventory items; identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity; and

effecting a commercial transaction based on said identified match.

In a third aspect, the present disclosure provides computer program product having a computer readable medium having a computer program recorded therein for effecting a transaction system, said computer program product comprising:

computer program code means for registering at least one entity with a transaction system;

computer program code means for associating an individual profile with each said registered entity corresponding to an individual, each individual profile including at least one of a list of wanted items and a list of owned items;

computer program code means for associating a business profile with each said registered entity corresponding to a business, each business profile including a list of inventory items;

computer program code means for identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity; and

computer program code means for effecting a commercial transaction based on said identified match.

In a fourth aspect, the present disclosure provides a transaction method comprising the steps of:

registering a plurality of entities with a transaction system;

providing consumer demand information to a first registered entity having an associated first profile with a list of owned items, wherein said consumer demand information is derived from a list of wanted items of a second profile associated with a second registered entity.

According to another aspect, the present disclosure provides an apparatus for implementing any one of the aforementioned methods.

According to another aspect, the present disclosure provides a computer program product including a computer readable medium having recorded thereon a computer program for implementing any one of the methods described above.

Other aspects of the invention are also disclosed. Brief Description of the Drawings

One or more embodiments of the present disclosure will now be described by way of specific example with reference to the accompanying drawings, in which:

Fig. 1 is a schematic block diagram representation of a system for commercial transactions implemented using a transaction system in accordance with the present disclosure;

Fig. 2A is a schematic block diagram representation of an individual profile associated with an individual user registered with the transaction system of Fig. 1;

Fig. 2B is a schematic block diagram representation of a list of owned items 220 of Fig. 2A;

Fig. 3 is a schematic block diagram representation of a business profile associated with a business user registered with the transaction system of Fig. 1;

Fig. 4 is a schematic block diagram representation of a system that includes a general purpose computer on which one or more embodiments of the present disclosure may be practised;

Fig. 5 is a schematic block diagram representation of a system that includes a general smartphone on which one or more embodiments of the present disclosure may be practised;

Figs 6A and 6B are a flow diagram illustrating a method of effecting a commercial transaction utilising a transaction system in accordance with the present disclosure;

Fig. 7 is a flow diagram illustrating a method 700 corresponding to step 410 of Fig. 4A, in which an individual user populates a list of owned items and a list of wanted items; and

Fig. 8 is a flow diagram illustrating a method corresponding to the step 415 of Fig. 4A, in which an individual user associates preferences with items in lists of owned items and wanted items. . Detailed Description

Method steps or features in the accompanying drawings that have the same reference numerals are to be considered to have the same function(s) or operation(s), unless the contrary intention is expressed or implied.

The present disclosure provides a transaction system and corresponding method for connecting potential buyers and potential sellers of items with each other. The term item is used in a broad sense and may relate equally to goods or services. The transaction system acts as an interface between the potential buyers and potential sellers to create, maintain, and analyse relationships among buyers, sellers, and items.

The transaction system assigns a unique identifier to each entity recorded within the system. Entities include individuals, businesses, and items. As individuals and businesses may be involved in multiple transactions over time using the transaction system and individual items may be traded multiple times using the transaction system, the transaction system is able to analyse existing relationships between entities and model anticipated relationships between entities for the future.

Individuals registered with the transaction system are associated with a profile. The profile may include a list of items that the individual owns. The profile may also include a list of items that the individual wants to acquire. Each item in a profile may include one or more of text, voice, image, video, barcode, or a set of digital files to describe the item. The profile may also include information about the individual, such as, for example, age, sex, occupation, geographic area, income, likes, dislikes, preferred brands, and annual expenditure on one or more classes of items.

Depending on the implementation, the transaction system provides functionality to assist a user in creating and maintaining the associated profile. For example, different arrangements may support images, videos, and text relating to an item. Different arrangements may further provide functionality for providing links to reviews, catalogues, or manufacturer webpages relating to an item, or for copying content from a website or online application, or from an online service configured to aggregate item-centric content, such as Pinterest and Facebook.

Each item listed in a profile associated with a user is associated with a set of preferences. The set of preferences indicates whether that particular item is available for purchase and, if so, at what price and under what circumstances. In relation to an item that is listed as being something that the individual wants to acquire, the set of preferences includes the price and circumstances under which the individual is willing to purchase that item. The set of preferences may also include one or more privacy settings that dictate what information in the profile is available for viewing by one or more other parties in relation to owned and wanted items and under what circumstances access to view that information might be granted.

Each business registered with the transaction system is associated with a business profile. The business profile includes a list of inventory items presently held by that business or a range of items able to be stocked or sourced by the business. The business profile may optionally include information relating to prior sales associated with the business and search descriptors associated with one or more items in the inventory associated with that business. T e business profile may further optionally include a list of wanted items. For example, the list of wanted items may be used by a business dealing in second-hand or hard to source products.

In one arrangement, the transaction system is adapted to monitor each item listed in a profile of a registered individual or business and send maintenance messages relating to the item to the registered individual or business. For example, the transaction system can send maintenance messages relating to insurance cover, warnings relating to imminent expiry of warranty periods, servicing reminders, advice on current market values, prompts for subsequent re-sale of the items, prompts to review items, and prompts to loan items.

As well as passively receiving maintenance messages and notifications relating to service, warranty, insurance, and re-sale, the owner may actively trigger a request for service, or for insurance, or for replacement. That is, the owner sends a request to the transaction system in relation to a particular item. In the scenario in which the particular item is registered with the transaction system, the transaction system may have a stored item profile associated with the item. The stored item profile may include a set of attributes that provide information relating to the item, such as a brand and model number. The information may also include the history of the particular item, including details of an original supplier or previous owner(s). In the scenario in which the particular item is not registered with the transaction system, the owner provides relevant details pertaining to the item.

In response to the request, the transaction system sends a supply request to one or more registered entities having a list of owned items that corresponds to the particular item, wherein the supply request includes details of the item. The list of owned items may include options for services, such as repairs and warranties. For example, in the case in which the particular item has been lost, stolen, or destroyed, the transaction system sends details of that particular item to the original supplier and other potential suppliers so that those registered entities may provide the owner of the item with an offer for sale, wherein the offer for sale relates to an exact replacement or other suitable replacement, whether under warranty or as a new purchase.

The transaction system provides a centralised interface for connecting potential buyers and potential sellers. The transaction system utilises the lists of items in the profiles associated with individuals and the information contained in the business profiles associated with registered businesses to match potential buyers with potential sellers. The transaction system is thus able to act as an intermediary between a potential purchaser and an owner of an item sought by the potential purchaser, even if the owner of the item has not specifically listed that item for sale. The transaction system facilitates transactions between a first registered individual and a second registered individual, between a first registered business and a second registered business, and between a first registered individual and a first registered business. That is, transactions may occur between individuals, businesses, or any combination thereof, wherein a buyer can be an individual or a business and a seller can be an individual or a business.

The transaction system in accordance with the present disclosure allows individuals and businesses to create lists of goods owned by those individuals and businesses and lists of goods that those individuals and businesses want to purchase. The transaction system provides a user interface that facilitates the creation of such lists and is able to receive input from a computing device accessed by an individual or business. The input may include, but is not limited to, text, images, voice, audio, and video.

The transaction system assists individuals and businesses to create lists and describe items by allowing individuals to save digital content relating to an item from a website or online application, or from an online service designed to aggregate such item-centric content. Such online services may include, for example, but are not limited to, social media websites such as Pinterest and Facebook. Individuals are able to create a listing, as well as publish the digital content relating to an item to multiple third-party services designed to aggregate such item-centric content. Such third-party services may include, for example, but are not limited to, Pinterest and Facebook. The transaction system optionally provides associated applications or plug-ins to facilitate the creation and storage of content associated with listed items. Such applications or plug-ins may be adapted, for example, to store portions of selected webpages that are considered by a user to be relevant to a listed item. Individuals and businesses can also add text, audio, and video content to item listings.

The transaction system provides facilities to enable individuals to manage the created lists of owned and wanted items, through the following aspects:

• presenting highly relevant and attractive offers from sellers;

• providing one tool to connect with all sellers - including (but not limited to) online, offline, small, large, community marketplaces, individuals selling 2nd hand goods;

• delivering reminders and directions to assist with the fulfilment of an accepted offer

• storing information relating to a good at the point of purchase (including, but not limited to, warranty information and manuals);

• delivering reminders in regards the servicing and warranty of an owned good;

• prompting the individual to dispose of an owned item at the appropriate time;

• automatically updating lists as individuals dispose of goods they own and acquire goods they wish to purchase, over time; and

• presenting offers from insurers.

The transaction system of the present disclosure allows businesses which sell goods/services to consumers to take advantage of a direct marketing product/channel which is:

• intention-aware;

• decision state-aware; and

• preference-aware.

Intention aware means an individual's intention to purchase a certain good is definitively known.

Decision state-aware means the following is definitively known:

• the stage of the decision making process the individual is at;

• the alternatives they have considered (if any); and

• the suggestions or validation they have received from other individuals (if any).

Preference-aware means the individual's preferences in relation to the intended purchase are definitively known or predictable to high degree of accuracy.

Preferences may be revealed, stated, or inferred. Preferences may include, but are not limited to:

• the amount the individual is willing to pay;

• when the individual would prefer to make the purchase; • whether the individual prefers to pick up the good(s) or have them delivered;

• if the individual prefers to pick up the goods, at which location(s); and

• whether the individual prefers new or second hand goods.

The transaction system further allows sellers to access aggregate data on purchase decision making behaviour, and productivity tools developed using this data, in order to increase the efficiency of their marketing activities, including, but not limited to, promotion/pricing, and configuration.

The transaction system enables brand marketers to introduce their products for

consideration by a potential buyer, and optionally involves collaborative consideration by a network of friends and influencers of the potential buyer, at the most appropriate point in the decision-making process of the buyer. A potential buyer may allow other users to view any item that the potential buyer has listed as a wanted item. This wanted item may be described in exact detail, or generically. The other users may provide collaborative consideration of the wanted item by making comments, proposing alternative options, and expressing opinions on the suitability of the item and/or any proposed alternatives.

In one arrangement, the potential buyer shares one or more details relating to a wanted item with a set of one or more associated users on a social media platform. Such social media platforms may include, for example, Facebook, Twitter, Pinterest, Instagram, and the like. The associated users are then able to provide feedback in relation to the wanted item. Such feedback may provide information to assist the potential buyer by refining a description of the wanted item.

For example, the potential buyer lists a wanted item for generically described "sunglasses". A set of associated users, such as friends of the potential buyer on a social media platform, then provide feedback, such as recommendations of brands, models, prices, and the like. In response to the feedback, the potential buyer refines the description of the wanted item and the transaction system uses the refined description to identify a match among items listed for sale by other registered individuals or businesses. Thus, the transaction system allows a user to enter a generic listing or classification of wanted goods, rather than a specified good. Feedback from other users can then be used to assess what options are available and ultimately to refine the listing for a wanted item, providing a refined description of the wanted item. Depending on the implementation, the transaction system optionally provides a predefined listing of categories of goods. It will be appreciated that such categories of "goods" may refer to goods or services. In another implementation, the user proposes a broad description, or "category", of goods.

In another example, the potential buyer lists a wanted item for a specific brand and model of sunglasses and the associated users provide feedback, such as reviews, comparable models from competing brands, and reactions to the proposed purchase. Such reactions may include, for example> text, audio, or video content, emoticons, images, and the like. For example, an associated user uses a camera on a smartphone to record a smiling face and uploads the image as a form of endorsing the proposed purchase.

In a further example, a potential buyer receives an offer of sale in relation to an item appearing in a list of wanted items associated with the potential buyer. The potential buyer, being registered with the transaction system, is able to share details of the offer for sale with other registered users of the transaction system. The other registered users provide feedback to assist the potential buyer in determining whether or not to proceed with the transaction. Such feedback may include comments relating to the condition of the listed item, features of the listed item, the price, reputation of the seller, alternative models or brands to be considered, and the like. In one implementation, the potential buyer is able to share details relating to the listed item with one or more associated users in one or more social media platforms. This allows the potential buyer to seek feedback from a set of trusted friends or a community of users in relation to the listed item and potential purchase. The feedback may be, for example, social validation confirming that the offer for sale is a good deal. The feedback may also include recommendations regarding sale conditions, such as price and shipping, alternative items, or the like. The potential buyer can then use the feedback to refine a description of the wanted item or to negotiate sale conditions of the listed item with the seller.

The transaction system allows brand marketers to display content which is readily discoverable by motivated individuals, within the context of a process and social network in which the individual has a high degree of control and places a high degree of credibility.

Furthermore, the transaction system allows brand marketers to access aggregate data on purchase decision making behaviour, and productivity tools developed using this data, in order to increase the efficiency of their marketing activities, as well as product/service design.

In one arrangement, the transaction system registers a plurality of entities, such as individuals, businesses, or items. In this arrangement, a first registered entity has an associated first profile with a list of owned items and a second registered entity has an associated second profile with a list of wanted items. The transaction system analyses the list of wanted items and provides the first registered entity with consumer demand information that is derived from the list of wanted items. The first registered entity can then use the consumer demand information to determine selling conditions for one or more items in the list of owned items. In one arrangement, the first registered entity makes an offer for sale, in relation to a good or service listed on a list of owned items in the first profile, to the second registered entity, based on the consumer demand information.

In a scenario in which many entities register with the transaction system and the transaction system associates a profile with each registered entity, the transaction system is able to analyse lists of wanted items associated with prospective purchasers among the registered entities and produce consumer demand information to prospective sellers among the registered entities. In one example, a prospective purchaser is a registered entity having a list of wanted items in an associated profile and a prospective seller is a registered entity having a list of owned items in an associated profile.

In the scenario in which a registered entity relates to an item, the transaction system associates a stored profile with the item, wherein the stored profile includes a set of attributes. The attributes may include, for example, brand, model number, manufacture date, original purchase date, subsequent trading dates, service history, current owner information, previous owner information, insurance history, and the like.

In one arrangement, the transaction system uses the stored profile associated with the registered item to send maintenance messages relating to service, warranty, insurance, and the like. In another arrangement, the transaction system uses the stored profile associated with the registered item to identify a match between a potential purchaser and a potential seller. In a further arrangement, the transaction system uses the stored profile associated with the registered item, in response to an active request from the owner of the item, to provide service, insurance, or warranty information, or to seek a registered entity capable of providing service, warranty, or insurance services, or to seek a registered entity capable of providing a replacement or comparable item.

Fig. 1 is a schematic block diagram representation of a system 100 for commercial transactions implemented using a transaction system 110. The system 100 includes a plurality of individuals 130, 140, 150, each of whom registers with the transaction system 110. The system 100 also includes a plurality of businesses 160, 170, 180. Each of the businesses 160, 170, 180 also registers with the transaction system 110. Registration of individuals 130, 140, 150 and businesses 160, 170, 180 may be effected in many known ways, such as over the telephone, in person with an authorised agent associated with the transaction system 110, or by utilising a computing device to communicate with the transaction system 110.

The transaction system 110 includes an entity register 120 for recording each registered entity. The entity register 120 acts as a database of registered entities and records transactions and data relating to those entities. In the example of Fig. 1, the entity register 120 records each type of entity in a separate section. Thus, the entity register 120 includes an individuals register 122, a businesses register 124, and an items register 126.

The transaction system 110 also includes a registration module 112, an accounting module 114, and an analysis module 116. The registration module 112 assigns a unique identifier to each entity during registration of that entity with the transaction system 110. The accounting module 114 tracks any applicable subscription fees payable by individuals or businesses registered with the transaction system 110. The accounting module 114 may also be used to monitor and receive payments in relation to transactions effected through the transaction system 110.

Each individual 130, 140, 150 registered with the transaction system 110 is associated with a profile. In the example of Fig. 1, a first individual 130 is associated with a first profile, a second individual 140 is associated with a second profile, and a third individual 150 is associated with a third profile. Each of the first, second, and third profiles is stored in the individuals register 122 of the system 110.

Fig. 2A is a schematic block diagram representation of an individual profile 200 associated with an individual user registered with the transaction system and stored in the individuals register 122 of the entity register 120 of the transaction system 110. The individual profile 200 includes an identifier field 205 that stores the unique identifier assigned by the transaction system 110 to the individual with which the individual profile 200 is associated. The individual profile 200 optionally includes a user information field 210, which may include information relating to the individual. As described above, such information may include one or more of age, sex, occupation, geographic area, income, likes, dislikes, preferred brands, and annual expenditure on one or more classes of items.

The individual profile 200 further includes a List of Owned Items 220 and a List of Wanted Items 230. The individual user populates the List of Owned Items 220 with a set of items that the individual user owns. The set may include any number of owned items, from zero upwards. In the example of Fig. 2A, the List of Owned Items 220 includes " ' items: Owned Item 1 222, Owned Item 2 224, ... , Owned Item n 226. Similarly, the individual user populates the List of Wanted Items 230 with a set of items that the individual user would like to acquire. The set may include any number of wanted items, from zero upwards. In the example of Fig. 2A, the List of Wanted Items 230 includes W items: Wanted Item 1 232, Wanted Item 2 234, ... , Wanted Item m 236.

In one arrangement, each owned item and wanted item in the List of Owned Items 220 and List of Wanted Items 230 is associated with a set of individual preferences (not shown). The individual user populates the set of preferences for each owned item to indicate whether an owned item may be sold, at what price, and under what circumstances. The individual user populates the set of preferences for each wanted item to indicate the price and

circumstances under which a Wanted item might be bought. For each of the owned items and wanted items, the user is able to set one or more privacy indicators to dictate the extent to which various other parties can retrieve information pertaining to owned items and wanted items and the circumstances under which such access may occur.

Preferences associated with owned items and wanted items may include, for example, but are not limited to: maximum and/or minimum price of sale; earliest and/or latest date of sale; condition of goods (e.g., new, second hand, replica); whether goods are to be picked up or delivered; preferred location and times of delivery; and whether the item is intended as a gift.

Fig. 2B is a schematic block diagram representation of a set of preferences 223 associated with Owned Item 1 222 of Fig. 2A. In this example, the set of preferences 223 includes a first preference attribute "Available for sale" with a value of "Yes", a second preference attribute "Minimum sale price" with a value of "$400", a third preference attribute

"Condition" with a value of "New", and a fourth preference attribute with a value of "Pick up only". Depending on the implementation, a user is able to provide any value in respect of a preference attribute. Alternatively, an implementation may restrict a user to selecting a value from a predefined set of values associated with a preference. For example, a preference attribute relating to Condition of an owned item or wanted item may have a set of values consisting of new, new with tags, mint, used, and bargain. The individual profile 200 optionally includes a transaction history field 240, in which the transaction system 110 stores information relating to previous transactions, offers for sale, offers to purchase, and the like.

Fig. 3 is a schematic block diagram representation of a business profile 300 associated with a business user registered with the transaction system and stored in the businesses register 124 of the entity register 120 of the transaction system 110. The business profile 300 includes an identifier field 305 that stores the unique identifier assigned by the transaction system 110 to the business with which the business profile 300 is associated. The business profile 300 optionally includes a business information field 310, which may include information relating to the business. Such information may include one or more of geographic area, type of goods or services, and a list of manufacturers of products supplied by that business.

The business profile 300 also includes a List of Inventory Items 320. The business associated with the business profile 300 populates the List of Inventory Items 320 with a set of items in stock or able to be supplied by the business. In the example of Fig. 3, the List of Inventory Items 320 includes a set of " /' inventory items: Inventory Item 1 322, Inventory Item 2 324, ... , Inventory Item p 326.

T e business profile 300 optionally includes a transaction history field 340, in which the transaction system 110 stores information relating to previous transactions, offers for sale, offers to purchase, and the like.

As noted above, the business profile 300 optionally includes a list of wanted items, in a manner similar to that described with reference to the individual profile 200 of Fig. 2A.

Figs 4A and 4B together form a flow diagram illustrating a method 400 of implementing a transaction system in accordance with the present disclosure. The method 400 begins at a Start step 405 in Fig. 4A and proceeds to step 410, in which individual entities register with the transaction system. During the registration process, the transaction system allocates a unique identifier to each registered individual and associates an individual profile with that individual.

As described with reference to Fig. 2, each individual profile includes a list of owned items and a list of wanted items. Each registered individual populates the list of owned items with a set of owned items and populates a list of wanted items with a set of wanted items. Each item is described by text, voice, photo, video, barcode, a set of digital files (such as a webpage or portion thereof), or any combination thereof. In one implementation, the transaction system provides a website with a user interface to assist a registered individual to populate items in the list of owned items and the list of wanted items. The user interface may include facilities and functionality adapted to receive textual input, graphical input, images, audio, video, links, and the like. The user interface may also be equipped with a "Universal Clipper" tool, which is described in further detail below.

Control passes from step 410 to step 415, in which a set of preferences is associated with each item in the lists of owned and wanted items associated with a registered individual user. The set of preferences may be stated by the registered individual, revealed, or inferred. These preferences indicate whether an owned item might be sold, at what price, and under what circumstances, the price and circumstances under which a wanted item might be bought, and also privacy levels dictating which other parties can retrieve information on owned and wanted items, and under which circumstances. Preferences may also include, for example, when the individual would prefer to make the purchase, whether the individual prefers to pick up the good(s) or have them delivered, if the individual prefers to pick up the goods, at which location(s), and whether the individual prefers new or second hand goods.

Control passes from step 415 to step 420, in which one or more business entities register with the transaction system. During the registration process, the transaction system allocates a unique identifier to each registered business and associates a business profile with that business. As described with reference to Fig. 3, each business profile includes a list of inventory items. Each registered business populates the list of inventory items with items that the business stocks or is able to supply. The business profile includes information about the stock handled by that business, including, for example, definitive lists of inventory, details of prior sales of which the transaction system is aware, qualifying and classifying item descriptors, or any combination thereof. Qualifying and classifying item descriptors are utilised in search algorithms and filters to locate and sort relevant items. For example, a classifying item descriptor may be "men's Ray-Ban sunglasses".

In step 425 the transaction system performs algorithmic matching based on the information contained in the individual profiles associated with registered individuals and the business profiles associated with registered businesses. The algorithmic matching determines, for each item, whether there is a compatible set of purchasing conditions and set of selling conditions. Items wanted by individuals or businesses are algorithmically matched with items available for sale (i.e., items for sale by businesses), and items owned by individuals which those individuals may be happy to sell, even if the items owned by those individuals are not specifically advertised for sale.

Control passes from step 425 to step 430, in which the transaction system utilises the results of the algorithmic matching to send prompting messages to owners of items that have a set of selling conditions that sufficiently match a set of buying conditions from one or more registered entities wanting to acquire those items. The transaction system sends a prompt message to the owner indicating that a potential buyer is interested in the owned item and seeking an indication from the owner of the circumstances under which the item might be sold. Each prompting message relates to an individual item and prompts the receiving owner of the item to make an optional offer of sale in respect of the owned item.

Depending on the implementation, an offer for sale from the owner that results from such prompting is optionally private and not publicly accessible or viewable. Such a listing may be termed a "passive" or "dormant" listing.

Depending on the implementation, the set of selling conditions for such passive listings is dependent on a set of attributes associated with the owned item. In one example, the transaction system only sends messages to owners of items for which there is buying interest if the owner has set an appropriate indication in a set of attributes associated with the owned item. In another, implementation, the transaction system sends a prompting message to the owner, in relation to an owned product, when the transaction system identifies a potential buyer for the owned item, irrespective of any selling attributes that the owner may have set in relation to the owned item. In this instance, the transaction system provides the owner with an indication of demand for the owned item and the owner can then decide whether to list the owned item for sale.

In one implementation, the transaction system sends the prompting messages to the owner of a desired item by Short Message System (SMS) text message, email, instant messaging, or via a social media network, such as Facebook or Twitter. In an alternative

implementation, the transaction system presents the prompting message to a registered entity when that entity logs on to the transaction system.

In step 435, the owner of a desired item elects to make an optional offer for sale in respect of that item. The offer of sale includes the price of the item and a description of the item, along with any other relevant information associated with the item itself or the conditions of sale. Such relevant information may include modifications or particular features of the item or details relating to shipping and handling costs. In one implementation, the owner of the wanted item utilises a computing device to transmit or input the offer for sale to a computing server associated with the transaction system.

Control passes from step 435 of Fig. 4A to step 440 of Fig. 4B, in which the transaction system queues or delivers offers for sale received from owners of an item wanted by one or more registered entities. Any offers of sale in relation to a wanted item are queued by the transaction system for potential delivery to the individual who has listed the wanted item. In one arrangement, the transaction system presents all offers of sale in relation to the wanted item to the individual who has listed the wanted item. In another arrangement, the transaction system applies a filter to the offers of sale and only presents the filtered offers of sale to the individual. The filter may include, for example, but is not limited to, one or more of price, geographical location, and hours during which item is available for purchase.

Filtering offers of sale ensures that only the best and most relevant offers are delivered to the individual who has listed the wanted item, when and where they are most relevant. Factors influencing relevance include price, time-of-day (for example, whether a seller is open for business at the time), and location (for example, whether the potential buyer is known by the process to be within a certain distance of a seller's location).

In one arrangement, a business selling an item pays a transaction fee to an administrator of the transaction system for each delivered offer of sale. In one implementation, no fee is payable in respect of an offer of sale that is made by a business to the transaction system and which is not delivered to a potential buyer.

Control passes to step 445, in which an individual receives an offer of sale transmitted from the transaction system. An individual may receive an offer of sale by receiving offers delivered from the transaction system or by actively searching offers of sale made to the individual and queued by the transaction system but not delivered. Such searching may be performed on a computer server associated with the transaction system, wherein the individual utilises a computing device to communicate with that server to interrogate queued offers of sale.

An individual who receives an offer of sale from the transaction system may choose to accept the offer. Before accepting an offer for sale, the individual may seek feedback from one or more associated users. Depending on the implementation, the associated users may be other registered users of the transaction system, contacts on a social media platform (e.g., friends on Facebook), a list of users from a mailing list, or the like. Depending on privacy setting associated with the item listed for sale, the entity offering the item for sale, and the potential purchaser, details of the item for sale may be transmitted to the associated users or posted to a social media platform for feedback. In response to any comments received from the associated users, the potential purchaser optionally amends the description of the wanted item, changes an offered purchase price, or accepts the offer for sale.

An individual who receives an offer of sale may also reject that offer. As a further alternative, an individual who receives an offer of sale may "snooze" any offer, which stores the offer of sale in the transaction system for later reference.

In optional step 450, the transaction system sends reminders to entities to assist in completing a transaction. For example, if an individual has agreed to make a number of purchases from physical stores, and the individual is in close proximity to some of those stores during their business hours, the transaction system transmits a notification to the individual indicating that a number of items the individual wants to purchase are available nearby. Depending on the available features of the computing device the individual is using at the time to communicate with the transaction system, the transaction system may deliver visualisations of the locations of the nearby items, including, but not limited to, map view and Augmented Reality (AR) view. Such reminders may include SMS messages, emails, instant messaging, messages via social media, and the like.

Control passes from step 450 to step 455, in which either the buying or selling entity involved in a commercial transaction informs the transaction system of the status of a completed commercial transaction. The transaction system is aware of the buying entity, the selling entity, and the item involved. Step 460 updates the list of owned items for the selling entity to remove the item involved in the commercial transaction and updates the list of owned items for the buying entity to add the item involved in the commercial transaction. Updating of the lists may be performed automatically by the transaction system in response to information received in step 455 or alternatively an individual or business updates its associated profile. An individual or business is able to update and modify a list of items in an associated profile at any time. The transaction system is optionally configured to update lists in the profiles associated with a buyer and a seller in respect of a completed transaction.

The transaction system optionally includes data relating to the individual item sold in that completed transaction. In step 460, the transaction system records transaction metadata. In one arrangement, the transaction system is optionally configured to transfer the item involved in the commercial transaction from being an owned item associated with a first entity to an owned item associated with a second entity. Further, the transaction system may optionally store information relating to the transaction with the item. Such information may include, for example, but is not limited to: the time and date of sale; sale price and other conditions of sale; seller details; warranty details; service and/or operation manual(s); and manufacturer details.

As the transaction system has a record of which items are owned by which individuals, the transaction system may be configured to send in step 470 post-transaction messages, such as reminders, to owners of items. Such reminders and messages may relate, for example, to offers to commence or renew insurance cover, warnings relating to imminent expiry of warranty periods, servicing reminders, advice on current market values, prompts for subsequent re-sale of the items, prompts to review items, and prompts to loan items.

Control passes from step 470 to an End step 480 and the method 400 terminates.

It will be appreciated by a person skilled in the relevant art that one or more steps of the method 400 of Figs 4A and 4B may equally be practised in parallel or in alternative sequences without departing from the spirit and scope of the present application.

In one arrangement, the transaction system 110 of Fig. 1 is implemented as computer software executing on a networked computer server connected to a communications network, wherein each of the individuals 130, 140, 150 and businesses 160, 170, 180 communicate with the transaction system 110 using one or more computing devices coupled to the communications network. The computing devices may be any one or more of a personal computer, laptop computer, smartphone, computing tablet, networked computer, or the like.

The computer software is stored in one or more storage media for execution on one or more processors in a computing device and/or networked client of a computing device, and/or executed variously across computing devices and networked clients to effect instructions in accordance with the method 400 of Figs 4A and 4B. The software may also include one or more modules resident on a computing device accessed by an individual or business. In one implementation, such a module includes a software application "app" running on a smartphone or portable computing tablet. T e software includes computer program code for displaying a user interface on a computing device accessed by an individual or business to manage the registration of an entity, updating of item lists and inventory lists, and other functionality to effect, and record details relating to, a commercial transaction. Fig. 5 is a schematic block diagram of a system 500 that includes a general purpose computer 510 that may be used to implement the transaction system 110 or any one of the computing devices accessed by the individuals 130, 140, 150 and businesses 160, 170, 180 to communicate with the transaction server 110. The general purpose computer 510 includes a plurality of components, including: a processor 512, a memory 514, a storage medium 516, input/output (i/o) interfaces 520, and input/output (I/O) ports 522.

Components of the general purpose computer 510 generally communicate using a bus 548.

The memory 514 may include Random Access Memory (RAM), Read Only Memory (ROM), or a combination thereof. The storage medium 516 may be implemented as one or more of a hard disk drive, a solid state "flash" drive, an optical disk drive, or other storage means. The storage medium 516 may be utilised to store one or more computer programs, including an operating system, software applications, and data. In one mode of operation, instructions from one or more computer programs stored in the storage medium 516 are loaded into the memory 514 via the bus 548. Instructions loaded into the memory 514 are then made available via the bus 548 or other means for execution by the processor 512 to effect a mode of operation in accordance with the executed instructions.

One or more peripheral devices may be coupled to the general purpose computer 510 via the I/O ports 522. In the example of Fig. 5, the general purpose computer 510 is coupled to each of a speaker 524, a camera 526, a display device 530, an input device 532, a printer 534, and an external storage medium 536. The speaker 524 may include one or more speakers, such as in a stereo or surround sound system.

The camera 526 may be a webcam, or other still or video digital camera, and may download and upload information to and from the general purpose computer 510 via the I/O ports 522, dependent upon the particular implementation. For example, images recorded by the camera 526 may be uploaded to the storage medium 516 of the general purpose computer 510. Similarly, images stored on the storage medium 516 may be downloaded to a memory or storage medium of the camera 526. The camera 526 may include a lens system, a sensor unit, and a recording medium.

A user may use the camera 526 to record one or more still images or moving video images relating to an owned item. The recorded images can then be used in association with a listing for that item in a list of owned items associated with that user. The user can also use the camera 526 to record a reaction, such as when receiving a traded item or reviewing a proposed purchase, and for recording un-boxing of a recorded item. Such recorded images can be useful in proving delivery of an item or contesting any shipping damages that may have occurred. The recorded images can also add to the interaction between users, by recording such reactions for exchange between users and on social media platforms.

The display device 530 may be a computer monitor, such as a cathode ray tube screen, plasma screen, or liquid crystal display (LCD) screen. The display 530 may receive information from the computer 510 in a conventional manner, wherein the information is presented on the display device 530 for viewing by a user. The display device 530 may optionally be implemented using a touch screen, such as a capacitive touch screen, to enable a user to provide input to the general purpose computer 510.

The input device 532 may be a keyboard, a mouse, or both, for receiving input from a user. The external storage medium may be an external hard disk drive (HDD), an optical drive, a floppy disk drive, or a flash drive.

The I/O interfaces 520 facilitate the exchange of information between the general purpose computing device 510 and other computing devices. The I/O interfaces may be

implemented using an internal or external modem, an Ethernet connection, or the like, to enable coupling to a transmission medium. In the example of Fig. 5, the I/O interfaces 522 are coupled to a communications network 538 and directly to a computing device 542. The computing device 542 is shown as a personal computer, but may be equally be practised using a smartphone, laptop, or a tablet device. Direct communication between the general purpose computer 510 and the computing device 542 may be effected using a wireless or wired transmission link.

The communications network 538 may be implemented using one or more wired or wireless transmission links and may include, for example, a dedicated communications link, a local area network (LAN), a wide area network (WAN), the Internet, a telecommunications network, or any combination thereof. A telecommunications network may include, but is not limited to, a telephony network, such as a Public Switch Telephony Network (PSTN), a mobile telephone cellular network, a short message service (SMS) network, or any combination thereof. The general purpose computer 510 is able to communicate via the communications network 538 to other computing devices connected to the communications network 538, such as the mobile telephone handset 544, the touchscreen smartphone 546, the personal computer 540, and the computing device 542.

One or more graphical icons and the like are stored in the memory 514 and/or the storage medium 516 for retrieval and use at a later time. Computer program code instructions retrieved from the memory 514 and/or the storage medium 516 execute on the processor 512 and, in response to inputs received via the I/O ports 512, transmit graphical icons retrieved from the memory 514 and/or the storage medium 56 for display on the visual display 530 to represent one or more items.

Fig. 6 is a schematic block diagram of a system 600 on which one or more aspects of a transaction system of the present disclosure may be practised. The system 600 includes a portable computing device in the form of a smartphone 610. The smartphone 610 includes a plurality of components, including: a processor 612, a memory 614, a storage medium 616, a battery 618, an antenna 620, a radio frequency (RF) transmitter and receiver 622, a subscriber identity module (SIM) card 624, a speaker 626, an input device 628, a camera 630, a display 632, and a wireless transmitter and receiver 634. Components of the smartphone 610 generally communicate using a bus 648 or other connections therebetween. The smartphone 610 also includes a wired connection 645 for coupling to a power outlet to recharge the battery 618. The wired connection may include one or more connectors and may be adapted to enable uploading and downloading of content from and to the memory 614 and SIM card 624.

The smartphone 610 may include many other functional components/ such as an audio digital-to-analogue and analogue-to-digital converter and an amplifier, but those components are omitted for the purpose of clarity. However, such components would be readily known and understood by a person skilled in the relevant art.

The memory 614 may include Random Access Memory (RAM), Read Only Memory (ROM), or a combination thereof. The storage medium 616 may be implemented as one or more of a solid state "flash" drive, a removable storage medium, such as a Secure Digital (SD) or microSD card, or other storage means. The storage medium 616 may be utilised to store one or more computer programs, including an operating system, software applications, and data. In one mode of operation, instructions from one or more computer programs stored in the storage medium 616 are loaded into the memory 614 via the bus 648. Instructions loaded into the memory 614 are then made available via the bus 648 or other means for execution by the processor 612 to effect a mode of operation in accordance with the executed instructions.

The smartphone 610 also includes an application programming interface (API) module 636, which enables programmers to write software applications to execute on the processor 612. Such applications include a plurality of instructions that may be pre-installed in the memory 614 or downloaded to the memory 614 from an external source, via the RF transmitter and receiver 622 operating in association with the antenna 620.

The smartphone 610 further includes a GPS location module 638. The GPS location module 638 is used to determine a geographical position of the smartphone 610, based on GPS satellites, cellular telephone tower triangulation, or a combination thereof. The determined geographical position may then be made available to one or more programs or applications running on the processor 612.

The wireless transmitter and receiver 634 may be utilised to communicate wirelessly with external peripheral devices via Bluetooth, infrared, or other wireless protocol. In the example of Fig. 6, the smartphone 610 is coupled to each of a printer 640, an external storage medium 644, and a computing device 642. The computing device 642 may be implemented, for example, using the general purpose computer 410 of Fig. 4.

The camera 626 may include one or more still or video digital cameras adapted to capture and record to the memory 614 pr the SIM card 624 still images or video images, or a combination thereof. The camera 626 may include a lens system, a sensor unit, and a recording medium. A user of the smartphone 610 may upload the recorded images to another computer device or peripheral device using the wireless transmitter and receiver 634, the RF transmitter and receiver 622, or the wired connection 645.

A user may use the camera 626 to record one or more still images or moving video images relating to an owned item. The recorded images can then be used in association with a listing for that item in a list of owned items associated with that user. The user can also use the camera 626 to record a reaction, such as when receiving a traded item or reviewing a proposed purchase, and for recording un-boxing of a recorded item. Such recorded images can be useful in proving delivery of an item or contesting any shipping damages that may have occurred. The recorded images can also add to the interaction between users, by recording such reactions for exchange between users and on social media platforms.

In one example, the display device 632 is implemented using a liquid^rystal display (LCD) screen. The display 632 is used to display content to a user of the smartphone 610. The display 632 may optionally be implemented using a touch screen, such as a capacitive touch screen, to enable a user to provide input to the smartphone 610. Graphical representations of cards and decks utilised by the card-based graphical user interface may occupy all or a portion of the display 632. In one embodiment, a card is presented on the display 632 such that the size of the card corresponds substantially to the viewable area of the display 632. The input device 628 may be a keyboard, a stylus, touchscreen, or microphone, for example, for receiving input from a user.

The SIM card 624 is utilised to store an International Mobile Subscriber Identity (IMSI) and a related key used to identify and authenticate the user on a cellular network to which the user has subscribed. The SIM card 624 is generally a removable card that can be used interchangeably on different smartphone or cellular telephone devices. The SIM card 624 can be used to store contacts associated with the user, including names and telephone numbers. The SIM card 624 can also provide storage for pictures and videos. Alternatively, contacts can be stored on the memory 614.

The RF transmitter and receiver 622, in association with the antenna 620, enable the exchange of information between the smartphone 610 and other computing devices via a communications network 638. In the example of Fig. 6, RF transmitter and receiver 622 enable the smartphone 610 to communicate via the communications network 638 with a cellular telephone handset 650, a smartphone or tablet device 652, a computing device 654 and the computing device 642. The computing devices 654 and 642 are shown as personal computers, but each may be equally be practised using a smartphone, laptop, or a tablet device.

The communications network 638 may be implemented using one or more wired or wireless transmission links and may include, for example, a cellular telephony network, a dedicated communications link, a local area network (LAN), a wide area network (WAN), the Internet, a telecommunications network, or any combination thereof. A telecommunications network may include, but is not limited to, a telephony network, such as a Public Switch Telephony Network (PSTN), a cellular (mobile) telephone cellular network, a short message service (SMS) network, or any combination thereof.

Fig. 7 is a flow diagram illustrating a method 700 corresponding to step 410 of Fig. 4A, in which an individual user populates a list of owned items and a list of wanted items. The method 700 begins at a Start step 705 and proceeds to step 710, in which the individual launches an application called "Universal Clipper". Universal Clipper is a software application hosted by the transaction system or installed as an application or plug-in on a computing device accessed by the individual users. Universal Clipper is a software application that facilitates the creation of a new piece of online content by the individual. Such content includes, for example, a clip or sharing of a previously captured clip. Control passes from step 710 to decision step 715, which determines whether the individual is creating a new clip. If the user is creating a new clip, Yes, control passes to step 725, in which the individual creates a new clip by saving a portion of a selected web page. The portion may include all of the selected webpage or a part of the selected web page. Control passes from step 725 to step 730. Returning to step 715, if the user is not creating a new clip, No, control passes from step 715 to step 720, in which the individual selects an existing clip to modify from a set of stored clips. The set of stored clips may be previously captured using the Universal Clipper application, or otherwise captured and available on a service for which the user has a unique authenticated identity (e.g., username and password) and has allowed the Universal Clipper to store these identity details. Control passes from step 720 to step 730.

In step 730, the individual selects one or more options from a list of options provided by the Universal Clipper application. The list includes all services for which the user has a unique authenticated identity (e.g., username and password) and has allowed the Universal Clipper to store these identity details. For example, the individual user may have allowed the Universal Clipper to store the credentials for a Pinterest or Facebook account associated with the individual, which allows the Universal Clipper application to access and retrieve content from those accounts and store content to those accounts.

Control passes from step 730 to step 735, in which the individual selects a classification to apply to the clipped item for each service selected in step 730. For each of the services selected in step 3, the user is presented with a list of classification terms (if available). Optionally, the user may select which classification(s) apply to the clips for each of the selected services. A classification may be a metatag or the name of a hierarchical grouping to which the clip will belong.

In step 740, the individual selects the option to publish clip(s) to the selected service(s) under the (optional) selected classification(s). The clip(s) are published to the selected services using the unique authenticated identity of the individual for each service.

Fig. 8 is a flow diagram illustrating a method 800 corresponding to the step 415 of Fig. 4A, in which the individual associates preferences with items in the lists of owned items and wanted items. Method 800 begins at a Start step 805 and proceeds to step 810, in which a user lists a wanted item. The wanted items are uniquely associated with the individual. Items are described by any one or more of: text, voice, photo, video, barcode, or a set of digital files (for example, a webpage or portion thereof). Decision step 815 determines whether there is enough information for a seller to make an offer. If there is not enough information, No, control passes to step 825, in which other users registered with the transaction system are able to provide input to the listing of the wanted item. Such input may be broadly divided into three categories: (1) an option or alternative to the wanted item; (2) refinement of the item description; and (3) an opinion relating to the wanted item.

Any other user who can view the listed item, and this depends on the privacy settings associated with the item, may suggest an optional or alternative item, described by any or all of: text, voice, photo, video, barcode, or a set of digital files (for example, a webpage or portion thereof). For example, if the description of the wanted item is simply the text "sunglasses", a third party registered user may provide input in the form of text "Ray Bans would suit you". However, if the description of the wanted item is specific and definitive, such as a web clip of a brand and model of sunglasses, a third party registered user may provide input in the form of a web clip of another specific brand and model of sunglasses.

Any other user who can view the listed item, and this depends on the privacy settings associated with the item, may propose a more detailed description of a vaguely,

ambiguously, or non-definitively described item. This more detailed description may include any one or more of: text, voice, photo, video, barcode, or a set of digital files (for example, a webpage or portion thereof). For example, if the description of the wanted item is a , photograph of a pair of sunglasses accompanied by the text "I like these", a third party registered user may provide input in the form of a web clip or written description definitively specifying a brand and model of sunglasses.

Any other user who can view the listed item, and this depends on the privacy settings associated with the item, may express an opinion on the item. Such an opinion may be expressed, for example, in any one or more of the following ways:

• making a text comment;

• selecting a control to register quickly their positive or negative sentiment on the item; or

• using a camera on a computing device to record a reaction by taking a photo or short video, which the transaction system captures and publishes, referred to as a "tell"'; Control returns from step 825 to decision step 815. Steps 825 and 815 may be repeated any number of times, by the owner of the item or by multiple third party registered users, until there is sufficient information for a seller to make an offer.

Returning to step 815, if there is enough information for a seller to make an offer, Yes, control passes from step 815 to step 830, in which the transaction system delivers the offer of sale from the seller to the original individual associated with the listing for the wanted item. Such an offer for sale is transmitted to the owner if the offer of sale if made and the offer is highly relevant, based on the set of purchasing conditions and the set of selling conditions. The transaction system delivers the offer of sale. The offer may become part of the process of collaborative consideration. The owner of the item is optionally able to configure privacy settings to allow third party registered users to view the offer and optionally comment on the offer. In this example, the individual sets the privacy settings to allow third parties to comment on a received offer and control passes from step 830 to decision step 835, which determines if there is any input from a registered entity. If there is input from a registered entity, control passes from step 835 to step 825. If there is no input from a registered entity at step 835, control passes from step 835 to step 840, in which the individual who owns the item selects a specified, defined, alternative. The selected alternative is one that:

• meets the needs of the individual,

• is preferred above others,

• is positively regarded by other users, and

• is defined definitively (i.e., in a way that is neither vague or ambiguous).

Fig. 9 is a flow diagram of a method 900 corresponding to an optional step between step 440 and 445 of Fig. 4B. The method 900 begins at a Start step 905 and proceeds to step 910, in which the transaction system delivers one or more offers for sale to an individual who has listed a wanted item. Only the best and most relevant offers are delivered to the individual who has listed the wanted item, when and where the offers for sale are most relevant. Factors influencing relevance include price, time-of-day

(for example, whether a seller is open for business at the time), and location

(for example, whether the potential buyer is known by the transaction system to be within a certain distance of a geographical location of a seller).

Control passes from step 910 to step 925, in which the individual who listed the wanted item, having received a delivered offer of sale, may select an option to view a simplified report of one or more factors contributing to the system prediction that the delivered offer of sale is highly relevant to the user.

In step 930, the individual deletes any one or more of the reported factors which the individual feels represent an invalid assumption about the preferences or behaviour of that individual, or an irrelevant, or mistaken observation. In some cases it may be possible to edit a factor, rather than simply delete the factor, and the individual may wish to do so. The transaction system records these edits and deletions and adjusts the profile of the preferences of that individual accordingly. Data collected in this process may also be used to optimise system algorithms generally. Control passes from step 930 to End step 940 and the method 900 terminates.

Industrial Applicability

The arrangements described are applicable to the computer, marketing, and financial industries.

The foregoing describes only some embodiments of the present invention, and modifications and/or changes can be made thereto without departing from the scope and spirit of the invention, the embodiments being illustrative and not restrictive.

In the context of this specification, the word "comprising" and its associated grammatical constructions mean "including principally but not necessarily solely" or "having" or

"including", and not "consisting only of". Variations of the word "comprising", such as "comprise" and "comprises" have correspondingly varied meanings.

As used throughout this specification, unless otherwise specified, the use of ordinal adjectives "first", "second", "third", "fourth", etc., to describe common or related objects, indicates that reference is being made to different instances of those common or related objects, and is not intended to imply that the objects so described must be provided or positioned in a given order or sequence, either temporally, spatially, in ranking, or in any other manner.

Although the invention has been described with reference to specific examples, it will be appreciated by those skilled in the art that the invention may be embodied in many other forms.

Claims

We claim:

1. A transaction method comprising the steps of:

registering a plurality of entities with a transaction system, wherein each entity is one of an individual, a business, and an item;

identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity, based on a first set of preferences associated with a wanted item in said list of wanted items in said profile associated with said first registered entity and a second set of preferences associated with said owned item; and

effecting a commercial transaction relating to said owned item, based on said identified match.

2. The method according to claim 1, wherein registering an entity includes the step of assigning a unique identifier to the entity.

3. The method according to claim 1, comprising the further step of:

generating an offer for sale from said second registered entity to said first registered entity;

wherein effecting said commercial transaction includes the first registered entity accepting the offer for sale.

4. The method according to claim 3, comprising the steps of:

sharing, by said first registered user, said offer for sale with a set of associated users; receiving feedback from said set of associated users; and

negotiating sale conditions of said offer for sale, based on said feedback.

5. The method according to claim 4, wherein each associated user in said set of associated users is registered with said transaction system.

6. The method according to claim 4, wherein each associated user in said set of associated users is a connection of said first registered user in a social media platform.

7. The method according to any one of claims 4 to 6, wherein said feedback relates to one of social validation and recommendations.

8. The method according to any one of claims 4 to 7, wherein said feedback is selected from the group consisting of: text, audio, and video.

9. The method according to any one of claims 1 to 8, wherein effecting a commercial transaction includes the steps of:

transmitting a prompt message to said second registered entity, said prompt message identifying an interest from an unidentified entity to purchase said owned item;

said second registered entity creating an offer of sale in relation to said owned item, in response to said prompt message; and

acceptance of said offer of sale from said first registered entity.

10. The method according to claim 9, wherein said offer of sale includes a set of selling conditions.

11. The method according to any one of claims 1 to 10, comprising the further step of: sending a post-transaction message to at least one of the first registered entity and the second registered entity after effecting said commercial transaction.

12. The method according to claim 11, wherein said post-transaction message relates to at least one of a warranty period, insurance cover, servicing reminder, advice on current market value associated with the owned item, a prompt to re-sell the owned item, and a prompt to review the owned item.

13. The method according to any one of claims 1 to 12, comprising the further step of: updating said list of wanted items in said profile associated with said first registered entity to remove the owned item, after the commercial transaction; and

updating a list of owned items in said profile associated with said first registered entity to include said owned item.

14. The method according to any one of claims 1 to 13, comprising the further step of: updating said list of owned items in said profile associated with said second registered entity to remove the owned item, after the commercial transaction.

15. The method according to any one of claims 1 to 14, wherein each item is associated with an item title and an item description.

16. The method according to claim 15, wherein said item description includes at least one of text, image, voice, audio, video, barcode, and a set of digital files.

17. The method according to any one of claims 1 to 16, comprising the further step of: sending a maintenance message to a registered entity, based on a list of owned items in the individual profile associated with that registered entity.

18. The method according to claim 17, wherein said maintenance message relates to at least one of a warranty period, insurance cover, servicing reminder, advice on current market value associated with the owned item, a prompt to re-sell the owned item, and a prompt to review the owned item.

19. The method according to any one of claims 1 to 18, comprising the further step of: recording a reaction of a viewing user as an image, in response to said viewing user viewing an owned item that is offered for sale.

20. The method according to any one of claim 1, comprising the further steps of:

providing, by said first registered entity, an initial description of said wanted item in the form of a category of goods;

receiving feedback from associated users in relation to said initial description;

determining, by said first registered entity, a refined description of said wanted item, based on said feedback. *

21. The transaction method according to claim 13, comprising the further step of:

sending a request, by said first registered entity to said transaction system, relating to said owned item;

sending a supply request to a third registered entity, based on a match between said request and a list of owned items in a profile associate with said third registered entity.

22. The transaction method according to claim 21, wherein said third registered entity is said second registered entity.

23. The transaction method according to either one of claims 21 and 22, wherein said request relates to one of warranty, service, insurance, or replacement.

24. The transaction method according to any one of claims 21 to 23, comprising the further step of:

generating an offer for sale, by said third registered entity to said first registered entity, based on said supply request.

25. The transaction method according to any one of claims 21 to 24,

wherein said owned item is an entity registered with said transaction system, and further wherein said supply request includes information derived from a stored profile associated with said owned item.

26. A transaction system server, comprising:

a memory for storing data and a computer program;

registering entity plurality of entities with a transaction system, wherein each entity is one of an individual, a business, and an item;

identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity, based on a first set of preferences associated with a wanted item in said list of wanted items in said profile associated with said first registered entity and a second set of preferences associated with said owned item; and effecting a commercial transaction based on said identified match.

27. A computer program product having a computer readable medium having a computer program recorded therein for effecting a transaction system, said computer program product comprising:

computer program code means for registering a plurality of entities with a transaction system, wherein each entity is one of an individual, a business, and an item;

computer program code means for identifying a match between a wanted item in a list of wanted items in a profile associated with a first registered entity and an owned item in a list of owned items in a profile of a second registered entity, based on a first set of preferences associated with a wanted item in said list of wanted items in said profile associated with said first registered entity and a second set of preferences associated with said owned item; and

28. A transaction method comprising the steps of:

registering a plurality of entities with a transaction system;

29. The transaction method according to claim 28, wherein said first registered entity is a prospective seller of goods in said list of owned items and said second registered entity is a prospective purchaser of goods in said list of wanted items.

30. The transaction method according to claim 28:

wherein said plurality of entities includes a set of prospective purchasers, each prospective purchaser having an associated profile with a prospective purchaser list of wanted goods; and

further wherein said consumer demand information is derived from said prospective purchaser lists of wanted goods.

31. The transaction method according to any one of claims 27 to 30, comprising the further step of:

making, by said first registered entity, an offer for sale to said second registered entity, based on said consumer demand information.