Dynamic Bargaining System - Ecommerce

[TAbhay]

Dynamic Bargaining System - Ecommerce
Negotiate & Buy

Today there are a lot of E-Commerce platforms in the market but almost 99% of them are lacking a bargaining feature.
Suppose, Customer X loves buying from E-Store but the same product is available at local stores or some other platforms at the same pricing. Customer X can easily bargain the product at the local stores. Wait !!

Now, let's say E-Store is having a bargaining system, Customer X need can easily bargain and buy on E-Store.

The E-Store will be having the basic features and structures of an E-Commerce platform. The Hierarchical structure will be similar to as shown in fig.

METHODOLOGY

Instead of a Bargain amount, let’s say it is a bid

• Every customer can bid on products that are eligible for a bid. Every product has a minimum bid amount above which bargaining is possible ( bidding Range ).

• This bidding system will have the feature to bid on a product. But a one-to-one bidding system can also be built as I mentioned it in Add On.

• Bidding will take place for a certain period of time after which results can be declared manually or we can use something like Vickrey Auction theory etc. for results.

• Customers can also see the number of current bids and the daily bidding frequencies on a product.

Summarizing

Product to Bid -> Customers -> Certain Time Frame ( Bids ) -> Bid results

Working of Bidding Portal

1. Eligibility for Bidding
   Listing of All products
   Product X
   Name ..price .. CanBeBid ..MinimumBidAmount

2. Bidding Start Time
   ...Customers place bid on the product
   Bidding Start Time End
   Bidding duration can be set manually but for now, let it be 24 hours i.e. per day

3. After evaluating the results of all the bids say bid result, the product will be made available to the user at a price of Bid result.

** Seller and User dashBoards**

Add On

• One-to-One Bargaining
  - Chat System
  -User can directly interact to Seller
  -Reminders & Notifications on New Biddings
  -Users can get all Past bid result prices of a product.

Impacts -
Building a relationship between buyer and seller
Increased customer loyalty

Thanks

[championswimmer]

Sounds a lot like Ebay of the old days, but I love the idea for sure :)
Should there be a time-frame within which bids need to be placed etc ?

[TAbhay]

@championswimmer Thanks for liking the idea
For consideration of time frame, there can be two main situations

1. Price of Products may fluctuate
2. Traffic factor
   a ) Seller with low traffic
   In this case, no time - frame, the seller can directly interact with customers through a built-in chat system, bargain vice-versa.
   b) Seller with high traffic
   Large numbers of request from customers to seller which will be difficult to handle. In this case, the time frame will play a vital role
   in deciding the price of the product.