Early Designs of Automated Trading
Like the concurrent eBay internet auction system, sellers uploaded inventory to a database, buyers browsed inventory online, submitted bids online and received invoices automatically. Buyers then paid Sellers, Sellers shipped goods to Buyers and the Hobby Markets billed the seller a commission.
Hobby Markets introduced a number of innovative features to online auctioning including the first system for automatically increasing bids, SmartBid, and the first bid status feature, both of which were introduced in April 1996.
Read more about this topic: Hobby Markets Online
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