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.
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