A system and method for automated bid configuration and search engine

A method (200) for automated bid configuration and search engine for enabling the user to search for the bids for goods or service within the user's or customer's desired budget and preferred vendors;

• wherein the method comprises the steps:
• submitting (201) bid details in the bid calendar by the customer;
• wherein the bid details include information related to goods or services, desired budget, a bid discovery period and the date;
• processing (202) initiated by a Bid Search engine;
• wherein the Bid Search Engine performs full text search in the partner or seller data;
• identifying (203) the eligible bids by the bid search engine;
• wherein if there is at least one eligible bid, a new auction created (204);
• notifying (205) the partners or sellers regarding the new auction wherein the partner or seller provides the price for the bid and approves bidding;
• receiving (206) the bidding details from the sellers or partners within a Bid Discovery period;
• receiving (207) of the search listing by the customer, wherein the complete bid search results with initial bid price presented prior to the expiry of the Bid Discovery Period wherein the customer selects the bid and continues with the purchase or the customer selects multiple bids and initiates a reverse bidding process;
• submitting (208) the selected bids to the bidding engine by the customer;
• notifying (209) the partners or sellers for the reverse auction by the bidding engine;
• bidding (210) by the partner or seller during the Bidding Term wherein the seller or partner further bids with lower monetary value or higher worth value;
• wherein on the expiry of the Bid term period, the auction stops accepting further bids;
• determining a ‘Cool’ bid based on the internal algorithms, wherein the customer is notified about the end of the auction;
• accepting (211) of the ‘Cool’ bid by the customer, wherein the customer further states the reason for liking the ‘Cool’ bid;
• generation (212) of a voucher for the winning bid and emailing a voucher to the customer;
• and
• notifying (213) the seller or partner of the winning bid;
• and closing (214) of the auction.