DESC:FORM 2
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENTS RULES, 2006
COMPLETE SPECIFICATION
[See section 10, Rule 13]

1. TITLE OF THE INVENTION: SYSTEM AND METHOD FOR HYPERLOCAL RETAILING

2. APPLICANT(S)

Name: NEARBY TECHNOLOGIES PVT. LTD.
Nationality: Indian
Address: 404 Samarpan Complex, New Link Road, Chakala,
Andheri (East), Mumbai 400099

3. PREAMBLE TO THE DESCRIPTION
THE FOLLOWING SPECIFICATION PARTICULARLY DESCRIBES THE INVENTION AND THE MANNER IN WHICH IT IS TO BE PERFORMED


SYSTEM AND METHOD FOR HYPERLOCAL RETAILING
FIELD OF THE INVENTION
[1] The present invention is generally related to digital business enablement of mass market retail outlets with integrated approach to help retailers oblivious to high end technology and be able to use it with simple and meaningful services. More specifically, the present invention relates to a tool and system that enables retailers and their customers to engage in financial and general services in a hyperlocal environment nearby and avail various services in an easy and convenient manner.
BACKGROUND OF THE INVENTION
[2] With advent of technology, people are using the internet more and more for fulfilling their needs. As per Forbes magazine, nearly 75 % of online users are active on some or the other online platform. A recent trend that has picked up steam is online-retailing and shopping. A majority of internet users now prefer to shop online through the websites of online retailers or e-tailers as they are popularly called. It has been observed that people prefer to shop online as it offers a number of benefits including, best prices, variety, easy accessibility, ease of delivery and hassle free replacement of unwanted products.

[3] Various systems and tools for enabling online shopping/retailing are known. For instance, US 20030074267 provides a system that has been developed in view of the problem that online shopping services do not give detailed information about prices on offer by offline providers, such as brick and mortar shops. It is recognized that at times it may be possible that the shopper may get a better deal or competitive price from a local (offline) provider. So the disclosed system provides online comparison information about at least one online provider and at least one offline provider of a product or service. In another system taught by US 6336100, the problem to be solved is easier and effective delivery of merchandise to clients by tracking the location of the client. Particularly, the customer is enabled to designate addresses or places where he or she wants to have goods delivered. In yet another document, US 20020143660, a client shopping cart is enabled that provides connectivity to different merchant web sites. At check-out time, the shopping cart can transparently transfer purchase information contained in the shopping cart to the merchant sites. While e-tailing platforms started with offering for sale general inessential products like apparels, tools, accessories and the like, sensing the popularity of e-tailing platforms with people at large, many e-tailers have started offering products of daily use, such as grocery, vegetables, fruits etc., which the people are accustomed to buy from neighbourhood grocers, brick and mortar shops and the like. A prominent reason for popularity of such e-tailers offering general goods is that the neighbourhood grocer/retailers are predominantly in-efficient in serving their customers effectively. Neither are they organized in their operations like a professionally run e-tailer, nor do they have resources – financial, human, or technological – to support their functioning so as to serve their customers in a timely manner. The customers, on the other hand, while shopping through e-tailers miss out on the personalized experience they encounter when dealing with the neighbourhood retailer. Besides, e-tailers deliver the ordered products only as per their delivery schedule, and may not be able to meet any urgent demand of customers which a neighbourhood retailer could meet, when contacted directly.

[4] In view of the foregoing, there exists a need for a solution to the afore-said disadvantages of the existing methods and systems, as discussed. Particularly, there exists a need for a solution that enables the neighbourhood retailers to be efficiently sufficient to meet the requirements of their customers in their vicinity. More particularly, while efficient and timely delivery of products demanded by the customer is of primary importance, there is a need to enable the neighbourhood retailers to offer add-on-services to customers that ensures building up of a long-term association between the retailer and the customers. Besides, there is a need to enhance the customer experience as well, which is lacking in the customers’ dealings with e-tailing platforms.

OBJECTS OF THE DISCLOSURE
[5] Therefore, an objective of the present invention is to provide a solution for enhancing the hyperlocal retailing experience of a customer holistically.

[6] A further objective of the present invention is to provide solution that enables the neighbourhood retailers to harness technology to be efficiently sufficient so as to serve the requirements of their customers in a timely and effective manner.

[7] Yet another objective of the present invention is to provide a solution that empowers the neighbourhood retailers to offer add-on facilities to their customers so as to offer a one-stop solution for all their requirements.

[8] The retailers can offer engagements to the customers through gamification of treasure hunt and reward points for onboarding more friends and shopping more. The retailer can also see the approximate count of users in his proximity and their aggregated interest areas and accordingly make offers through the platform.

[9] The engagement system maps predefined interest areas of a customer as entered in this system with the offering available at retailer outlet. The system also helps the customer to prepare a shopping list on an interactive platform and get notifications of best prices from retailers/merchants, when the customer is in the market. The number of price matching will be done on the basis of the level of membership a customer has subscribed to the system.

[10] The proposed system also allows manufacturers of refrigerators and other home appliances like electronic devices and illumination systems to place an order on the system with GIS location of themselves along with the product code in case when the relevant product in the refrigerator has exhausted (eg. Milk/eggs) or when a bulb has gone out of order in an illumination system. The retailer identified basis GIS location and products stored in the nearby area will get the request to fulfill the order. Placement of order and acceptance of order between the customer and retailer shall happen through this platform with the help of device carried by the customer and retailer. Payments can happen automatically or manually upon confirmation or execution of the order.

[11] Still another objective of the present invention is to enable the customers to fulfill their requirements without compromising on the personalized experience one has with neighbourhood retailers.
BRIEF DESCRIPTION OF DRAWINGS
[12] FIG. 1 illustrates a block diagram for a system for hyperlocal retailing in accordance with an embodiment of the present invention.
[13] Fig. 2 illustrates method embodied in the system of Fig. 1.

DETAILED DESCRIPTION OF THE EMBODIMENTS
[14] This patent describes the subject matter for patenting with specificity to meet statutory requirements. However, the description itself is not intended to limit the scope of this patent. The principles described herein may be embodied in many different forms.

[15] Illustrative embodiments of the invention now will be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. Like numbers refer to like elements throughout.

[16] FIG. 1 illustrates a hyperlocal retailing system 100 that incorporates the present invention and enables the functioning thereof to achieve the afore-said objectives. Particularly, the present invention envisages to provide a hyperlocal retailing tool that can be used across any type of industry to provide an integrated platform that communicably couples merchants, who offer goods/services for sale, and customers, who wish to procure such services/goods. The hyperlocal retailing tool may be incorporated in a plurality of merchant devices 102 (102a, 102b…102n) communicably coupled to a retailing server 104. In an embodiment of the present invention, the merchant devices 102 may include a mobile phone, a desktop computer, a personal digital assistant, a notebook and any other device capable of communicating with other similar communicating devices over a wired/wireless link. The merchant devices 102 are able to communicate with customers over a communication link via the retailing server 104. The present invention envisages that each of the customers are able to communicate with the plurality of merchant devices 102 using plurality of customer devices 106 (106a, 106b…106n) that are also communicably coupled to the retailing server 104. The customer devices 106 also incorporate the hyperlocal retailing tool. The hyperlocal retailing tool may be configured as a hardware, a software or a combination of both, and is adapted to facilitate the customers and merchants/retailers (the term “merchant” and “retailer” would be used interchangeably hereinafter) to interact with each other so as to enable a seamless communication therebetween.

[17] The system 100 enables the customers and retailers to easily subscribe themselves to the services of the system 100. In the said process, a person (merchant or customer) intending to subscribe to the services may incorporate the hyperlocal retailing tool within his device (102 or 106) and thereafter send copy/photograph of his identification documents to the central server 104. The retailing server 104 retrieves the pertinent details of the person from these documents and entered in a master repository 110 coupled to the retailing server 104. The identification details of the merchants are stored as first data ‘FR’ and those of customers are stored as second data ‘SR’ in the master repository 110. For enabling retailers to easily subscribe, they may specify a broad range of products offered by them – say toiletries, bakery products and the like at the time of onboarding instead providing a detailed list of products they offer. Additionally, they may include pertinent details, including photographs, of all their service agents who would deliver the services/goods on offer by the merchants to the requesting customers. Once the customers finalize the goods/services they wish to procure from merchants, the details of service agents of each of the merchants will be shown to the customers. This ensures the safety of the customers. The present invention envisages that the procedure for enabling customers to subscribe to the services of retailing server 104 is simpler and they can onboard themselves by writing in a simple mail, calling a prescribed phone number or using short message service (SMS).

[18] The present invention would now be explained in conjunction with Fig. 2 that illustrates a flowchart of a method 200 implemented in the system 100 of Fig. 1. As shown, the method 200 commences at 202 with the subscribed customers having need to buy products from merchants. In use, one or more customer desirous or purchasing goods and/or services from merchants transmit a first request ‘R’, at step 204, using the hyperlocal retailing tool, to the retailing server 104 through their customer devices 106 so as to receive responses from the merchants. The first request ‘R’ may include details of goods/services required by them. At 206, in response to the first request ‘R’, the retailing server 104 transmits first information ‘F’ having first data ‘FR’ pertaining to one or more merchants located within the geographical area in the vicinity of the requesting customer device 106a. Thus, the key features of the system 100 includes utilizing the geographical information system (GIS) to enable customers’ accessibility to all retailers in vicinity of the customer. The customer, using the hyperlocal retailing tool, accesses the details of each of the merchants in his vicinity as well as the details of goods and/or services on offer by the merchants. Based on the first information, the customer may either choose a particular retailer for selecting the goods and/or services required by him or choose different retailers and select one or more goods/services offered by the different retailers. Alternatively, in the form of the first request, the customer may directly key in the name of the goods/services required by him and appropriate retailer, having availability of each of the goods/service, is automatically selected by the retailer server 104 and details of the same are sent in the form of first information to the customers. The present invention envisages that the price of good/service on offer by the one or more merchants is also shown to a customer so as to enable him to choose a merchant who offers the most competitive pricing. Also, the details of various brands of the goods as available with different merchants so that the customer may choose a merchant who can provide the desired brand of goods. To ensure convenience to retailer and accuracy in acceptance/placement of order and compliance by the retailer, the retailing server 104 enables translation into local language or transliteration, by way of converting the ordering language to language understood by retailer or displaying pictures of products. Thus, a customer in a new neighbourhood, where a different language is commonly used, can also place his order for products.

[19] Once the customer receives the first information, he selects the goods/services required by him and one or more merchants providing the same. All this selection is bundled in the form of second request message that is transmitted to the retailing server 104, at step 208. The second request message includes a second information that has details of goods and services as well as respective merchants as selected by the customer. The second request message is transmitted to the retailing server 104, which identifies each of the merchants identified by the customer in the second request and generates a separate service request for each of the merchants. The service request incudes details of the customer, such as name and address derived from first information, and also the details of the goods/services requested to be provided by the customer. Thus, upon receiving the second request, the retailing server 104 segregates the second request in terms of the merchants identified therein and prepares a service request for each of them. At 210, the service request is transmitted to the various merchants, who in turn receive the same on their hyperlocal retailing tool and send in their acknowledgement to attend to the same by way of a service acknowledgement message. At 212, the service acknowledgement message is received by the customers thereby confirming which of his desired orders would be fulfilled. The present invention envisages that in the event of any good/service or particular brand is not available with the retailer, he can suggest alternates seeking confirmation of the customer. In an embodiment of the present invention, the prices of the products on offer by each retailer are directly taken from an FMCG master list being maintained at the retailing server 104 and the retailer need not maintain any such pricing list at his own end. However, the retailer may intimate customers using the hyperlocal retailing tool regarding any change in prices in the event he desires to offer any discounts or update the prices. The hyperlocal retailing tool available on the customer devices 106 and the merchant devices 102 enable such communication between the customers and merchants via the retailing server 104. Also, the present invention envisages that to ensure complete fulfillment of a customer’s requirement, a polling option is available in the event a particular good/service is not available with a merchant selected by the customer. In the polling option, once the merchant indicates that he is unable to provide a particular good/service, the retailing server 104 send a polling request to all merchants in the vicinity of the customer. The merchant who is able to fulfill the customer’s requirement may then send in the service acknowledgement message. In the event two or more merchants and a service acknowledgement message, the customer is intimated who may select the desired merchant based on the price and/or brand of good/service on offer by each of the merchants.

[20] As soon as one or more merchants acknowledge the service request, the customer is notified by the retailing server 104 of the willingness of the merchants to fulfill the second request of the customer. The present invention envisages that for optimizing the delivery time and enabling effective service, the retailing server 104 aggregates the service requests acknowledged by each of the merchants and devises an optimal route based on GIS for serving the said requests.

[21] Besides the afore-said functionality, the system 100 also includes a financial module that enables seamless financial transactions between the customers and retailers apart from enabling retailers to offer various other financial services to the customers. For enabling the financial module, the retailing server 104 may be communicably coupled to one or more banking server, such as a server 120 maintained by a bank or financial institution. The present invention envisages that using the hyperlocal retailing tool, the customer may be able to transfer the monetary worth of the good/service obtained by him from the merchant. To enable this functionality, the retailing server 104 enables the customers and merchants to create a virtual financial account having a personal identifier information for identification of the customers and merchants and enabling them to access the virtual account. The virtual financial account is linked to a bank account of the customer/merchant with the bank or financial institution. Also, the present invention envisages that each virtual financial account has a currency identifier associated with it representative of an equivalent monetary value. The virtual account may be identifiable by a virtual identification number, such as a sixteen digit number same as for plastic money cards. By way of this virtual financial account, the customers can safely make payments to retailers for the goods and service provided by them, without actually exposing their bank account. Particularly, the customer can transfer the monetary worth of all goods and services purchased by him from his virtual financial account to that of the merchant who is providing such goods and services. Upon making such payment, the currency identifier in the virtual financial accounts of both the customer and merchant are updated. In an embodiment, the financial module enables a customer or merchant to map their bank account with their mobile number or a merchant code given by the financial module. When a customer pays money to this mobile number or merchant code, the system will auto check the limit of their respective online wallets and velocity as per permissible limits, and then automatically route the surplus money in excess of the permissible limits to the bank account of the customer/merchant mapped in the system. This will help the recipient to get the money even if their wallet limit is exhausted. Also, the system enables loading/charging of the virtual financial account as well as money transfer against payment of cash. Particularly, the customer locates the retailers/ agents in an area who can update the currency identifier in a customer’s virtual account upon receiving equivalent monetary worth in cash from the customer. The retailer/agent would need to enter the mobile number of the customer and enter the amount to be loaded. The customer gets an OTP and shares it with the retailer/agent, thereby validating that the mobile number for the virtual account is correct. The retailer/agent can then enter the amount in their second communication tool 106 against the validated mobile number of the customer and enter his own PIN to authorize the debit of requested amount to his own wallet and thereafter transfer to customer’s virtual account. Besides, the system also enables transfer of money by all mobile phone users irrespective of whether they are subscribed to the services of system 100 or not. Particularly, when a feature phone user who is not subscribed to the system 100 but intends to receive money from friends, can go to a merchant and ask him to pull money by entering customer mobile number and amount. The system 100 will push an OTP to the customer, which will be shared by customer to the merchant and the system 100 will authorize this OTP, thereby, transferring the money from merchant’s virtual account to customer’s virtual account. Alternatively, the retailers may provide the goods and services on credit to the customers, who can pay later. The retailing server 104 maintains all such credit related information pertaining to each retailer and associates the same with customers’ details such that the customer is also aware of such credit amount existing against his name.

[22] Moreover, even those customers/merchants having simple feature phones can utilize the financial module of the present invention. The customers with feature phones can send an SMS to the mobile number associated with the system 100 and enter their name and bank account in this SMS. This process will ensure that the customer is subscribed to the system 100. Customer can thereafter load money in their wallet by the Cash or NEFT method. At the time of payment by the customer using a feature phone, the customer needs to send an SMS to the mobile number with following details: Mobile number of beneficiary, amount of transfer, a random code. The system 100 will send an OTP to the sender. The sender will share OTP and random code with the beneficiary. Beneficiary will now send a similar message to the platform with following details: Mobile number of sender, amount, random code and OTP. The system 100, at the back end, will map and verify these details and authorize the transaction. Additionally, the present invention envisages that all subscribers to the system 100 may have a virtual money card, identified by a unique 16 digit identification number, CVV and an Expiry date, configured to enable payments to be made while using the services offered by the system 100. At the time of transaction, the customer will get a dynamic OTP to execute the transaction. This dynamic OTP will be sent to the customer every time he does transaction. Further, the system 100 also enables the customers to purchase financial products, like insurance, mutual funds, and the like, or make payments towards the same through the merchants. Besides, the retailers can offer various other financial products to their customers and enable them to buy such products by paying through their wallets to the retailer.

[23] Additionally, the system 100 also enables a discreet purchase mode wherein customers can purchase certain products – for instance, sanitary napkins, contraceptives, anti-depressants - which they do not wish to purchase over the counter at a retail store in front of other customers, and also do not wish to be delivered to their homes due to presence of other family members. Using the hyperlocal retailing tool, the customers may place order for such products and receive a first code in return from the retailing server 104. The first code is also intimated to the merchant who would be providing the product. The customer may thereafter visit the store and mention the first code over the counter to receive the product, without even mentioning the name thereof.

[24] Apart from making purchases, the customers, who are not tech-savvy, may also request the retailers to pay their bills, such as utility bills, credit card bills, etc. without even having to visit the retailer physically. The system enables the customers to communicate, through the first communication tool 102, the bill amount to be paid and send the same along with scanned copy/photograph of the bill to any of the retailers in their vicinity or in the vicinity of the utility company. Payment for the bill amount may be collected by the retailer physically or through the financial module of the system 100.

[25] Additionally, in case of any non-fulfillment of order owing to unavailability of a particular brand/product with a merchant, the retailing server 104 keeps a track of such missed orders and shortfalls. A second information having details of goods and services not available with the respective merchants is prepared and stored in the master repository 110 for later intimation to the retailer regarding procuring the products/brands from distributors. Additionally, the retailing server 104 periodically send the second information to the retailer having details of product and the order quantities missed out by him and helps him to place an order immediately to the distributor. Besides, based on search queries received from the customers of a neighbourhood, the retailing server 104 analyzes the product demand profile and provides suggestions to the retailers in terms of the product line or else the brands that are popularly sought by the customers of the area, so that the retailer may consider such business prospects. The retailing server 104 also maintains a purchase profile log of the customers and this log is selectively shared with retailers/ distributors so as to enable them to extend various sale related offers. The log may also be shared with FMCG suppliers for enabling them to take a holistic decision pertaining to introducing new products/brands in the neighbourhood depending upon the purchase profile sampling.

[26] In addition to the above, the system 100 enables the customers to provide rating to the retailers for the use of other customers. This also ensures that the retailers service their customers efficiently.

[27] This way the present invention envisages to empower the neighbourhood retailers to provide efficient and prompt services to their customers. The customers also are benefitted in terms of the personalized services offered by the retailers as well as in terms of timely delivery of the required products. The present invention envisages easy placement of orders by the customers as well as effective and timely fulfillment of the orders by the customers with the help of GIS data. Besides, the system 100 enables the retailers to keep track of the market demands in their immediate vicinity, thereby enabling them to enhance their business and at the same time ensure best services to their customers. The various add-on financial services envisaged to be offered by the retailers can further help in enhancing the user experience. Therefore, the integrated platform of the present invention serves the afore-said benefits which are missing from the exiting state of the art.

[28] Since other modifications and changes varied to fit particular operating requirements and environments are apparent to those skilled in the art, the invention is not considered limited to the example chosen for purposes of disclosure, and covers all changes and modifications which do not constitute departures from the true spirit and scope of this invention.

[29] Having thus described the invention, what is desired to be protected by Letters Patent shall be presented in claims that will be subsequently appended.

[30] Although the invention has been explained in relation to its preferred embodiment, it is to be understood that many other possible modifications and variations can be made without departing from the spirit and scope of the invention as herein described.

[31] As one of ordinary skill in the art may appreciate, the example system and method described herein can be modified. For example, certain steps can be omitted, certain steps can be carried out concurrently, and other steps can be added. Although particular embodiments of the invention have been described in detail, it is understood that the invention is not limited correspondingly in scope, but includes all changes, modifications and equivalents coming within the spirit and terms of the description herein.

[32] While the invention has been described in connection with what is presently considered to be the most practical and various embodiments, it is to be understood that the invention is not to be limited to the disclosed embodiments, but on the contrary, is intended to cover various modifications and equivalent arrangements included within the spirit and scope of the appended description of invention.

[33] This written description uses examples to disclose the invention, including the best mode, and also to enable any person skilled in the art to practice the invention, including making and using any devices or systems and performing any incorporated methods. The patentable scope of the invention shall be defined later in claims, and may include other examples that occur to those skilled in the art.

[34] Payment enablement to retailer from a customer is envisaged to make it direct to bank option by allowing a user to pay to a mobile number/identified tag of the merchant on the app of customer hosted on the device with the customer. The Mobile number can be configured by the retailer to his bank account at his convenience and the system sends the payment from customer to the retailer account directly if the retailer has configured the app in such a manner.
,CLAIMS:We claim:
1. A system for enabling hyperlocal retailing in a geographical area, the system comprising:
a plurality of merchant devices and a plurality of customer devices adapted to be communicably coupled, each of the plurality of devices comprising a hyperlocal retailing tool; and
a retailing server communicably coupled to the plurality of merchant devices and the plurality of customer devices, the plurality of merchant devices and the customer devices having subscribed to the services of the retailing server using the hyperlocal retailing tool; and
a master repository coupled to the retailing server, the master repository storing a first data pertaining to at least the identification of merchants and the goods and services offered by the same, and a second data pertaining to the identification of customers,
wherein one or more of the plurality of customer devices desirous of purchasing goods and services transmits a first request to the retailing server therefor,
wherein the retailing server transmits to the one or more customer devices, a first information comprising the first data of one or more merchants in the geographical area in vicinity of each of the one or more customer devices, and
wherein the one or more customer devices transmits a second request to the retailing server, the second request having second information comprising details of goods and services and respective merchants selected based on the first information, and
wherein the retailing server transmits a service request to each of the merchants identified in the second request and in turn receives a service acknowledgement message from the devices pertaining to each of the merchants.

2. The system as claimed in claim 1, wherein the retailing server upon receiving the service acknowledgement message generates and transmits an optimal route for the merchants to fulfil the service request in shortest time.

3. The system as claimed in claim 1, wherein the retailing server is communicably coupled to servers pertaining to financial institutions for enabling the one or more customer devices to transfer monetary worth for the goods and services to the one or more merchant devices.

4. The system as claimed in claim 3, wherein the retailing server in association with the servers pertaining to financial institutions enables the customers and merchants to create a virtual account having a personnel identifier and a currency identifier of equivalent monetary value associated therewith.

5. The system as claimed in claim 4, wherein the equivalent money value associated with one or more customer devices and merchant devices changes in accordance with the monetary worth transferred by the one or more customer devices.

6. The system as claimed in claim 4, wherein the equivalent money value associated with one or more customer devices is updated by using merchant devices upon request of the customers.

7. The system as claimed in claim 1, wherein the retailing server enables one or more customer devices to make purchases of goods and services by generating a first code pertaining to each of the goods and services purchased, the first code being provided to the one or more merchant devices to avail the goods and services.

8. The system as claimed in claim 1, wherein the first information is in the local language of the customers.

9. The system as claimed in claim 1, wherein while transmitting the service acknowledgement message, the one or more merchant devices also transmits second information pertaining to goods and services not available with respective merchants, the said second information being stored in the master repository for being provided to the merchants in future.
10. The system as claimed in claim 10, wherein the retailing server transmits periodic reminder messages to one or more merchant devices based on the second information.

11. A method for enabling hyperlocal retailing in the system as claimed in claim 1 to 10, the method comprising:
transmitting a first request to the retailing server by one or more of the plurality of customer devices desirous of purchasing goods and services;
transmitting to the one or more customer devices a first information by the retailing server based on the first request, the first information comprising the first data of one or more merchants in the geographical area in vicinity of each of the one or more customer devices;
transmitting a second request to the retailing server by the one or more customer devices, the second request having second information comprising details of goods and services and respective merchants selected based on the first information, and
transmitting a service request by the retailing server to each of the merchants identified in the second request; and
receiving a service acknowledgement message from the devices pertaining to each of the merchants upon receiving the service request.

12. The method as claimed in claim 11, comprising generating and transmitting an optimal route upon receiving the service acknowledgement message, the optimal route adapted to enable the merchants to fulfil the service request in shortest time.

13. The method as claimed in claim 11, wherein upon receiving the service acknowledgment message, the one or more customer devices transfers monetary worth for the goods and services to the one or more merchant devices.

14. The method as claimed in claim 13 comprising creating a virtual account at the retailing server in association with the servers pertaining to financial institutions by the customers and merchants, the virtual account having a personnel identifier and a currency identifier of equivalent monetary value associated therewith.

15. The method as claimed in claim 14 comprising changing the equivalent money value associated with one or more customer devices and merchant devices in accordance with the monetary worth transferred by the one or more customer devices.

16. The method as claimed in claim 11 comprising generating a first code by the retailing server for enabling one or more customer devices to make purchases of goods and services, the first code pertaining to each of the goods and services purchased and same being provided to the one or more merchant devices to avail the goods and services.

17. The method as claimed in claim 11 comprising transmitting a second information, while transmitting the service acknowledgement message, by the one or more merchant devices, the second information pertaining to goods and services not available with respective merchants and the said second information being stored in the master repository for being provided to the merchants in future.

18. The method as claimed in claim 17 comprising transmitting periodic reminder messages by retailing server to one or more merchant devices based on the second information.

Dated this 27th day of August 2016
MANSI KULSHRESHTHA
Agents for Applicant