Quite simply LBP merges the features of ebay and Fedex in an intuitive way for promoting local businesses.The platform serves two key functionalities
A) LBP allows users to post a specific requirement on the website.(product/service).Registered businesses get a notification of this requirement. Based on the availability of the product they quote a price. At the end of stipulated time, the lowest quote wins. Consumers get a get bargain.
A further extension of the feature would be that the businesses can give additional offer like quote plus accessories or low price for accepting a delayed delivery (that allows them to source from other partner store farway )or combo offers.Consumer gets a chance to select and pick any of these offers and close the deal.This allows the businesses to offer a better deal, leverage and get rid of any excess related inventory they may have .
B) LBP alows allows local businesses to post niche products /high demand products on the platform and get a good deal from the consumers.