Electronic commerce product pricing and selection system and method

• US 20030065586A1
• Filed: 07/31/2001
• Published: 04/03/2003
• Est. Priority Date: 07/31/2001
• Status: Abandoned Application

• Current Assignee: Ashford.com Incorporated (Luxi Group LLC)
• Original Assignee: Ashford.com Incorporated (Luxi Group LLC)
• Inventors: Shaftel, Keith L., Whatcott, Jeffrey R.
• Application Number:
  US09/919,420
• Publication Number:
  US 20030065586A1
• Time in Patent Office: Days
• US Class Current: 705/27
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0641 Shopping interfaces

Abstract

An electronic commerce product pricing and selection system and method is disclosed. A product cost and a product attribute corresponding to a product are first received from a vendor via a communications network. A sale price is then determined for the product using the product cost and a competitive price is determined using the product attribute. The sale price and the competitive price are then compared and the product is displayed for sale on a website at the sale price if the sale price is determined to be within a predefined range or threshold of the competitive price.

Claims

1. A method comprising:

receiving a product attribute and a product cost corresponding to a product from a vendor via a communications network;

determining a sale price for said product utilizing said product cost;

determining a competitive price for said product utilizing said product attribute;

comparing said sale price to said competitive price; and

automatically displaying said product for sale on a website at said sale price in response to said comparison.

2. The method as set forth in claim 1, wherein determining a sale price for said product utilizing said product cost comprises applying a sale price modification factor to said product cost, wherein said sale price modification factor is selected based upon said product cost.

3. The method as set forth in claim 1, wherein said product comprises a gemstone and determining a competitive price for said product utilizing said product attribute comprises:

defining a cut grade for said gemstone in response to receiving said product attribute; and

determining a competitive price for said gemstone utilizing said cut grade.

4. The method as set forth in claim 3, wherein:

receiving said product attribute and said product cost corresponding to said product further comprises receiving a cut characteristic and a first plurality of product attributes including a shape, a color grading, a clarity grading, and a weight,

defining a cut grade for said gemstone in response to receiving said product attribute comprises defining a cut grade for said gemstone utilizing said cut characteristic, and

determining a competitive price for said product utilizing said product attribute further comprises;

determining a first price for said gemstone utilizing said first plurality of product attributes; and

determining a second price for said gemstone utilizing said first price and said cut grade.

5. The method as set forth in claim 4, wherein receiving a cut characteristic and a first plurality of product attributes including a shape, a color grading, a clarity grading, and a weight comprises receiving a cut characteristic selected from the group consisting of:

a shape, a depth percentage, a pavilion depth, a table percentage, a table size, a crown percentage, a crown angle, a pavilion angle, a culet size, a girdle thickness, a faceting style, and a length-to-width ratio.

6. The method as set forth in claim 4, wherein:

receiving said product attribute and said product cost corresponding to said product further comprises receiving a second plurality of product attributes including a polish grading, a symmetry grading, a fluorescence grading, and a lab certification identifier, and

determining a competitive price for said product utilizing said product attribute further comprises determining a competitive price for said gemstone utilizing said second price and said second plurality of product attributes.

7. The method as set forth in claim 6, wherein determining a competitive price for said gemstone utilizing said second price and said second plurality of product attributes comprises:

defining a competitive price modification factor for one of said second plurality of product attributes utilizing said first plurality of product attributes; and

determining a competitive price for said gemstone utilizing said second price and said competitive price modification factor.

8. The method as set forth in claim 4, wherein said gemstone comprises a fancy cut diamond, said cut characteristic comprises a length-to-width ratio, and defining a cut grade for said gemstone utilizing said cut characteristic comprises defining a cut grade for said gemstone utilizing said length-to-width ratio.

9. The method as set forth in claim 1, wherein:

comparing said sale price to said competitive price comprises;

defining a range of price values utilizing said competitive price; and

determining whether said sale price is within said range of price values;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises displaying said product for sale on said website in response to a determination that said sale price is within said range of price values.

10. The method as set forth in claim 1, wherein:

comparing said sale price to said competitive price comprises;

calculating a difference between said competitive price and said sale price;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises;

comparing said difference between said competitive price and said sale price to a predefined threshold; and

displaying said product for sale on said website in response to a determination that said difference is less than or equal to said predefined threshold.

11. The method as set forth in claim 1, wherein:

comparing said sale price to said competitive price comprises;

calculating a ratio of said sale price to said competitive price;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises;

comparing said ratio of said sale price to said competitive price to a predefined threshold; and

displaying said product for sale on said website in response to a determination that said difference is less than or equal to said predefined threshold.

12. A machine-readable medium having a plurality of machine-executable instructions embodied therein which when executed by a machine, cause said machine to perform a method comprising:

receiving a product attribute and a product cost corresponding to a product from a vendor via a communications network;

determining a sale price for said product utilizing said product cost;

determining a competitive price for said product utilizing said product attribute;

comparing said sale price to said competitive price; and

automatically displaying said product for sale on a website at said sale price in response to said comparison.

13. The machine-readable medium as set forth in claim 12, wherein determining a sale price for said product utilizing said product cost comprises applying a sale price modification factor to said product cost, wherein said sale price modification factor is selected based upon said product cost.

14. The machine-readable medium as set forth in claim 12, wherein said product comprises a gemstone and determining a competitive price for said product utilizing said product attribute comprises:

defining a cut grade for said gemstone in response to receiving said product attribute; and

determining a competitive price for said gemstone utilizing said cut grade.

15. The machine-readable medium as set forth in claim 14, wherein:

receiving said product attribute and said product cost corresponding to said product further comprises receiving a cut characteristic and a first plurality of product attributes including a shape, a color grading, a clarity grading, and a weight,

defining a cut grade for said gemstone in response to receiving said product attribute comprises defining a cut grade for said gemstone utilizing said cut characteristic, and

determining a competitive price for said product utilizing said product attribute further comprises;

determining a first price for said gemstone utilizing said first plurality of product attributes; and

determining a second price for said gemstone utilizing said first price and said cut grade.

16. The machine-readable medium as set forth in claim 15, wherein receiving a cut characteristic and a first plurality of product attributes including a shape, a color grading, a clarity grading, and a weight comprises receiving a cut characteristic selected from the group consisting of:

a shape, a depth percentage, a pavilion depth, a table percentage, a table size, a crown percentage, a crown angle, a pavilion angle, a culet size, a girdle thickness, a faceting style, and a length-to-width ratio.

17. The machine-readable medium as set forth in claim 15, wherein:

receiving said product attribute and said product cost corresponding to said product further comprises receiving a second plurality of product attributes including a polish grading, a symmetry grading, a fluorescence grading, and a lab certification identifier, and

determining a competitive price for said product utilizing said product attribute further comprises determining a competitive price for said gemstone utilizing said second price and said second plurality of product attributes.

18. The machine-readable medium as set forth in claim 17, wherein determining a competitive price for said gemstone utilizing said second price and said second plurality of product attributes comprises:

defining a competitive price modification factor for one of said second plurality of product attributes utilizing said first plurality of product attributes; and

determining a competitive price for said gemstone utilizing said second price and said competitive price modification factor.

19. The machine-readable medium as set forth in claim 15, wherein said gemstone comprises a fancy cut diamond, said cut characteristic comprises a length-to-width ratio, and defining a cut grade for said gemstone utilizing said cut characteristic comprises defining a cut grade for said gemstone utilizing said length-to-width ratio.

20. The machine-readable medium as set forth in claim 12, wherein:

comparing said sale price to said competitive price comprises;

defining a range of price values utilizing said competitive price; and

determining whether said sale price is within said range of price values;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises displaying said product for sale on said website in response to a determination that said sale price is within said range of price values.

21. The machine-readable medium as set forth in claim 12, wherein:

comparing said sale price to said competitive price comprises;

calculating a difference between said competitive price and said sale price;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises;

comparing said difference between said competitive price and said sale price to a predefined threshold; and

displaying said product for sale on said website in response to a determination that said difference is less than or equal to said predefined threshold.

22. The machine-readable medium as set forth in claim 12, wherein:

comparing said sale price to said competitive price comprises;

calculating a ratio of said sale price to said competitive price;

and further wherein automatically displaying said product for sale on a website at said sale price in response to said comparison comprises;

comparing said ratio of said sale price to said competitive price to a predefined threshold; and

displaying said product for sale on said website in response to a determination that said difference is less than or equal to said predefined threshold.

23. A data processing system comprising:

a storage device to receive a product attribute and a product cost corresponding to a product from a vendor via a communications network;

a processor to determine a sale price for said product utilizing said product cost and a competitive price for said product utilizing said product attribute and to compare said sale price to said competitive price; and

a display device to automatically display said product for sale on a website at said sale price in response to said comparison.

24. The data processing system as set forth in claim 23, wherein said product comprises a gemstone and said processor to determine a competitive price for said product utilizing said product attribute comprises a processor to define a cut grade for said gemstone utilizing said product attribute, and to determine a competitive price for said product utilizing said cut grade.

25. The data processing system as set forth in claim 24, wherein:

said storage device to receive a product attribute and a product cost corresponding to a product from a vendor via a communications network comprises a storage device to receive a cut characteristic and a first plurality of product attributes including a shape, a color grading, a clarity grading, and a weight;

said processor to define a cut grade for said gemstone utilizing said product attribute comprises a processor to define a cut grade for said gemstone utilizing said cut characteristic; and

said processor to determine a competitive price for said product utilizing said product attribute further comprises a processor to determine a first price for said gemstone utilizing said first plurality of product attributes and to determine a second price for said gemstone utilizing said first price and said cut grade.

26. The data processing system as set forth in claim 25, wherein said gemstone comprises a fancy cut diamond, said cut characteristic comprises a length-to-width ratio, and said processor to define a cut grade for said gemstone utilizing said cut characteristic comprises a processor to define a cut grade for said gemstone utilizing said length-to-width ratio.