Method and system of range-based floating pricing for electronic transaction

• US 20040172373A1
• Filed: 02/28/2003
• Published: 09/02/2004
• Est. Priority Date: 02/28/2003
• Status: Abandoned Application

• Current Assignee: Shuwei Chen
• Original Assignee: Shuwei Chen
• Inventors: Chen, Shuwei
• Application Number:
  US10/375,661
• Publication Number:
  US 20040172373A1
• Time in Patent Office: Days
• US Class Current: 705/400
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method and system that allows users to trade items over the Internet with dynamic pricing model is disclosed. The method and system enables a seller to post an item for sale with dynamic pricing settings. The dynamic pricing settings comprise price range, pricing algorithm and price-updating interval Over the item'"'"'s listing period, the method and system automatically schedule to run the pricing algorithm to update the listing price every price-updating interval and the listing price is floating within the price range. A buyer can place an order on an item and finish the transaction at anytime before the end of the listing period. A buyer can trade directly online or set up an agent to conduct trading on behalf of the buyer.

Claims

1. A method for trading items over the Internet, comprising the steps of:

posting an item information into a computer server by a seller with dynamic pricing settings including price range, pricing algorithm, price-updating interval, and other optional settings;

updating item price automatically by a computer process on the server following item'"'"'s dynamic pricing settings;

placing the order by a buyer or by a buyer agent; and

confirming the transaction between the seller and the buyer.

2. The method of claim 1, wherein said price range is an acceptable price range from the minimum price to the maximum price for said item.

3. The method of claim 1, wherein said pricing algorithm can be any algorithms that generates new item price independent of any previous prices with the new price staying within said price range for said item.

4. The method of claim 1, wherein said price-updating interval is a time period during which the item price will stay unchanged since the most recent price updating.

5. The method of claim 1, wherein said computer process will schedule to run said item'"'"'s said pricing algorithm to generate a new price for said item every said price-updating interval.

6. The method of claim 1, wherein said buyer can set up a buyer agent to conduct trading on behalf of said buyer.

7. A system for trading items over the Internet, comprising:

means for posting an item information into a computer server by a seller with dynamic pricing settings which comprises;

price range, pricing algorithm, price-updating interval, and other optional settings;

means for automatically updating the item price;

means for placing the order by a buyer or by a buyer agent; and

means for confirming the transaction between the seller and the buyer.

8. The system of claim 7, wherein means for posting an item by a seller with dynamic pricing settings comprises a seller'"'"'s terminal coupled to a server over a network that further connects to the Internet.

9. The system of claim 7, wherein means for automatically updating item price comprises one or multiple computer servers connecting to a network that further connects to the Internet.

10. The system of claim 7, wherein means for placing the order by a buyer comprises a buyer'"'"'s terminal coupled to a server over a network that further connects to the Internet.

11. The system of claim 7, wherein means for placing the order by a buyer agent comprises one or multiple computer servers connecting to a network that further connects to the Internet.

12. The system of claim 7, wherein means for confirming the transaction between the seller and the buyer comprises buyers and sellers'"'"' terminals coupled to servers over a network that further connects to the Internet and one or multiple computer server.