Digital online exchange for pricing items to exhaust inventory by an expiration time

• US 20080059384A1
• Filed: 10/31/2007
• Published: 03/06/2008
• Est. Priority Date: 02/28/2001
• Status: Active Grant

• Current Assignee: Digonex Technologies Incorporated (Emmis Communications Corporation)
• Original Assignee: Digonex Technologies Incorporated (Emmis Communications Corporation)
• Inventors: Voils, Josh, Eglen, Jeremy, Bakke, Justin
• Granted Patent: US 8,112,303 B2
• Time in Patent Office: Days
• US Class Current: 705/400
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0637 Approvals

Abstract

A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity comprises a pricing server and various types of data stored in memory. The pricing server includes memory, a processor and a clock. One type of data stored in memory is indicative of the initial quantity of an item available in a limited quantity. Another type of data stored in memory is indicative of the current remaining quantity of the item available in a limited quantity. Yet another type of data stored in memory is indicative of an expiration time at which it is desired that all of the item available in a limited quantity be sold. The processor is configured to price the item available in a limited quantity so as to deplete the inventory of the item available in a limited quantity by the expiration date based in part by accessing the memory to retrieve the data indicative of the initial quantity, the current remaining quantity and the expiration time and accessing the clock.

Claims

1. A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity, the system comprising:

a pricing server including memory, a processor and a clock;

data stored in memory indicative of the initial quantity of an item available in a limited quantity;

data stored in memory indicative of the current remaining quantity of the item available in a limited quantity;

data stored in memory of an expiration time at which it is desired that all of the item available in a limited quantity be sold; and

wherein the processor is configured to price the item available in a limited quantity so as to deplete the inventory of the item available in a limited quantity by the expiration date based in part by accessing the memory to retrieve the data indicative of the initial quantity, the current remaining quantity and the expiration time and accessing the clock.

2. The system of claim 1 further comprising data stored in memory indicative of the sales history of the item available in a limited quantity.

3. The system of claim 2 further comprising time stamped data stored in memory indicative of each sale of the item available in a limited quantity.

4. The system of claim 2 wherein the processor is configured to increase the price of the item available in a limited quantity when the data stored in memory indicates that inventory of the item available in a limited quantity based on its prior sales history is likely to be exhausted prior to the expiration time.

5. The system of claim 2 wherein the processor is configured to decrease the price of the item when the data stored in memory indicates that at least some of the remaining inventory of the item available in a limited quantity based on its prior sales history is likely to exist at the expiration time.

6. The system of claim 3 further comprising data stored in memory of the price at which the item available at a limited quantity was sold for each sale of the item, such data being associated with the appropriate time stamped data indicative of the time at which the item was sold at such price.