SYSTEM AND METHOD FOR DYNAMIC PRODUCT PRICING
First Claim
1. A method for pricing a product to be sold over the internet, the method comprising:
- storing sales characteristics for each of a plurality of products in a database, the sales characteristics including sale history and sale queue information;
receiving a sale order from a seller, the sale order including product information of a list product associated with one of the plurality of products;
calculating a market price based on the product information in the sale order and the sale characteristics of the list product; and
displaying a suggested list price to the seller based on the market price.
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Abstract
Embodiments of the present invention provide a system and method for dynamic product pricing. According to one embodiment, sale characteristics for a plurality of products are stored in a database. A user places a sale order including information associated with a product to be listed on a website, and a market price for the product is calculated based on the stored sale characteristics of the product. The sales characteristics include a queue of current list prices of the product as well as recent sale prices, with the queue having the number of the product available for sale at each different price. A suggested list price is displayed to the seller based on the market price. The seller is provided with a means for adjusting the suggested list price or listing the product at the suggested list price.
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Citations
21 Claims
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1. A method for pricing a product to be sold over the internet, the method comprising:
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storing sales characteristics for each of a plurality of products in a database, the sales characteristics including sale history and sale queue information; receiving a sale order from a seller, the sale order including product information of a list product associated with one of the plurality of products; calculating a market price based on the product information in the sale order and the sale characteristics of the list product; and displaying a suggested list price to the seller based on the market price. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented system for distributing a product sold over the internet, the system comprising:
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a database configured to store sale characteristics for a plurality of products, the sales characteristics including sales history and sale queue information; a communication interface configured to receive a sale order from a seller, the sale order including product information of a list product associated with one of the plurality of products; and computer readable media including computer readable code for a software application comprising; a market price calculating section configured to calculate a market price based on the product information in the sale order and the sale characteristics of the list product; and a user interface for displaying a suggested list price to the seller based on the market price. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A method for pricing a product to be sold over the internet, the method comprising:
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storing sales characteristics for each of a plurality of products in a database; receiving a sale order from a seller, the sale order including product information of a list product associated with one of the plurality of products; calculating a market price based on the product information in the sale order and the sale characteristics of the list product; displaying a suggested list price to the seller based on the market price; listing, in response to agreement by the seller, the list product at the suggested list price; and varying the price of the list product in accordance with variations in the market price, without further input from said seller.
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19. A method for pricing a product to be sold over the internet, the method comprising:
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offering a product for sale from a plurality of vendors on a multi-vendor website; displaying only a lowest price for said product, with higher prices by other vendors being held in a queue and displayed only after sales by vendors with lower prices receiving a sale order from a seller, the sale order including product information of a list product associated with said product; and displaying to the seller a current price displayed to users, said current price being a market price, as a suggested listing price for said seller.
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20. A method for pricing a product to be sold over the internet, the method comprising:
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storing bid characteristics for each of a plurality of products in a database, the bid characteristics including bid history and bid queue information; receiving a bid order from a buyer, the bid order including product identification of a list product associated with one of the plurality of products; calculating a market price based on the bid characteristics of the list product; and displaying a suggested offer price to the buyer based on the market price. - View Dependent Claims (21)
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Specification