SYSTEM AND METHOD FOR DYNAMIC PRODUCT PRICING

• US 20090164383A1
• Filed: 12/21/2007
• Published: 06/25/2009
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Glyde Corporation
• Original Assignee: Glyde Corporation
• Inventors: Rothman, Simon
• Granted Patent: US 8,447,645 B2
• Time in Patent Office: Days
• US Class Current: 705/80
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• 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 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 50/188 Electronic negotiation

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.

Claims

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.

2. The method of claim 1 further comprising:

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.

3. The method of claim 1 further comprising:

displaying only a lowest price for each product, with higher prices by other vendors being held in said queue and displayed only after sale of products at lower prices.

4. The method of claim 1 further comprising:

calculating a sale probability and a projected time to sale for the list product based upon the suggested list price, the market price, and the sale queue information of the list product; and

displaying to the seller at least one of the sale probability, the projected time to sale, and the sale queue information of the list product based upon the suggested list price.

5. The method of claim 1 further comprising adjusting the suggested list price to an adjusted list price in response to seller input.

6. The method of claim 5 further comprising:

recalculating the sale probability and the projected time to sale for the list product based upon the adjusted list price, the market price, and the sale queue information of the list product; and

displaying to the seller at least one of the sale probability, the projected time to sale, and the sale queue information of the list product based upon the adjusted list price.

7. The method of either claim 1 or 6 further comprising adding one of the suggested list price and the adjusted list price to the sale queue information of the list product.

8. The method according to claim 1, wherein the sales history includes list price history, sold price history, and a current rate of sale of the list product.

9. The method according to claim 1 further comprising determining a maximum price and a minimum price for each of the plurality of products.

10. The method according to claim 1 wherein the product information includes a title of the product, a product identification number, and a product condition

11. The method according to claim 10 wherein the product identification number is one of a Universal Product Code (UPC), an International Standard Book Number (ISBN), and a Stock Keeping Unit (SKU).

12. A computer-implemented system for distributing a product sold over the internet, the system comprising:

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.

13. The system of claim 12 wherein the graphical user interface is configured to adjust the suggested list price to an adjusted list price in response to seller input.

14. The system of claim 12 wherein the computer readable media including computer readable code for a software application further comprises:

a sale probability calculating section configured to calculate a sale probability for the suggested list price or the adjusted list price based upon the market price, the sales history, and the sale queue information of the list product; and

a projected time to sale calculating section configured to calculate a projected time to sale for the suggested list price or adjusted list price based upon the market price and the sale queue information of the list product; and

wherein the user interface is configured to display to the seller, the sale probability, the projected time to sale, and the sale queue information of the list product based upon the suggested list price or the adjusted list price.

15. The system of to claim 12, wherein the sales history includes list price history, sold price history, a current rate of sale for the list product.

16. The system of claim 12 wherein the product information includes a title of the product, a product identification number, and a product condition.

17. The system of claim 16 wherein the product identification number is one of a Universal Product Code (UPC), an International Standard Book Number (ISBN), and a Stock Keeping Unit (SKU).

18. 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;

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.

19. A method for pricing a product to be sold over the internet, the method comprising:

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.

20. A method for pricing a product to be sold over the internet, the method comprising:

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.

21. The method of claim 20 wherein said bid orders are preorders for a product to be released.