SYSTEM AND METHOD FOR RETAIL INVENTORY MANAGEMENT

• US 20100030668A1
• Filed: 08/04/2008
• Published: 02/04/2010
• Est. Priority Date: 08/04/2008
• Status: Abandoned Application

• Current Assignee: Mid-West Textile Co.
• Original Assignee: Mid-West Textile Co.
• Inventors: Paben, John
• Application Number:
  US12/185,586
• Publication Number:
  US 20100030668A1
• Time in Patent Office: Days
• US Class Current: 705/28
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/0283 Price estimation or determination

Abstract

Methods and systems for managing retail inventory are described, including automatically grading and pricing used or specialty goods (e.g., used clothing) based on market-based criteria. In one example, an employee at a thrift store can receive a shipment of donated used clothes. The employee can sort through each clothing item and enter information for each item, such as brand, type of item, condition, style and other desired information. Based on the information inputted by the employee, the system can accesses a database that stores information about similar items and corresponding market-based parameters, and automatically assign a price or other grading value for the clothing item currently being graded based on a predetermined pricing/grading algorithm. In this manner, a grading or price can be automatically calculated based on statistical market-based criteria. Advantageously, a relatively untrained employee need not have to speculate or guess a price for the used clothing item. Accordingly, exemplary systems can automatically price various types of merchandise based on statistical market-based criteria so that a relatively unskilled employee can sort and assign a price label for each item that more accurately reflects the true value of such an item in the market place.

Claims

1. A data processing system for managing retail inventory, comprising:

an inventory management platform, including a communication network linking a community of participating users, the inventory management platform including a server system coupled to user access devices over the communication network;

a database, the database storing market-based parameters related to pricing various types of merchandise offered for sale one or more store sites operated by at least some of the participating users; and

a pricing engine hosted by the server system, the pricing engine facilitating pricing of items of inventory based on information provided by one or more participating users.

2. The data processing system of claim 1, wherein the type of merchandise includes used merchandise.

3. The data processing system of claim 1, wherein the information provided by the one or more participating users is at least one of a type of an item, a condition of an item, and a brand of an item.

4. The data processing system of claim 3, wherein the database additionally stores inventory management information.

5. The data processing system of claim 4, further including a management engine configured to produce reports based on the inventory management information stored in the database.

6. The data processing system of claim 1, wherein the pricing engine interacts with participating users over a set of user specific presentation screens.

7. The data processing system of claim 6, wherein the presentation screens are accessible through a browser application.

8. The data processing system of claim 1, further comprising an inventory management engine configured to generate a message when additional inventory is desired.

9. The data processing system of claim 1, further comprising an inventory management engine configured to notify participating users when inventory should be price adjusted.

10. A method for pricing an item of merchandise based on market-based criteria, comprising:

receiving and storing pricing points associated with various types of merchandise into a database;

receiving input indicative of a selection of one of a plurality of pricing parameters associated with a particular item to be priced; and

generating a market-based price of the particular item by associating a one of the pricing points with the selected pricing parameter.

11. The method of claim 10, further including displaying each of the plurality of pricing parameters in a graphical user interface, each pricing point displayed in the form of a user selectable button.

12. The method of claim 10, further comprising generating a label containing a bar code and the market-based price.

13. The method of claim 10, wherein, upon receiving the input indicative of a selection of one of the pricing parameters, storing inventory tracking information in the database associated with the item being priced.

14. The method of claim 13, further comprising generating a management report based on inventory management information.

15. The method of claim 13, further comprising generating an employee performance report based on inventory management information.