POCKETABLE AUCTION SYSTEM AND METHOD

• US 20110087554A1
• Filed: 10/08/2010
• Published: 04/14/2011
• Est. Priority Date: 10/09/2009
• Status: Active Grant

• Current Assignee: Ubungee, Inc.
• Original Assignee: Ubungee, Inc.
• Inventors: Roberts, Mark E.
• Granted Patent: US 8,401,922 B2
• Time in Patent Office: Days
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A system, a method, an apparatus, and a computer program product are provided. The apparatus includes at least one memory including computer program code, and at least one processor. The at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive a request from a first user node to initiate an auction for a purchase of a product, and initiate an auction for the product. The at least one memory and the computer program code are also configured to, with the at least one processor, cause the apparatus at least to receive an initial bid from a second user node. The initial bid includes a price term that is lower than or equal to an initial price term for the product. The at least one memory and the computer program code are also configured to, with the at least one processor, cause the apparatus at least to receive one or more subsequent bids from the second user node or another user node. Each subsequent bid includes a price term that is lower than the price term of the initial bid and all preceding subsequent bids. Furthermore, the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to terminate the auction, when a period of time lapses or a price point is accepted.

Claims

1. An apparatus, comprising:

at least one memory including computer program code; and

at least one processor,

wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to;

receive a request from a first user node to initiate an auction for a purchase of a product;

initiate an auction for the product;

receive an initial bid from a second user node, wherein the initial bid comprises a price term that is lower than or equal to an initial price term for the product;

receive one or more subsequent bids from the second user node or another user node, wherein each subsequent bid comprises a price term that is lower than the price term of the initial bid and all preceding subsequent bids; and

terminate the auction, when a period of time lapses or a price point is accepted.

2. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive the request to initiate the auction for the purchase of the product, wherein the product comprises one of a good or a service.

3. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive the request to initiate the auction for the purchase of a plurality of products.

4. The apparatus of claim 3, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive the request to initiate the auction for the purchase of the plurality of products, wherein the plurality of products are linked or bundled.

5. The apparatus of claim 3, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to adjust each price term of the plurality of products based on an algorithm, wherein the algorithm comprises one of a dollar-4-dollar algorithm, a percentage algorithm, and a overall lowest price algorithm.

6. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive the request, wherein the request comprises the initial price term for the product.

7. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to receive the request, wherein the request is transmitted from the user node using one of a text message, an e-mail message, a mobile device application, or a website accessed via the mobile device or a personal computer.

8. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to initiate another auction for the product at the price term of a lowest subsequent bid when the period of time lapsed or the price point was accepted.

9. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to generate a list of contacts for a user node, wherein a contact is a friend of a user of the user node.

10. The apparatus of claim 9, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to initiate another auction for the product at the price term of a lowest subsequent bid when the period of time lapsed or the price point was accepted, wherein the another auction is offered only to individuals on the generated list of contacts.

11. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to transmit a text message menu to a user node, wherein the text message menu comprises a plurality of options for the user node to transmit the request.

12. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to predict a winning bid for the product based on an algorithm, wherein the algorithm considers a list of datum comprising a zip code associated with the user node, a payment method to be used by a user of the user node, a chosen duration of the auction, the product being auctioned, a history of winning bids and preceding bid prices of the user of the user node, and whether a product is linked to other products.

13. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to

receive the request to initiate the auction for the purchase of the product, wherein the product is listed on a wishlist, and

lock another auction for the product listed on the wishlist while the auction is pending or successfully purchased.

14. The apparatus of claim 1, wherein the at least one memory and the computer program code are configured to, with the at least one processor, cause the apparatus at least to

process an initial payment authorization upon receiving the request from the user node, and

process a final payment authorization upon terminating the auction.

15. A method, comprising:

receiving a request from a first user node to initiate an auction for a purchase of a product;

initiating an auction for the product;

receiving an initial bid from a second user node, wherein the initial bid comprises a price term that is lower than or equal to an initial price term for the product;

receiving one or more subsequent bids from the second user node or another user node, wherein each subsequent bid comprises a price term that is lower than the price term of the initial bid and all preceding subsequent bids; and

terminating the auction, when a period of time lapses or a price point is accepted.

16. The method of claim 15, wherein the receiving the request comprises receiving the request to initiate the auction for the product comprising one of a good or a service.

17. The method of claim 15, wherein the receiving comprises receiving the request to initiate the auction for the purchase of a plurality of products.

18. The method of claim 17, wherein the receiving comprises receiving the request to initiate the auction for the purchase of the plurality of products, wherein the plurality of products are linked or bundled.

19. The method of claim 17, further comprising:

adjusting each price term of the plurality of products based on an algorithm, wherein the algorithm comprises one of a dollar-4-dollar algorithm, a percentage algorithm, and a overall lowest price algorithm.

20. The method of claim 15, wherein the receiving the request comprises receiving the request comprising the initial price term for the product.

21. The method of claim 15, wherein the receiving the request comprises receiving the request from the user node using one of a text message, an e-mail message, a mobile device application, or a website accessed via the mobile device or a personal computer.

22. The method of claim 15, further comprising:

initiating another auction for the product at the price term of a lowest subsequent bid when the period of time lapsed or the price point was accepted.

23. The method of claim 15, further comprising:

initiating another auction for the product at the price term of a lowest subsequent bid when the period of time lapsed or the price point was accepted, wherein the another auction is offered only to individuals on a generated list of contacts, wherein a contact is a friend of a user of the user node.

24. The method of claim 15, further comprising:

transmitting a text message menu to a user node, wherein the text message menu comprises a plurality of options for the user node to transmit the request.

25. The method of claim 15, further comprising:

predicting a winning bid for the product based on an algorithm, wherein the algorithm considers a list of datum comprising a zip code associated with the user node, a payment method to be used by a user of the user node, a chosen duration of the auction, the product being auctioned, a history of winning bids and preceding bid prices of the user of the user node, and whether a product is linked to other products.

26. The method of claim 15, further comprising:

receiving the request to initiate the auction for the purchase of the product, wherein the product is listed on a wishlist; and

locking another auction for the product listed on the wishlist while the auction is pending or successfully purchased.

27. The method of claim 15, further comprising:

processing an initial payment authorization upon receiving the request from the user node, and

processing a final payment authorization upon terminating the auction

28. A computer program product embodied on a non-transitory computer readable storage medium, the computer program product being encoded with instructions to control a processor to perform a process, the processing comprising:

receiving a request from a first user node to initiate an auction for a purchase of a product;

initiating an auction for the product;

receiving an initial bid from a second user node, wherein the initial bid comprises a price term that is lower than or equal to an initial price term for the product;

receiving one or more subsequent bids from the second user node or another user node, wherein each subsequent bid comprises a price term that is lower than the price term of the initial bid and all preceding subsequent bids; and

terminating the auction, when a period of time lapses or a price point is accepted.