System and method of altering transaction terms based upon current inventory levels

• US 6,397,199 B1
• Filed: 08/31/1998
• Issued: 05/28/2002
• Est. Priority Date: 08/31/1998
• Status: Expired due to Term

• Current Assignee: NCR Voyix Corporation
• Original Assignee: NCR Corporation
• Inventors: Goodwin, John C. III
• Primary Examiner(s): Trammell, James P.
• Assistant Examiner(s): Dixon, Thomas A.
• Application Number:
  US09/144,294
• Time in Patent Office: 1,366 Days
• Field of Search: 705/400,20,21,22,28,26 235/383
• US Class Current: 705/400
• CPC Class Codes: G06Q 20/203 Inventory monitoring
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A system and method of altering transaction terms which examines inventory levels and changes transaction terms, such as price and rental period. The system includes a plurality of electronic price labels associated with a plurality of rental items for displaying rental terms of the rental items including price information and rental period information, a storage medium containing a plurality of threshold inventory ranges and a plurality of prices associated with the inventory ranges and a plurality of rental periods associated with the inventory ranges, and a computer which determines first inventory levels for the rental items and first inventory ranges from the current inventory levels at first rental terms including first prices and first rental periods and which determines second inventory levels and second threshold inventory ranges from the second inventory levels for the rental items and whether to replace the first prices with second prices and the first rental periods with second rental periods if the second inventory ranges differ from the first inventory ranges, and which sends a message to the electronic price labels to display second rental terms including the second prices and the second rental periods.

Claims

1. A method of determining a transaction term for an item comprising the steps of:

establishing a plurality of different transaction terms for the item at a plurality of different threshold inventory levels;

determining a first inventory level, a first threshold inventory level associated with the first inventory level, and a first transaction term for the item from the first threshold inventory level;

determining a second inventory level and second threshold inventory level for the item;

comparing the first and second threshold inventory levels;

if the first and second threshold inventory levels are different, determining a second transaction term for the item from the second threshold inventory level and replacing the first transaction term with the second transaction term; and

displaying the second term by an electronic price label associated with the item.

2. A method of determining a transaction term for a rental item comprising the steps of:

establishing a plurality of different transaction terms including a plurality of different prices and a plurality of different rental periods for the rental item at a plurality of different threshold inventory ranges;

determining a first inventory level, a first threshold inventory range containing the first inventory level, and a first price and first rental period for the rental item from the first threshold inventory range;

determining a second inventory level and second threshold inventory range containing the second inventory level for the rental item;

comparing the first and second threshold inventory ranges;

if the first threshold inventory range is higher than the second threshold inventory range, determining alternative second transaction terms for the rental item including a second price higher than the first price and a second rental period shorter than the first rental period;

or

if the first threshold inventory range is less than the second threshold inventory range, determining alternative second transaction terms for the rental item including a second price lower than the first price and a second rental period longer than the first rental period; and

displaying one of the alternative second transaction terms by an electronic price label associated with the rental item.

3. A method of determining a rental period for a rental item comprising the steps of:

establishing a plurality of different rental periods for the rental item at a plurality of different threshold inventory ranges;

determining a first inventory level, a first threshold inventory range containing the first inventory level, and a first rental period for the rental item from the first threshold inventory range;

determining a second inventory level and second threshold inventory range containing the second inventory level for the rental item;

comparing the first and second threshold inventory ranges;

determining a second rental period, which is longer than the first rental period for the rental item if the first threshold inventory range is higher than the second threshold inventory range, and which is shorter than the first rental period if the first threshold inventory range is less than the second threshold inventory range; and

displaying the second rental period by an electronic rental period label associated with the rental item.

4. An electronic price label system comprising:

a plurality of electronic price labels associated with a plurality of rental items for displaying rental terms of the rental items including price information and rental period information;

a storage medium containing a plurality of threshold inventory ranges, a plurality of prices associated with the inventory ranges, and a plurality of rental periods associated with the inventory ranges; and

a computer which determines first inventory levels for the rental items and first inventory ranges from the current inventory levels at first rental terms including first prices and first rental periods, and which determines second inventory levels and second threshold inventory ranges from the second inventory levels for the rental items, and whether to replace the first prices with second prices and the first rental periods with second rental periods if the second inventory ranges differ from the first inventory ranges, and which sends a message to the electronic price labels to display second rental terms including the second prices and the second rental periods.