Multiple supplier system and method for transacting business

• US 7,689,463 B1
• Filed: 08/28/2003
• Issued: 03/30/2010
• Est. Priority Date: 08/28/2002
• Status: Active Grant

• Current Assignee: Valentine Communications LLC
• Original Assignee: Ewinwin Incorporated
• Inventors: Mesaros, Gregory J.
• Primary Examiner(s): Smith, Jeffrey A.
• Assistant Examiner(s): Allen, William J.
• Application Number:
  US10/650,635
• Time in Patent Office: 2,406 Days
• Field of Search: 705 26- 27, 705/37
• US Class Current: 705/26.5
• CPC Class Codes: G06Q 10/083 Shipping
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/0621 Item configuration or customization
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for conducting electronic business between buyers and sellers is provided. The system and method disclose a means for at least one buyer to request and receive online bids from one or more sellers of a particular product according to a price curve or price schedule. A price schedule or curve for a product defining a product'"'"'s unit price as a function of the volume of product ordered. Upon receipt of a plurality of bids from sellers, a buyer can then select a seller-supplier based at least in part on the price schedule.

Claims

1. An electronic multiple supplier system for transacting business comprising:

a central connection component that provides a virtual forum to facilitate electronic communication between buyers and suppliers; and

at least one remote computer connected to the central connection component via a network, at least one buyer employs the at least one computer to request, retrieve, and accept online bids that include a price curve for a product from bidding suppliers, the price curve specifying a unit price in tiers based on the total volume purchased,

the virtual forum displays in real time current low bids at each tier as the bids are retrieved.

2. The system of claim 1, the central connection component is a server.

3. The system of claim 1, the virtual forum displays a bidding supplier associated with each low bid.

4. The system of claim 1, the virtual forum limits the period during which bids can be accepted.

5. The system of claim 1, the virtual forum is an Internet web page.

6. The system of claim 1, the virtual forum is an Internet chat room.

7. The system of claim 1, the virtual forum further comprises a bid modification component that updates the price curve associated with a bidding supplier in real time.

8. The system of claim 1, the virtual forum is configured to display in real time current best bids at each tier.

9. The system of claim 8, a best bid is based upon a price and another criterion.

10. The system of claim 1, further comprising a population component that automatically populates the price curve for a product.

11. The system of claim 10, the population component populates the price curve with data corresponding to a previously submitted bid.

12. The system of claim 11, the previously submitted bid was a winning bid.

13. A method of conducting electronic commerce comprising:

employing at least one processor to execute computer executable instructions stored in memory to perform the following acts;

requesting an online bid from a plurality of suppliers;

receiving bids from bidding suppliers, each bid specifies a price for which the associated bidding supplier will sell a product at particular price points varying as a function of a quantity of the product;

displaying in real time a lowest price bid at a respective price point as bids are received; and

accepting a bid.

14. The method of claim 13, further comprising displaying the respective bidding supplier associated with the lowest price bid.

15. The method of claim 13, accepting the bid based on the lowest price.

16. The method of claim 13, receiving bids during a limited period of time only.

17. The method of claim 16, a buyer specifies the period of time in which bids must be received.

18. The method of claim 13, a buyer specifies a ship date.

19. The method of claim 13, accepting the bid includes accepting a supplier for a fixed length of time.

20. The method of claim 19 further comprising:

determining the final price paid at the end of a time period;

calculating the average price paid per product; and

providing a rebate when the average price paid is not equal to the final price determined according to the volume of product purchased.

21. The method of claim 20, providing the rebate to the supplier when the average price paid is lower than the final price determined.

22. The method of claim 20, providing the rebate to the buyer when the average price paid is higher than the final price determined.

23. The method of claim 22, providing the rebate comprising not charging product fees until the rebate is recovered.

24. The method of claim 22, providing the rebate comprising reducing a fee with a predetermined price floor established until the rebate is recouped.

25. The method of claim 20, providing the rebate comprising crediting an online account.

26. The method of claim 13, the bidding suppliers are a subset of the plurality of suppliers.

27. The method of claim 13, further comprising receiving updated bids from at least one of the bidding suppliers.

28. The method of claim 13, accepting the bid based on the lowest price and at least one other criterion.