System and method for dynamic product pricing

• US 8,447,645 B2
• Filed: 12/21/2007
• Issued: 05/21/2013
• Est. Priority Date: 12/21/2007
• Status: Expired due to Fees

• Current Assignee: Glyde Corporation
• Original Assignee: Glyde Corporation
• Inventors: Rothman, Simon
• Primary Examiner(s): Hayes, John
• Assistant Examiner(s): Jung, Allen J
• Application Number:
  US11/963,382
• Publication Number:
  US 20090164383A1
• Time in Patent Office: 1,978 Days
• Field of Search: 705/400, 705/7.35
• US Class Current: 705/7.35
• 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 comprising a server computer connected to a network, a computer processor, and a database, the method comprising:

storing sales characteristics for each of a plurality of products in the database, the sales characteristics including sale history and sale queue information, the sale queue information being information regarding a sale queue and including current list prices for the plurality of products currently being offered for sale, the sale queue information further including the number of products being offered for sale at each of the current list prices, the sale queue information further including the condition of each product being offered for sale;

receiving, at the server computer via the network, 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, by the computer processor, a market price prior to listing the list product for sale to a potential buyer of the list product, the market price being calculated based on the product information in the sale order and the sale characteristics of the list product;

causing to display, by the computer processor, after calculating the market price and prior to listing the list product for sale to the potential buyer of the list product, a suggested list price to the seller based on the market price, the suggested list price indicating a suggested price of the list product at which the seller may attempt to sell the list product to the potential buyer; and

causing to display to the potential buyer only a lowest price offered by the best seller of each product, with higher prices by other sellers being held in said sale queue and caused to be displayed only after the sale of products at lower prices;

wherein the best seller is the seller with the highest reliability rating.

2. The method of claim 1 further comprising:

listing, by the computer processor, in response to agreement by the seller, the list product at the suggested list price; and

varying, by the computer processor, 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:

calculating, by the computer processor, 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

causing to display, by the computer processor, 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.

4. The method of claim 1 further comprising:

adjusting, by the computer processor, the suggested list price to an adjusted list price in response to seller input.

5. The method of claim 4 further comprising:

recalculating, by the computer processor, 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

causing to display, by the computer processor, 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.

6. The method of claim 5 further comprising:

adding, by the computer processor, one of the suggested list price and the adjusted list price to the sale queue information of the list product.

7. 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.

8. The method according to claim 1 further comprising:

determining, by the computer processor, a maximum price and a minimum price for each of the plurality of products.

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

10. The method according to claim 9 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).

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

a computer processor;

a database configured to store sale characteristics for a plurality of products, the sales characteristics including sales history and sale queue information, the sale queue information being information regarding a sale queue and including current list prices for the plurality of products currently being offered for sale, the sale queue information further including the number of products being offered for sale at each of the current list prices, the sale queue information further including the condition of each product being offered for sale;

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 prior to listing the list product for sale to a potential buyer of the list product, the market price being calculated based on the product information in the sale order and the sale characteristics of the list product; and

a user interface for causing to display, after calculating the market price and prior to listing the list product for sale to the potential buyer of the list product, a suggested list price to the seller based on the market price, the suggested list price indicating a suggested price of the list product at which the seller may attempt to sell the list product to the potential buyer;

wherein the communication interface is further configured to transmit for display to the potential buyer only a lowest price offered by the best seller of each product, with higher prices by other sellers being held in said sale queue and caused to be displayed only after the sale of products at lower prices;

wherein the best seller is the seller with the highest reliability rating.

12. The system of claim 11 wherein the user interface is configured to adjust the suggested list price to an adjusted list price in response to seller input.

13. The system of claim 11 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 an 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 the adjusted list price based upon the market price and the sale queue information of the list product;

wherein the user interface is configured to cause 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.

14. The system of claim 11, wherein the sales history includes list price history, sold price history, and a current rate of sale for the list product.

15. The system of claim 11 wherein the product information includes a title of the product, a product identification number, and a product condition.

16. The system of claim 15 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).

17. A method for pricing a product to be sold over the internet comprising a server computer connected to a network, a computer processor, and a database, the method comprising:

storing sales characteristics for each of a plurality of products in the database, the sales characteristics including sales history and sale queue information, the sale queue information being information regarding a sale queue and including current list prices for the plurality of products currently being offered for sale, the sale queue information further including the number of products being offered for sale at each of the current list prices, the sale queue information further including the condition of each product being offered for sale;

receiving, at the server via the network, 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, by the computer processor, a market price prior to listing the list product for sale to a potential buyer of the list product, the market price being calculated based on the product information in the sale order and the sale characteristics of the list product;

causing to display, by the computer processor, after calculating the market price and prior to listing the list product for sale to the potential buyer of the list product, a suggested list price to the seller based on the market, the suggested list price indicating a suggested price of the list product at which the seller may attempt to sell the list product to the potential buyer;

listing, by the computer processor, in response to agreement by the seller, the list product at the suggested list price;

varying, by the computer processor, the price of the list product in accordance with variations in the market price, without further input from said seller; and

causing to display to the potential buyer only a lowest price offered by the best seller of each product, with higher prices by other sellers being held in said sale queue and caused to be displayed only after the sale of products at lower prices;

wherein the best seller is the seller with the highest reliability rating.

18. The method of claim 17 further comprising:

listing, by the computer processor, in response to agreement by the seller, the list product at the suggested list price; and

varying, by the computer processor, the price of the list product in accordance with variations in the market price, without further input from said seller.

19. The method of claim 17 further comprising:

calculating, by the computer processor, a sale probability for the suggested list price or an adjusted list price based upon the market price, the sales history, and the sale queue information of the list product;

calculating, by the computer processor, a projected time to sale for the suggested list price or the adjusted list price based upon the market price and the sale queue information of the list product; and

causing 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.

20. The method of claim 17 further comprising:

adjusting, by the computer processor, the suggested list price to an adjusted list price in response to seller input;

recalculating, by the computer processor, 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

causing to display 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.