Method, system and apparatus for automatic real-time iterative commercial transactions over the internet in a multiple-buyer, multiple-seller marketplace optimizing both buyer and seller needs based upon the dynamics of market conditions

• US 8,781,914 B2
• Filed: 07/29/2013
• Issued: 07/15/2014
• Est. Priority Date: 03/03/2006
• Status: Active Grant

• Current Assignee: Peak Silver Advisors LLC
• Original Assignee: Peak Silver Advisors LLC
• Inventors: Chatter, Mukesh, Goyal, Rohit, Chatter, Priti
• Primary Examiner(s): Rosen, Nicholas D
• Application Number:
  US13/952,930
• Publication Number:
  US 20140019257A1
• Time in Patent Office: 351 Days
• Field of Search: 705/26.3, 705/26.8, 705/37
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 30/0241 Advertisements
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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 method of communications network shopping by buyers of products and services for purchasing such from sellers in which buyers request an automatic reverse auctioneer or auction controller to initiate a reverse auction in real time amongst willing sellers and to it their automatic real-time iterative bidding price quotations for such products and services to be returned automatically over the network back to the controller under the iterative processing guidance of the controller to assure a best bid price quotation for the buyer; and automatically effecting buyer notification or purchase at such best price, all while the buyer may remain online, and without any manual intervention.

Claims

1. A method of automatically requesting and receiving, in real-time and on-line over a communication network, price quotations from one or more sellers of products and/or services, that comprises:

submitting a request for price quotations from a buyer system to an intermediate controller processor;

submitting the received buyer request over the network to computers of the sellers in real-time upon receipt by the intermediate controller;

automatically generating, by adaptive engines of the sellers'"'"' computers and without manual intervention, price quotations responsive to the buyer request;

returning the generated price quotations to the controller over the network;

automatically processing the seller price quotations received back over the network at the controller and thereupon communicating one or more of them back to the buyer, all with no manual intervention.

2. The method of claim 1, wherein the buyer request is accompanied by buyer-specific profile information and/or buyer-specific shopping portfolio information, and wherein at least one of the buyer-specific shopping portfolio information, buyer-specific profile information, and/or buyer request includes one or more of:

historic buyer information;

buyer'"'"'s purchasing history;

desired volume of purchase;

desired price or price ranges of purchase;

the buyer'"'"'s willingness to accept seller or reverse auction service provider promotions and/or advertisements;

particular classes of desired sellers;

price limits;

a consumer index number (CIN); and

/or buyer personal information.

3. The method of claim 2, further comprising submitting targeted advertising and/or promotions to the buyer system, the targeted advertising and/or promotions factoring the buyer-specific profile information.

4. The method of claim 2, further comprising submitting targeted advertising and/or promotions to the buyer system, the targeted advertising and/or promotions factoring the CIN.

5. The method of claim 1, wherein the buyer request is accompanied by information containing details for the controller to develop a unique buyer consumer index.

6. The method of claim 1, wherein all returned price quotations are communicated from the controller to the buyer system.

7. The method of claim 1, wherein only the best returned price quotation is communicated from the controller to the buyer system.

8. The method of claim 1, further comprising the buyer designating that only certain class/classes of sellers participate.

9. The method of claim 1, further comprising maintaining, within at least one seller engine, seller-specific pricing data.

10. The method of claim 1, further comprising containing, within at least one seller engine, historic buyer information factored in generating the price quotation.

11. The method of claim 1, wherein the buyer request is for a single product.

12. The method of claim 1, wherein the buyer request is for multiple products of a same type.

13. The method of claim 1, wherein the buyer request is for multiple unrelated products.

14. A system for conducting real-time transactions between buyers and one or more sellers of products and/or services through an intermediate controller communicating on-line with both buyer and seller over a communication network, the system having, in combination:

a processor contained in the intermediate controller for receiving over the network and automatically, in real-time upon receipt, processing on-line buyer requests for seller price quotations, where said requests are accompanied by respective buyer-specific profile and/or shopping portfolio information, and for thereupon communicating the same requests over the network to the one or more sellers;

each seller being equipped with a seller automatic adaptive engine containing that seller'"'"'s specific marketing strategy and/or market condition information, where said engine is responsive to the communicated buyer requests in order to automatically and without manual intervention create and respond to the controller with a price quotation based upon the buyer request and said buyer-specific profile information and/or shopping portfolio information where supplied and within the respective guidelines of the seller-specific information contained in that seller'"'"'s automatic seller engine;

said processor automatically processing at the controller the price quotations received back over the network from the seller automatic engines and automatically communicating back to the buyer one or more of the price quotations received from the sellers, all with no manual intervention.

15. The system of claim 14, wherein all received price quotations are communicated from the controller to the buyer.

16. The system of claim 14, wherein only the best received price quotation is communicated from the controller to the buyer.

17. They system of claim 14, wherein at least one of the seller engines contains historic buyer information factored in creating the price quotation.

18. The system of claim 14, wherein the buyer request is for a single product.

19. The system of claim 14, wherein the buyer request is for multiple products of the same type.

20. The system of claim 14, wherein the buyer request is for multiple unrelated products.

21. The system of claim 14, wherein at least one of the shopping portfolio information, profile information, and/or buyer request includes one or more of:

historic buyer information;

buyer'"'"'s purchasing history;

desired volume of purchase;

desired price or price ranges of purchase;

the buyer'"'"'s willingness to accept seller or reverse auction service provider promotions and/or advertisements;

particular classes of desired sellers;

price limits;

a consumer index number (CIN); and

/or buyer personal information.

22. The system of claim 14, wherein the buyer designates that only certain class/classes of sellers participate.

23. The system of claim 14, wherein at least one seller engine maintains its own pricing data therein.

24. The system of claim 14, wherein the buyer profile is factored by the seller engines and/or intermediate controller to generate targeted advertising and/or promotions of buyer interest.

25. The system of claim 14, wherein the buyer profile contains details for the intermediate controller to develop a unique buyer consumer index.

26. The system of claim 25, wherein the consumer index is factored by the seller engines and/or intermediate controller to generate targeted advertising and/or promotions of buyer interest.

27. The system of claim 25, wherein the buyer may designate sub-buyers and their respective profiles on an account of the buyer.

28. The system of claim 27, wherein the buyer and designated sub-buyers pool their buying power to obtain optimum seller engine pricing and/or group discount eligibility.