Method of community purchasing through the internet
DC CAFCFirst Claim
1. A computer implemented collective purchasing method stored on a server and accessible over a network or Internet, comprising:
- generating a product database implemented on the server including at least one product record, wherein each product record is associated with a product;
pooling a number of buys in a group buying setting on the server over a period of time at a preset fixed price from users for the product associated with the at least one product record, wherein each buy is a commitment to complete a purchase transaction and wherein the number of buys provides a collective demand for the product, and wherein the preset fixed price is locked while pooling the number of buys and remains unchanged regardless of the number of buys such that a seller of the product will have an exact expected revenue in the group buying setting;
updating the at least one product record in the product database located on the server to record the number of buys for the product associated with the specific product record; and
consummating the purchase transaction on the server if the number of buys for the product associated with the at least one product record reaches a preset number of buys;
wherein the user will know the fixed price when the buy is entered.
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Abstract
In accordance with the present invention, a method and system of communal purchasing is disclosed. The preferred embodiments describe a community purchase model where a product can be purchased a particular price only if enough buyers are willing to purchase at that price. The preferred embodiments pool together the collective buys for a product to get a better price than if an individual buyer was to purchase the product by himself/herself. Therefore, a fixed “discount” price is used to collect a number of buys, wherein the number of buys is recorded in a specific product record and the transaction to purchase the product is consummated if the number of buys for the product reaches a minimum number of buys. Moreover, further embodiments obtain a pre-payment or a guarantee for payment for the product while collecting buys for the product. In addition, further embodiments set a cutoff date by when the number of buys must reach the number of minimum number of buys or cancel the product purchase if the cutoff date has been reached and the number of buys for the product associated with the product record does not reach the minimum number of buys.
84 Citations
20 Claims
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1. A computer implemented collective purchasing method stored on a server and accessible over a network or Internet, comprising:
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generating a product database implemented on the server including at least one product record, wherein each product record is associated with a product; pooling a number of buys in a group buying setting on the server over a period of time at a preset fixed price from users for the product associated with the at least one product record, wherein each buy is a commitment to complete a purchase transaction and wherein the number of buys provides a collective demand for the product, and wherein the preset fixed price is locked while pooling the number of buys and remains unchanged regardless of the number of buys such that a seller of the product will have an exact expected revenue in the group buying setting;
updating the at least one product record in the product database located on the server to record the number of buys for the product associated with the specific product record; and
consummating the purchase transaction on the server if the number of buys for the product associated with the at least one product record reaches a preset number of buys;
wherein the user will know the fixed price when the buy is entered. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer implemented collective purchasing method stored on a server and accessible over a network or Internet, comprising:
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generating a product database implemented on the server including at least one product record, wherein each product record is associated with a product; setting a fixed quantity of the product offered for sale;
pooling a number of buys in a group buying setting on the server from users for the product associated with the at least one product record, wherein each buy is a commitment to complete a purchase transaction and wherein the number of buys provides a collective demand for the product and wherein the fixed quantity is locked while pooling the number of buys and remains unchanged regardless of the number of buys such that a seller of the product will know an exact inventory requirement in the group buying setting;
updating the at least one product record to record the number of buys for the product associated with the specific product record; and
consummating the purchase transaction on the server if the number of buys for the product associated with the at least one product record reaches the fixed quantity of the product offered for sale;
wherein the user will know the fixed quantity when the buy is entered. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification