Method of community purchasing through the internet

CAFC
  • US 7,672,897 B2
  • Filed: 04/27/2006
  • Issued: 03/02/2010
  • Est. Priority Date: 01/24/2001
  • Status: Active Grant
First Claim
Patent Images

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.

View all claims
    ×
    ×

    Thank you for your feedback

    ×
    ×