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 8,577,745 B2
• Filed: 03/03/2010
• Issued: 11/05/2013
• 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:
  US12/716,727
• Publication Number:
  US 20100191580A1
• Time in Patent Office: 1,343 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 solicit 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 on-line, and without any manual intervention.

Claims

1. A method of automatically conducting a reverse auction in real-time and on-line over a communication network for buyers and sellers of products and/or services, that comprises:

submitting buyer requests, in real-time upon receipt, for seller price quotation bids over the network to adaptive automated seller engines (SAEJ) of the sellers through an intermediate reverse auction controller;

computing in real time at one or more SAEJ automatic seller price quotations;

receiving over the network from the one or more SAEJ at the controller the seller price quotations;

automatically and without manual intervention processing the seller price quotations received back over the network at the controller and successively returning better price quotations to the sellers for iterative further automatic price bid further bettering amongst the sellers, until a best price quotation is received; and

communicating the best price quotation back to the buyer for notification of or effecting purchase.

2. The method of claim 1 wherein said buyer requests include a targeted price watch request.

3. The method of claim 2 further comprising upon the controller automatically finding a seller price bid match of said targeted price, automatically so notifying the buyer and/or effecting said purchase.

4. The method of claim 1:

wherein the buyer requests are accompanied by respective buyer-specific profile information; and

wherein the SAEJ automatically tailor the real time computed seller price quotations to the respective buyer'"'"'s specific profile information.

5. The method of claim 4 wherein each automatically bettered price quotation is also based upon seller-specific marketing strategy and/or market conditions.

6. The method of claim 4, further comprising the reverse auction controller developing a unique buyer consumer index based on details in the buyer profile.

7. The method of claim 6, further comprising targeting advertisements and/or promotions from the SAEJ based on the consumer index.

8. The method of claim 6, further comprising designating, by the buyer, sub-buyers and their respective profiles on an account of the buyer.

9. The method of claim 6, further comprising pooling, by the buyer and designated sub-buyers, buying power to obtain optimum SAEJ pricing and/or group discount eligibility.

10. The method of claim 1, further comprising processing the price quotations received before a round-limiting time-out to identify the better quotation for iterative further automatic price bid further bettering.

11. The method of claim 10, wherein the best price quotation is identified as the better price quotation after a round-limiting time-out is reached with no improved bid received by the controller.

12. The method of claim 1, further comprising transmitting a buyer shopping history portfolio to the SAEJ with the buyer request, wherein the buyer shopping history portfolio includes one or more of buyer'"'"'s prior purchasing volumes, price ranges, willingness to accept seller or reverse auction service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

13. The method of claim 1, wherein said best bid represents the lowest price.

14. The method of claim 1, wherein said best bid represents a highest rate.

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

16. The method of claim 1, wherein the buyer requests are submitted only to pre-selected invited sellers.

17. The method of claim 1, wherein the buyer request includes a price limit.

18. The method of claim 1, wherein the buyer request includes multiple products.

19. The method of claim 1, further comprising at least one of the SAEJ maintaining its own pricing data therein.

20. The method of claim 1, wherein at least one of the SAEJ processes historic buyer information tracked by that SAEJ in computing the price quotation.

21. A method of conducting real-time commercial transactions between buyers and sellers of products and services through an intermediate reverse auction controller communicating on-line with both buyer and sellers over a network, the method comprising:

submitting on-line buyer requests, in real-time upon receipt, for seller price quotations in a customer packet containing at least one of the buyer request, respective buyer-specific profile, and/or respective buyer shopping portfolio information, through the intermediate controller, to sellers each equipped with an automatic seller engine containing that seller'"'"'s specific marketing strategy and/or market condition information;

computing in real time at one or more adaptive seller engines automatic seller price quotations;

receiving, over the network at the controller, the seller price quotations from the one or more seller engines;

automatically processing at the controller the price quotations received back from the sellers to initiate iterative rounds of real-time automatic and without manual intervention seller engine competitive bettering of the price quotations within each seller'"'"'s respective specific marketing strategy and/or market conditions, and until a best price quotation is received; and

thereupon automatically notifying the buyer of such best price quotation.

22. The method of claim 21, wherein at least one of the seller engines processes historic buyer information tracked by that seller engine in computing the price quotation.

23. A method of conducting a fully automated on-demand instantaneous and real-time reverse auction for products and/or services over a network wherein buyers request a reverse auction controller to solicit from sellers quotes and iterative automatic competitive bidding amongst the sellers in order to become the best-price supplier for the buyer, the method comprising:

buyers initiating on-line network requests to the controller for soliciting quotations on identified products or services and/or for conducting a reverse auction amongst the sellers;

automatically in real-time upon receipt processing such requests at the reverse auction controller and immediately forwarding the same as a customer packet including at least one of the request, specific unique individual buyer profile information, and/or information as to the specific buyer'"'"'s shopping portfolio, over the network to a plurality of sellers each having respective adaptive automated seller engines containing information data unique to the seller'"'"'s individual business model-driven constraints and/or to market data;

upon receipt from the controller of a customer packet, dynamically and automatically generating in each seller'"'"'s respective engine a unique bid quotation tailor-made for that buyer and based upon one or more of buyer-specific information in the customer packet, prevailing market conditions, and/or the competitive environment, and transmitting the bid quotation automatically back to the controller over the network;

causing the controller thereupon to process the bid quotations received from the sellers, and to set the seller engines into automatically competing amongst themselves, without manual intervention, for iterative better bids using the current best bid quotations as a basis for further successive automated rounds until only a best bid quotation remains, and with the controller matching the best bid with the buyer'"'"'s request in real-time and without any manual intervention; and

automatically notifying the buyer of the best bid.

24. The method of claim 23 wherein said buyer shopping portfolio is for multiple similar or dissimilar products.

25. The method of claim 23 wherein said buyer information includes one or more of buyer'"'"'s prior purchasing volumes, prior price ranges, willingness to accept seller or reverse auction service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

26. The method of claim 23 wherein said best bid represents the lowest price.

27. The method of claim 23 wherein said best bid represents the highest rate.

28. The method of claim 23 wherein said automatic reverse auction obviates the requirement and expense of manual tracking and comparisons across many seller competitors.

29. The method of claim 23 wherein the buyer requests that only certain class/classes of sellers participate in the iterative competitive seller bidding.

30. The method of claim 23 wherein the buyer sets a desired price limit for its shopping portfolio and/or desired product(s).

31. The method of claim 23 further comprising the buyer requesting an automatic price watch.

32. The method of claim 31 further comprising when the automatic price watch is found by the controller to be matched by a bid, the requested product or service is automatically purchased.

33. The method of claim 31 further comprising when the controller finds that such automatic price watch is matched by a bid, the buyer is automatically so notified.

34. The method of claim 23 wherein each seller automated engine maintains its own pricing data therein, thereby enabling dynamically generating a unique price tailor-made for each buyer based on one or more of the customer packet, prevailing market conditions, and the competitive environment.

35. The method of claim 23 wherein said buyer profile contains details for the controller to develop a unique buyer consumer index to assist the seller automated engines in offering bid prices better than are available to buyers generally and are commensurate with and specific to the buyer profile.

36. The method of claim 35 where said consumer index also enables the seller automated engines to do targeted advertising and/or promotions of buyer interest.

37. The method of claim 35 wherein the buyer designates sub-buyers and their respective profiles on the account of the buyer.

38. The method of claim 37 wherein the buyer and its sub-buyers pool their buying power to obtain optimum seller automated engine pricing and/or obtain group discount eligibility.

39. The method of claim 23 wherein a private reverse auction is requested and conducted amongst preselected sellers only.

40. The method of claim 23 wherein the controller subdivides groups of dissimilar products among corresponding groups of matching sellers.

41. The method of claim 23 wherein sellers return bids contingent upon predetermined circumstances.

42. The method of claim 41 wherein the seller'"'"'s bid may be a bid quotation contingent upon buyer credit approval.

43. The method of claim 23, wherein at least one of the seller engines processes historic buyer information tracked by that seller engine in computing the bid quotation.

44. A method of communications network shopping by buyers of products and/or services for purchasing such from sellers, comprising:

buyers requesting an automatic reverse auction controller over the network to conduct a reverse auction in real time upon receipt amongst willing sellers;

the controller soliciting across a network, without manual intervention, automatic real-time iterative bidding price quotations from one or more adaptive seller engines of the sellers 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, all without any manual intervention.

45. The method of claim 44, wherein at least one of the seller engines processes historic buyer information tracked by that seller engine in computing the price quotation.

46. A system for automatically conducting a reverse auction in real-time and on-line over a communications network for buyers and sellers of products and services, having in combination:

a buyer system, sellers'"'"' computers, and an intermediate reverse auctioneer controller communicating in real time with said computers on-line over the network;

the buyer system submitting buyer requests for price quotation bids over the network to adaptive seller engines of the sellers'"'"' computers through the intermediate reverse auctioneer controller, in real-time upon receipt of a buyer request, for the seller engines to respond without manual intervention to the controller back over the network with such price quotations;

the intermediate reverse auctioneer controller being provided with a processor for processing the seller price quotations received back over the network at the controller and for successively returning them to the seller engines for iterative further automatic price bid bettering amongst the sellers without manual intervention, until a best price quotation bid is received; and

the controller thereupon enabling the automatic notifying of, or purchasing by, the buyer.

47. The system of claim 46:

wherein the buyer requests are submitted as customer packets including at least one of the buyer request, buyer-specific profile information, and buyer-specific shopping portfolio information; and

wherein the seller price quotations are automatically tailored to information in the customer packet.

48. The system of claim 47 wherein the price quotations are further based upon seller-specific marketing strategy and/or the current market conditions.

49. The system of claim 47, wherein the shopping portfolio information includes one or more of buyer'"'"'s prior purchasing volumes, price ranges, willingness to accept seller or reverse auctioneer service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

50. The system of claim 47, wherein the buyer profile contains details for the reverse auctioneer controller to develop a unique buyer consumer index.

51. The system of claim 50, wherein the consumer index enables the seller engines to do targeted advertising and/or promotions of buyer interest.

52. The system of claim 50, wherein the buyer may designate sub-buyers and their respective profiles on an account of the buyer.

53. The system of claim 52, wherein the buyer and designated sub-buyers pool their buying power to obtain optimum seller engine pricing and/or group discount eligibility.

54. The system of claim 46, wherein said best bid represents the lowest price.

55. The system of claim 46, where said best bid represents a highest rate.

56. The system of claim 46, wherein the buyer designates that only certain class/classes of sellers participate.

57. The system of claim 46, wherein the auction is a private auction involving only pre-selected invited sellers.

58. The system of claim 46, wherein the buyer sets a desired price limit.

59. The system of claim 46, wherein the buyer requests multiple products.

60. The system of claim 46, wherein the buyer requests an automatic price watch.

61. The system of claim 60, wherein if and when the reverse auctioneer controller automatically determines that such automatic price watch is matched by a bid, the controller automatically notifies the buyer of such match and/or effects purchase.

62. The system of claim 46, wherein at least one seller engine maintains its own pricing data therein.

63. The system of claim 46, wherein at least one of the seller engines processes historic buyer information tracked by that seller engine in responding with the price quotation.

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

a processor contained in the intermediate reverse auctioneer controller for receiving over the network and automatically in real-time upon receipt processing on-line buyer requests for seller price quotations and for thereupon communicating the same over the network to sellers as a customer packet including at least one of the buyer request, buyer-specific profile information, and buyer-specific shopping portfolio information;

each seller being equipped with an adaptive automatic engine containing that seller'"'"'s specific marketing strategy and/or market condition information and responsive to the buyer requests in order automatically to create and to respond without manual intervention to the controller with a price quotation bid based upon the buyer request and information in the customer packet, and within the respective guidelines of seller-specific information within that seller'"'"'s automatic seller engine;

said processor automatically processing the price quotations received back over the network from the seller automatic engines to initiate an iterative real-time automatic seller engine competitive bettering of the price quotation bids within said respective guidelines, until a best price quotation bid is received; and

the controller thereupon enabling the automatic notifying of, or purchasing by, the buyer.

65. The system of claim 64 wherein the purchasing history and shopping portfolio includes one or more of buyer'"'"'s prior purchasing volumes, price ranges, willingness to accept seller or reverse auction service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

66. The system of claim 64 wherein said best bid represents the lowest price.

67. The system of claim 64 wherein said best bid represents a highest rate.

68. The system of claim 64 wherein the buyer designates that only certain class/classes of sellers participate in the iterative competitive seller bidding.

69. The system of claim 64 wherein the auction is a private auction involving only pre-selected invited sellers.

70. The system of claim 64 wherein the buyer sets a desired price limit for its shopping portfolio or desired product.

71. The system of claim 64 where the buyer requests multiple products for the auction.

72. The system of claim 64 wherein the buyer requests an automatic price watch.

73. The system of claim 72 wherein if and when the reverse auction controller automatically determines that such automatic price watch is matched by a bid, the controller automatically effects the purchase of the requested product or service.

74. The system of claim 72 wherein if and when the reverse auction controller determines that such automatic price watch is matched by a bid, the buyer is automatically so notified.

75. The system of claim 64 wherein each seller automated engine maintains its own pricing data therein, dynamically generating a unique price tailor-made for each buyer based on one or more of the customer packet, prevailing market conditions, and the competitive environment.

76. The system of claim 64 wherein said buyer profile contains details for the reverse auctioneer controller to develop a unique buyer consumer index to assist the seller automated engines in offering bid prices better than are generally available to buyers and are commensurate with and specific to the buyer profile.

77. The system of claim 76 wherein said consumer index also enables the seller automated engines to do targeted advertising and/or promotions of buyer interest.

78. The system of claim 76 wherein the buyer may designate sub-buyers and their respective profiles on the account of the buyer.

79. The system of claim 78 wherein the buyer and its sub-buyers pool their buying power to obtain optimum seller automated engine pricing and/or obtain group discount eligibility.

80. The system of claim 64, wherein at least one of the seller engines contains historic buyer information used in creating the price quotation bid.

81. 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 to the sellers, in real-time upon receipt by an intermediate controller, buyer requests for seller price quotation, where said buyer requests are submitted over the network to the sellers through the intermediate controller, the submitted buyer requests accompanied by a respective buyer-specific profile;

automatically generating, without manual intervention, price quotations, where said price quotations are generated at said sellers'"'"' adaptive engines, are responsive to the buyer'"'"'s request, and are tailored to the respective buyer-specific profile, and returning the 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.

82. The method of claim 81 and in which the automatic processing at the controller includes seeking a match of a buyer'"'"'s price request and a seller'"'"'s price quotation and thereupon automatically notifying the buyer of such match or effecting the buyer purchase.

83. The method of claim 81 wherein each seller engine contains that seller'"'"'s specific marketing strategy and/or market condition information.

84. The method of claim 83, wherein the automatically generated price quotations are further tailored within the respective seller'"'"'s said specific marketing strategy and/or market condition information.

85. The method of claim 81 wherein each submitted buyer request is accompanied by buyer-specific shopping portfolio information.

86. The method of claim 85 wherein the buyer fills in elements of various fields of a data information packet, including one or more of requested product information, service identification, and buyer-specific profile information where appropriate, and providing such to the controller by way of a request for the initiation of a reverse auction amongst appropriate sellers, or just a request for price quotations from such sellers;

and

the controller processes this buyer raw data information and adds additional information to fields of the submitted data packet, and selects those that may match the buyer'"'"'s product requests and forwards this “

initialized”

packet to such sellers.

87. The method of claim 86 wherein at the seller end, initialized packet information is received and processed, and the seller'"'"'s engine automatically proceeds to update the packet by adding thereto the seller'"'"'s price bid quotation, thereupon returning this now “

intermediate”

packet to the controller.

88. The method of claim 87 wherein the controller automatically collects and processes the intermediate packets from the sellers, compares the received bids, and further updates the recently participating sellers with statistics.

89. The method of claim 88 wherein the invention thus enables the same data packet to be used by all of the buyer, the controller and the seller for their respective needs, thereby minimizing an explosion of required data packets and minimizing the time the buyer must spend online.

90. The method of claim 88 wherein the controller enables refinements of the buyer using the packet to request target price and time frame in price watches.

91. The method of claim 88, wherein the controller uses the processed intermediate packets for automated notification and/or automated purchase.

92. The method of claim 85, wherein the shopping portfolio information includes one or more of buyer'"'"'s prior purchasing volumes, price ranges, willingness to accept seller or reverse auction service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

93. The method of claim 81, wherein the controller communicates all received price quotations to the buyer.

94. The method of claim 81, wherein the controller communicates only the best received price quotation to the buyer.

95. The method of claim 94, wherein said best quotation represents the lowest price.

96. The method of claim 94, wherein said best quotation represents a highest rate.

97. The method of claim 81 wherein the buyer requests that only certain class/classes of sellers receive the request for seller price quotation.

98. The method of claim 81, wherein the buyer request includes a price limit.

99. The method of claim 81, wherein the buyer request includes multiple products.

100. The method of claim 81, wherein the buyer request includes an automatic price watch.

101. The method of claim 100, further comprising if and when the intermediate controller automatically determines that the price watch is matched by a price quotation, the intermediate controller automatically notifies the buyer and/or effects purchase.

102. The method of claim 81, further comprising at least one of the seller engines maintaining its own pricing data therein.

103. The method of claim 81, further comprising the intermediate controller developing a unique buyer consumer index based on details in the buyer profile.

104. The method of claim 103, further comprising targeting advertisements and/or promotions from the seller engines based on the consumer index.

105. The method of claim 103, further comprising designating, by the buyer, sub-buyers and their respective profiles on an account of the buyer.

106. The method of claim 105, further comprising pooling, by the buyer and designated sub-buyers, buying power to obtain optimum pricing and/or group discount eligibility.

107. The method of claim 81, wherein at least one of the seller engines processes historic buyer information tracked by that seller engine in generating the price quotation.

108. A system for automatically requesting and receiving in real-time and on-line over a network price quotations from one or more sellers of products and/or services, having, in combination:

a buyer system, sellers'"'"' computers, and an intermediate controller communicating in real time on-line over the network;

the buyer system submitting a request for price quotation bids to the sellers, through the intermediate controller in real-time upon receipt by the controller, for adaptive seller engines of the sellers'"'"' computers automatically to respond to the controller with such price quotations without manual intervention;

the controller being provided with a processor for processing the price quotations received back at the controller and thereupon automatically communicating one or more of them back to the buyer, and all with no manual intervention.

109. The system of claim 108 and in which the buyer request includes buyer-specific profile information, and one or more of the sellers'"'"' price quotations reflect consideration of such buyer-specific profile information.

110. The system of claim 109 wherein the automatic processing at the controller includes the processor seeking a match of a buyer'"'"'s price request and a seller'"'"'s price quotation and thereupon automatically notifying the buyer of such match or effecting the buyer purchase.

111. The system of claim 109, wherein the buyer profile contains details for the intermediate controller to develop a unique buyer consumer index.

112. The system of claim 111, wherein the consumer index enables the seller engines to do targeted advertising and/or promotions of buyer interest.

113. The system of claim 111, wherein the buyer may designate sub-buyers and their respective profiles on an account of the buyer.

114. The system of claim 113, wherein the buyer and designated sub-buyers pool their buying power to obtain optimum seller engine pricing and/or group discount eligibility.

115. The system of claim 108, wherein all received price quotations are communicated from the controller to the buyer.

116. The system of claim 108, wherein only the best received price quotation is communicated from the controller to the buyer.

117. The system of claim 116, wherein said best quotation represents the lowest price.

118. The system of claim 116, where said best quotation represents a highest rate.

119. The system of claim 108, wherein the buyer request includes shopping portfolio information including one or more of buyer'"'"'s prior purchasing volumes, price ranges, willingness to accept seller or reverse auctioneer service provider promotions and/or advertisements, particular classes of desired sellers, and price limits.

120. The system of claim 108, wherein the buyer designates that only certain class/classes of sellers participate.

121. The system of claim 108, wherein the buyer sets a desired price limit.

122. The system of claim 108, wherein the buyer requests multiple products.

123. The system of claim 108, wherein at least one seller engine maintains its own pricing data therein.

124. The system of claim 108, wherein at least one of the seller engines contains historic buyer information used in responding with the price quotation.

125. 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 to create and to respond to the controller with a price quotation based upon the buyer request and said buyer-specific profile 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.

126. The system of claim 125, wherein all received price quotations are communicated from the controller to the buyer.

127. The system of claim 125, wherein only the best received price quotations are communicated from the controller to the buyer.

128. The system of claim 125, wherein at least one of the seller engines contains historic buyer information used in creating the price quotation.

129. A method of automatically conducting a reverse auction in real-time and on-line over a communication network for buyers and sellers of products and/or services connected to the network, that comprises:

interposing an intermediate controller in the network between the buyers and automatic adaptive engines of the sellers and causing the controller automatically in real-time upon receipt to respond to buyers'"'"' requests and automatically and without manual intervention to conduct iterative seller bidding to achieve a best price quotation for the buyer.

130. The method of claim 129 wherein the further steps are performed of automatically effecting buyer notification and/or purchase, and without any manual intervention.