Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Electronic shopping
Patent
1999-03-15
2000-04-04
Cosimano, Edward R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Electronic shopping
705 27, G06F 1700
Patent
active
060472669
ABSTRACT:
An online buying group (referred to herein as a "co-op`) is formed for the specific purpose of purchasing a particular product at (102) by defining a start time, end time, critical mass, any minimum number of units offered, any maximum number of units offered, starting price and product cost curve. As data is gathered from buyers, by means of their making binding purchase offers, the co-op is modified at (108) using a pricing tool, so as to take into account for this market data in the definition of the price curve. A buyer chooses a product co-op of interest at (114). The buyer is presented with the following essential co-op information: current price, closing time, next price level (as defined by a price curve visibility window and the price curve) sufficient to entice the buyer to make an offer. Once a buyer has made up his mind, the decision must be made at (116) to offer a purchase price which includes the current price, guaranteeing availability if critical mass has been achieved, or to make an offer at a lower price range that can be accepted only if the co-op price drops to that level, which may not occur. Given a decision to make an offer at such lower price, the buyer enters such maximum price at which he is willing to purchase the product at (118). Should the current price drop to the level at which the offer was made, the price contingency is removed from such offer and assuming critical mass is achieved, the offer is accepted at at the close of the co-op at (122), and processed accordingly. Inventory is allocated to fulfill the accepted offer at (126) following the closing of the co-op at (124).
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Gustafsson Niklas
Van Horn Tom
Woodford Dale
Cosimano Edward R.
Godward LLP Gooley
Groutt Phillip
Mercata, Inc.
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