Digital online exchange for pricing items to exhaust inventory by an expiration time

Abstract

A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity comprises a pricing server and various types of data stored in memory. The pricing server includes memory, a processor and a clock. Types of data stored in memory are indicative of the initial quantity of an item available and an expiration time. The processor is configured to control a rate of sale in order to sell out the items available in a limited quantity by the expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity by the expiration time.

1 . A dynamic pricing system for pricing items for sale by a seller which items are available in limited quantity, the system comprising:
 a pricing server including a memory, a processor, and a clock;   data stored in the memory indicative of a previous quantity of items available in a limited quantity;   data stored in the memory indicative of a current remaining quantity of the items available in a limited quantity;   data stored in the memory of an expiration time at which it is desired that all of the items available in a limited quantity be sold; and   wherein the processor is configured to control a rate of sale in order to sell out the items available in a limited quantity by the expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity by the expiration time based in part by accessing the memory to retrieve data indicative of the previous quantity, the current remaining quantity, and the expiration time and accessing the clock.   
     
     
         2 . The system of  claim 1  further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity. 
     
     
         3 . The system of  claim 2  further comprising time stamped data stored in the memory indicative of each sale of the items available in a limited quantity. 
     
     
         4 . The system of  claim 2  wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time. 
     
     
         5 . The system of  claim 2  wherein the processor is configured to decrease the price of the items when the data stored in the memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time. 
     
     
         6 . The system of  claim 3  further comprising data stored in the memory of the price at which the items available at a limited quantity was sold for each sale of the item, such data being associated with the time stamped data indicative of the time at which the item was sold at such price. 
     
     
         7 . A dynamic pricing system for pricing items for sale by a seller which items are available in limited quantity, the system comprising:
 a pricing server including a memory, a processor, and a clock;   data stored in the memory indicative of a previous quantity of items available in a limited quantity;   data stored in the memory indicative of a current remaining quantity of the items available in a limited quantity;   data stored in the memory of an expiration time at which it is desired that all of the items available in a limited quantity be sold; and   wherein the processor is configured to control a rate of sale in order to maximize revenue for the items available in a limited quantity by the expiration time and to price the items available in a limited quantity so as to maximize revenue of the items available in a limited quantity by the expiration time based in part by accessing the memory to retrieve data indicative of the current rate of sale, the current remaining quantity, and the expiration time and accessing the clock.   
     
     
         8 . The system of  claim 7  further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity. 
     
     
         9 . The system of  claim 8  further comprising time stamped data stored in the memory indicative of each sale of the items available in a limited quantity. 
     
     
         10 . The system of  claim 8  wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time. 
     
     
         11 . The system of  claim 8  wherein the processor is configured to decrease the price of the items when the data stored in the memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time. 
     
     
         12 . The system of  claim 9  further comprising data stored in the memory of the price at which the items available at a limited quantity was sold for each sale of the item, such data being associated with the time stamped data indicative of the time at which the item was sold at such price. 
     
     
         13 . A dynamic pricing system for pricing items for sale by a seller which items are available in limited quantity, the system comprising:
 a pricing server including a memory, a processor, and a clock;   data stored in the memory indicative of a current rate of sale of items available in a limited quantity;   data stored in the memory indicative of a current remaining quantity of the items available in a limited quantity;   data stored in the memory of an expiration time at which it is desired that all of the items available in a limited quantity be sold; and   wherein the processor is configured to control a rate of sale in order to sell out the items available in a limited quantity by the expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity by the expiration time based in part by accessing the memory to retrieve data indicative of the current rate of sale, the current remaining quantity, and the expiration time and accessing the clock.   
     
     
         14 . The system of  claim 13  further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity. 
     
     
         15 . The system of  claim 14  further comprising time stamped data stored in the memory indicative of each sale of the items available in a limited quantity. 
     
     
         16 . The system of  claim 14  wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time. 
     
     
         17 . The system of  claim 14  wherein the processor is configured to decrease the price of the items when the data stored in the memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time. 
     
     
         18 . The system of  claim 15  further comprising data stored in the memory of the price at which the items available at a limited quantity was sold for each sale of the item, such data being associated with the time stamped data indicative of the time at which the item was sold at such price.