System and method for dynamic product pricing

Abstract

Embodiments of the present invention provide a system and method for dynamic product pricing. According to one embodiment, sale characteristics for a plurality of products are stored in a database. A user places a sale order including information associated with a product to be listed on a website, and a market price for the product is calculated based on the stored sale characteristics of the product. The sales characteristics include a queue of current list prices of the product as well as recent sale prices, with the queue having the number of the product available for sale at each different price. A suggested list price is displayed to the seller based on the market price. The seller is provided with a means for adjusting the suggested list price or listing the product at the suggested list price.

What is claimed is: 
     
         1 . A method for facilitating online transactions via a server computer connected to a network, the method comprising:
 generating, by the server computer, for each of a plurality of products offered for sale by a plurality of sellers, a sale queue, the sale queue including, for the product associated with the sale queue and for each seller offering to sell the product, a current list price indicative of a price of the product at which the seller has offered to sell the product;   identifying, by the server computer, for a selected one of the products offered for sale, a lowest list price indicative of a lowest price among the current list prices associated with the selected product; and   causing the lowest list price to be displayed to a potential buyer of the selected product while suppressing the display of current list prices for the selected product other than the lowest price.   
     
     
         2 . The method of  claim 1 , further comprising:
 determining whether all of the products offered for sale at the lowest list price have been sold;   upon determining that all of the products offered for sale at the lowest list price have been sold, identifying a new lowest list price indicative of a lowest price among the current list prices associated with the selected product, the new lowest list price having a higher price than the lowest list price; and   causing the new lowest list price to be displayed to a potential buyer of the selected product while suppressing the display of current list prices for the selected product other than the new lowest price.   
     
     
         3 . The method of  claim 1 , further comprising:
 receiving a sale order from a seller, the sale order identifying one of the plurality of products as a product to be listed for sale by the seller;   determining a suggested list price for the product to be listed for sale; and   causing the suggested list price to be displayed to the seller.   
     
     
         4 . The method of  claim 3 , further comprising:
 determining a market price for the product to be listed for sale, wherein determining the market price includes weighing together prior list prices of the product to be listed for sale, prior sold prices of the product to be listed for sale, current list prices in the sale queue for the product to be listed for sale, and current pricing information for the product to be listed for sale from a source external to the server computer,   wherein the suggested list price is determined at least in part on the market price.   
     
     
         5 . The method of  claim 3 , further comprising:
 determining a sale probability indicative of a probability that the product to be listed will sell at the suggested list price within a certain time period, wherein the sale probability is determined at least in part on a number of times the product to be listed has previously sold at the suggested list price; and   causing the sale probability to be displayed to the seller.   
     
     
         6 . The method of  claim 5 , wherein the sale probability is determined at least in part on current market conditions, appreciation/depreciation factors, and a price distribution from a source external to the server computer. 
     
     
         7 . The method of  claim 3 , further comprising:
 determining a projected time to sale indicative of the expected duration of time after which the product to be listed will sell at the suggested list price, wherein the projected time to sale is determined at least in part on the suggested list price and a current rate of sale for the product to be listed.   
     
     
         8 . A server computer system, comprising:
 a database configured to store information;   a communication interface configured to communicate information with buyers and sellers of products; and   a computer processor coupled to the database and the communication interface, wherein the computer processor is configured to:   generate, for each of a plurality of products offered for sale by a plurality of sellers, a sale queue, the sale queue including, for the product associated with the sale queue and for each seller offering to sell the product, a current list price indicative of a price of the product at which the seller has offered to sell the product;   store the sale queue in the database;   identify, for a selected one of the products offered for sale, a lowest list price indicative of a lowest price among the current list prices associated with the selected product; and   cause, via the communication interface, the lowest list price to be displayed to a potential buyer of the selected product while suppressing the display of current list prices for the selected product other than the lowest price.   
     
     
         9 . The server computer system of  claim 8 , wherein the computer processor is further configured to:
 receive a sale order from a seller, the sale order identifying one of the plurality of products as a product to be listed for sale by the seller;   determine a suggested list price for the product to be listed for sale; and   cause the suggested list price to be displayed to the seller.   
     
     
         10 . The server computer system of  claim 9 , wherein the computer processor is further configured to:
 determine whether the seller indicates an adjustment to the suggested list price.   
     
     
         11 . The server computer system of  claim 10 , wherein the computer processor is further configured to:
 upon determining that the seller does not indicate an adjustment to the suggested list price, add the suggested list price to the sale queue.   
     
     
         12 . The server computer system of  claim 10 , wherein the computer processor is further configured to:
 upon determining that the seller indicates an adjustment to the suggested list price resulting in an adjusted list price, add the adjusted list price to the sale queue.   
     
     
         13 . The server computer system of  claim 10 , wherein the computer processor is further configured to:
 upon determining that the seller indicates an adjustment to the suggested list price resulting in an adjusted list price:   determine a sale probability indicative of a probability that the product to be listed will sell at the adjusted list price;   determine a projected time to sale indicative of the expected duration of time after which the product to be listed will sell at the adjusted list price; and   cause the sale probability and the projected time to sale to be displayed to the seller.   
     
     
         14 . The server computer system of  claim 13 , wherein the computer processor is further configured to:
 determine whether the seller indicates acceptance of the adjusted list price.   
     
     
         15 . The server computer system of  claim 14 , wherein the computer processor is further configured to:
 upon determining that the seller does not indicate acceptance of the adjusted list price, add the suggested list price to the sale queue.   
     
     
         16 . The server computer system of  claim 14 , wherein the computer processor is further configured to:
 upon determining that the seller indicates acceptance of the adjusted list price, add the adjusted list price to the sale queue.   
     
     
         17 . A tangible non-transitory computer readable storage medium having instructions stored thereon that, when executed by a computer processor, cause the computer processor to perform operations including:
 generating, for each of a plurality of products offered for sale by a plurality of sellers, a sale queue, the sale queue including, for the product associated with the sale queue and for each seller offering to sell the product, a current list price indicative of a price of the product at which the seller has offered to sell the product;   identifying, for a selected one of the products offered for sale, a lowest list price indicative of a lowest price among the current list prices associated with the selected product; and   causing the lowest list price to be displayed to a potential buyer of the selected product while suppressing the display of current list prices for the selected product other than the lowest price.   
     
     
         18 . The tangible non-transitory computer readable storage medium of  claim 17  wherein the instructions, when executed by the computer processor, cause the computer processor to perform additional operations including:
 receiving a sale order from a seller, the sale order identifying one of the plurality of products as a product to be listed for sale by the seller; 
 determining a list price for the product to be listed for sale; and 
 adding the list price to the sale queue such that the product to be listed for sale by the seller is a product listed for sale by the seller. 
 
     
     
         19 . The tangible non-transitory computer readable storage medium of  claim 18  wherein the list price is determined at least in part on a market price of the product to be listed for sale. 
     
     
         20 . The tangible non-transitory computer readable storage medium of  claim 19  wherein the instructions, when executed by the computer processor, cause the computer processor to perform additional operations including:
 receiving an input from the seller indicating a selection of a dynamic market order, wherein as the market price of the product listed for sale by the seller changes, the seller's list price for the product listed for sale is adjusted to the changed market price. 
 
     
     
         21 . The tangible non-transitory computer readable storage medium of  claim 19  wherein the instructions, when executed by the computer processor, cause the computer processor to perform additional operations including:
 receiving an input from the seller indicating a selection of a static market order, wherein as the market price of the product listed for sale by the seller changes, the seller's list price for the product listed for sale is maintained. 
 
     
     
         22 . The tangible non-transitory computer readable storage medium of  claim 18  wherein the instructions, when executed by the computer processor, cause the computer processor to perform additional operations including:
 identifying a plurality of sellers offering to sell the selected product; and 
 determining a best seller from the plurality of sellers, the best seller having a highest reliability rating as compared to other sellers of the plurality of sellers offering to sell the selected product, 
 wherein the lowest price displayed to the potential buyer is associated with the best seller. 
 
     
     
         23 . The tangible non-transitory computer readable storage medium of  claim 17  wherein the instructions, when executed by the computer processor, cause the computer processor to perform additional operations including:
 receiving a sale order from a seller, the sale order identifying one of the plurality of products as a product to be listed for sale by the seller; 
 determining a minimum list price for the product to be listed for sale by the seller, the minimum list price being indicative of a minimum price at which the seller may offer to sell the product to be listed for sale; and 
 determining a maximum list price for the product to be listed for sale by the seller, the maximum list price being indicative of a maximum price at which the seller may offer to the product to be listed for sale. 
 
     
     
         24 . The tangible non-transitory computer readable storage medium of  claim 23 , wherein the minimum list price and the maximum list price are determined at least in part on external market information, internal market dynamics, and the condition of the product to be listed for sale. 
     
     
         25 . The tangible non-transitory computer readable storage medium of  claim 23 , wherein the maximum list price is determined based on the price distribution of a same condition product from stored sale characteristics or from one or more external sources offering the product for sale. 
     
     
         26 . The tangible non-transitory computer readable storage medium of  claim 23 , wherein the maximum list price is determined based on a current market price of a same condition product and a price of the product from one or more external sources offering the product for sale. 
     
     
         27 . The tangible non-transitory computer readable storage medium of  claim 23 , wherein the maximum list price is determined based on a likelihood of the product being sold above a certain price. 
     
     
         28 . The tangible non-transitory computer readable storage medium of  claim 27 , wherein the maximum list price is set at a threshold where the likelihood of selling the product is minimized. 
     
     
         29 . The tangible non-transitory computer readable storage medium of  claim 23 , wherein the minimum list price is determined based on sale transaction fees plus packaging fees. 
     
     
         30 . The tangible non-transitory computer readable storage medium of  claim 29 , wherein the minimum list price may be adjusted based on whether the seller indicates that the sale has a charitable component.