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
US7778882B2 · kind B2 · utility
Inventors
Key dates
| Filing date | Mar 3, 2006 |
| Grant date | Aug 17, 2010 |
| Priority date | — |
| Expiry date | Jun 17, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.