Method for products re-pricing
AssigneeLead Digi Corp.
InventorsKuo-Hsiung Weng, Henry Chang
Life of this patent
Estimating the term…
Abstract
How to determine the price of a product, which includes any goods or services, is always a challenge task. One of the reasons is the difficulty of finding the prices of competitive products. Thus, most companies simply calculate the price by adding a markup to the cost. The markup is determined by experience, which could be inaccurate, or after an extensively manual survey of the prices of competitive products, which is time-consuming. The present invention allows sellers to automatically determine the price of a product by comparing the competitive products searched from the Internet.
Claims14
A method for products re-pricing comprising steps:
- searching all the competing sellers;
- applying static rules to exclude unqualified competing sellers;
- applying dynamic rules to select the most competitive product by finding the price of the most competitive product by using the model of representing a product's parameters as the coordinates of a point in a multi-dimensional space, each parameter corresponds to one coordinate of a point;
- determining the upper limit of your product's price;
- determining the lower limit of your price;
- determining the markdown price of the price of the most competitive product;
- compute the price of your product.
Dependencies are inferred from the claim text.