US 7,729,977 B2Granted

Method and system for grouping merchandise, services and users and for trading merchandise and services

AssigneesQuan Xiao, Meimei Zhao

InventorsQuan Xiao, Meimei Zhao

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Abstract

This method groups multiple merchandises (products/services) and multiple traders (buyer/sellers/carriers) that share similar properties with a Merchandise Group ID (MGID) and a User Group ID (UGID), respectively. Each MGID and UGID represents one Merchandise Group and Trader Group, respectively. Different MGIDs and UGIDs represent different merchandise and trader groups. The method also utilize a multi-party matching mechanism to trade Merchandise Groups among Trader Groups by having grouped buyers/sellers/carriers place bid/ask/cAsk offers on both the merchandise and any shipping services required to fulfill the transaction. Based on offers received, the system calculates Gap Values in real-time to determine if deals can be closed. Like stock tickers, MGID enables grouped merchandise to be traded like stocks. UGID enables grouped traders to trade desired merchandise with acceptable counterparties through matching both MGIDs and UGIDs. Based on the grouping, matching and gap value calculating mechanism, this method changes “Instance Trading” into “Group Trading”.

Claims33

Dependent claims

A method in a system for grouped sellers to sell grouped merchandise to grouped buyers via a merchandise trading system, the method comprising the steps of:

a) defining by at least one buyer a set of buyer characteristics to offer, defining a set of acceptable seller characteristics to require and a set of acceptable merchandise characteristics for a desired merchandise item;
b) defining by at least one seller a set of seller characteristics to offer, defining a set of acceptable buyer characteristics to require and a set of merchandise characteristics for an offered merchandise item;
c) defining by the merchandise trading system the buyer characteristics, the seller characteristics and the merchandise characteristics;
d) grouping the buyers based upon the sets of buyer characteristics, the buyer characteristics may be encoded into a code which can later be used as identifier of the certain buyer group whose member buyers have the same sets of buyer characteristics;
e) grouping the sellers based upon the sets of seller characteristics, the seller characteristics may be encoded into a code which can later be used as identifier of the certain seller group whose member sellers have the same sets of seller characteristics;
f) grouping merchandise items based upon the sets of merchandise characteristics, the merchandise characteristics may be encoded into a code that can later be used as identifier of the certain merchandise group whose member merchandise have the same sets of merchandise characteristics;
g) comparing the sets of merchandise characteristics of the seller's offered merchandise against the set of acceptable merchandise characteristics by the buyer so as to determine a merchandise match between buyer's desired merchandise item and seller's offered merchandise item;
comparing the buyer's sets of offered buyer characteristics and the acceptable seller characteristics against the seller's acceptable buyer characteristics and the sets of offered seller characteristics, respectively, so as to determine a buyer/seller match between buyer and seller;
i) if there is a merchandise match and, a buyer/seller match processing the sale transactions on the basis of a gap price, a deal match, or an order generation between the buyer and the seller;
and
j) trading from the seller to the buyer by shipping the merchandise to the buyer from the seller if there is a merchandise match and a buyer/seller match.

8 more elements

A merchandise trading system for allowing grouped sellers to sell grouped merchandise to grouped buyers via a merchandise trading system, the system comprising:

a) at least one database server;
b) a central application server;
c) a user database for receiving and storing from at least one buyer a set of buyer characteristics, a set of acceptable seller characteristics and a set of acceptable merchandise characteristics for a desired merchandise item and for receiving and storing from at least one seller a set of seller characteristics, a set of acceptable buyer characteristics, and for receiving and storing from the database server further buyer characteristics and seller characteristics for the at least one buyer and at least one seller,
d) a merchandise database for receiving and storing from the at least one seller a set of merchandise characteristics and receiving and storing from the trading system a set of merchandise characteristics;
e) an offer/order database for receiving and storing from the at least one seller characteristics of an offer for an offered merchandise item and for receiving and storing from the at least one buyer characteristics of an offer for a desired merchandise item;
f) the central application server having program code to group buyers based upon the sets of buyer characteristics, to group the sellers based upon the sets of seller characteristics, to group merchandise items based upon the sets of merchandise characteristics, to compare the sets of merchandise characteristics of the seller's offered merchandise against the set of acceptable merchandise characteristics by the buyer so as to determine a match between buyer's desired merchandise item and seller's offered merchandise item, to compare the buyer's sets of buyer characteristics and the acceptable seller characteristics against the seller's acceptable buyer characteristics and the sets of seller characteristics, respectively, so as to determine a match between buyer and seller, and if there is a match between buyer's desired merchandise item and seller's offered merchandise item and a match between the buyer and seller, trying to bind a contract and to complete a sale transaction between the buyer and the seller by trading from the seller to the buyer by shipping the merchandise to the buyer from the seller if there is a merchandise match and a buyer/seller match.

3 more elements

A computer readable medium for allowing grouped sellers to sell grouped merchandise to grouped buyers via a merchandise trading system, the computer readable medium comprising program instructions for:

a) in a user database, for receiving and storing from at least one buyer a set of buyer characteristics, a set of acceptable seller characteristics and a set of acceptable merchandise characteristics for a desired merchandise item and for receiving and storing from at least one seller a set of seller characteristics, a set of acceptable buyer characteristics, and for receiving from the database server further buyer characteristics and seller characteristics for the at least one buyer and at least one seller;
b) in a merchandise database, for receiving and storing from the at least one seller a set of merchandise characteristics and receiving and storing from the trading system a set of merchandise characteristics;
c) in an offer/order database, for receiving and storing from the at least one seller characteristics of an offer for an offered merchandise item and for receiving and storing from the at least one buyer characteristics of an offer for a desired merchandise item;
d) in the central application server, to group the buyers based upon the sets of buyer characteristics, to group the sellers based upon the sets of seller characteristics, to group merchandise items based upon the sets of merchandise characteristics, to compare the set of merchandise characteristics of the seller's offered merchandise against the set of acceptable merchandise characteristics by the buyer so as to determine a merchandise match between buyer's desired merchandise item and seller's offered merchandise item, to compare the buyer's sets of buyer characteristics and the acceptable seller characteristics against the seller's acceptable buyer characteristics and the sets of seller characteristics, respectively, so as to determine a buyer/seller match between buyer and seller, and if there is a merchandise match and a buyer/seller match to bind a contract and to complete a sale transaction between the buyer and the seller by trading from the seller to the buyer by shipping the merchandise to the buyer from the seller if there is a merchandise match and a buyer/seller match.

1 more element

Dependencies are inferred from the claim text.

Facts

Application: 11/504,339Filed 15 Aug 2006 · us provisional application
Priority: 17 Aug 2005
Published: US 2007/0043651 A122 Feb 2007
Granted: 1 Jun 2010
Term ends: Not estimatedThe source records don’t support an estimate.

Classification5 codes

G06Q 30/08
Buying, selling or leasing transactions: auctions
G06Q 10/08345
Choice of carriers: pricing
G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q 40/04
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: trading; Exchange, e.g. stocks, commodities, derivatives or currency…