17938080. PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM simplified abstract (International Business Machines Corporation)
Contents
- 1 PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM
Organization Name
International Business Machines Corporation
Inventor(s)
Raghuveer Prasad Nagar of Kota (IN)
Subba Rayudu Tangirala of Bangalore (IN)
Abhishek Solanki of LUCKNOW (IN)
Jagadesh Ramaswamy Hulugundi of Bangalore (IN)
PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM - A simplified explanation of the abstract
This abstract first appeared for US patent application 17938080 titled 'PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM
Simplified Explanation
The abstract describes a method, computer system, and computer program product for utilizing a pricing engine to analyze pricing factors of products, recommend best price proposals, analyze buyer factors, and recalculate price proposals based on buyer factors.
- Analyzing pricing factors of products in an online listing
- Recommending best price proposals based on analyzed pricing factors
- Analyzing buyer factors of a potential buyer
- Recalculating best price proposals based on analyzed buyer factors
Potential Applications
This technology could be applied in e-commerce platforms to optimize pricing strategies for sellers, ensuring competitive prices while maximizing profits.
Problems Solved
This technology solves the problem of setting optimal prices for products in online listings by taking into account both pricing factors and buyer factors, leading to increased sales and revenue.
Benefits
The benefits of this technology include improved pricing strategies, increased competitiveness, higher sales conversion rates, and enhanced profitability for sellers.
Potential Commercial Applications
Optimizing pricing strategies in e-commerce platforms for various products and industries to increase sales and revenue.
Possible Prior Art
One possible prior art could be dynamic pricing algorithms used in e-commerce platforms to adjust prices based on market demand and competitor pricing.
What are the potential impacts of this technology on e-commerce platforms?
This technology could revolutionize the way sellers price their products online, leading to increased competitiveness, improved sales, and higher profitability.
How does this technology compare to existing pricing tools in the market?
This technology stands out by not only analyzing pricing factors but also taking into account buyer factors to recommend optimal price proposals, providing a more comprehensive approach to pricing optimization.
Original Abstract Submitted
According to one embodiment, a method, computer system, and computer program product for utilizing a pricing engine is provided. The present invention may include analyzing pricing factors of one or more products in an online listing; recommending a best price proposal to list the one or more products based on the analyzed pricing factors; analyzing buyer factors of a potential buyer; and recalculating the best price proposal based on the analyzed buyer factors.
