International business machines corporation (20240119494). PRICING ENGINE FOR CONSUMERS ON A CONSUMER-TO-CONSUMER SELLING PLATFORM simplified abstract
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 Unanswered Questions
- 1.11 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 20240119494 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 in an online listing, recommend a best price proposal based on these factors, analyze buyer factors of a potential buyer, and recalculate the best price proposal based on the buyer factors.
- Analyzing pricing factors of products in an online listing
- Recommending a best price proposal based on analyzed pricing factors
- Analyzing buyer factors of a potential buyer
- Recalculating the best price proposal based on analyzed buyer factors
Potential Applications
This technology could be applied in e-commerce platforms to optimize pricing strategies for sellers, leading to increased sales and profitability.
Problems Solved
This technology solves the problem of determining the best price for products based on various pricing and buyer factors, ultimately maximizing revenue for sellers.
Benefits
The benefits of this technology include improved pricing accuracy, increased competitiveness in the market, and enhanced customer satisfaction through personalized pricing strategies.
Potential Commercial Applications
"Optimizing Pricing Strategies for E-Commerce Platforms"
Possible Prior Art
There may be prior art related to dynamic pricing algorithms or recommendation systems in e-commerce platforms.
Unanswered Questions
How does the pricing engine handle fluctuations in market demand?
The article does not address how the pricing engine adjusts prices in response to changes in market demand.
What data privacy measures are in place to protect buyer information?
The article does not mention any specific data privacy measures implemented to safeguard buyer information in the pricing engine system.
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.
