Digital online exchange for pricing items to exhaust inventory by an expiration time
A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity comprises a pricing server and various types of data stored in memory. The pricing server includes memory, a processor and a clock. One type of data stored in memory is indicative of the initial quantity of an item available in a limited quantity. Another type of data stored in memory is indicative of the current remaining quantity of the item available in a limited quantity. Yet another type of data stored in memory is indicative of an expiration time at which it is desired that all of the item available in a limited quantity be sold. The processor is configured to price the item available in a limited quantity so as to deplete the inventory of the item available in a limited quantity by the expiration date based in part by accessing the memory to retrieve the data indicative of the initial quantity, the current remaining quantity and the expiration time and accessing the clock.
1. A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity, the system comprising:
a pricing server including a memory, a processor and a clock;
data stored in the memory indicative of an initial quantity of items available in a limited quantity;
data stored in the memory indicative of a current remaining quantity of the items available in a limited quantity;
data stored in the memory of an expiration time at which it is desired that all of the items available in a limited quantity be sold;
wherein the processor is configured to control a rate of sale in order to sell out the items available in a limited quantity at or near the expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity at or near the expiration time based in part by accessing the memory to retrieve the data indicative of the initial quantity, the current remaining quantity and the expiration time and accessing the clock;
wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time; and
wherein the processor is configured to decrease the price of the items when the data stored in the memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time.
2. The system of claim 1 further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity.
3. The system of claim 2 further comprising time stamped data stored in the memory indicative of each sale of the items available in a limited quantity.
4. The system of claim 3 further comprising data stored in the memory of the price at which the items available at a limited quantity was sold for each sale of the item, such data being associated with the time stamped data indicative of the time at which the item was sold at such price.
5. A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity, the system comprising: a
pricing server including a memory, a processor and a clock;
data stored in the memory indicative of a current remaining quantity of items available in a limited quantity that is on sale;
data stored in the memory indicative of a time and price of each sale of the items available in a limited quantity;
data stored in the memory of an expiration time at which it is desired that all of the items available in a limited quantity be sold; and
wherein the processor is configured to control a rate of sale in order to sell out the items available in a limited quantity at or near the expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity at or near the expiration time based in part by accessing the memory to retrieve the data indicative of the current remaining quantity, the time and price of each sale, and the expiration time and accessing the clock;
wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time; and
wherein the processor is configured to decrease the price of the items when the data stored in the memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time.
6. The system of claim 5 further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity.
7. The system of claim 6 further comprising data stored in the memory indicative of an initial quantity of the items available in a limited quantity.
8. A dynamic pricing system for pricing items for sale by a seller which items are available in a limited quantity, the system comprising:
a pricing server including a memory, a processor and a clock;
data stored in the memory indicative of an initial quantity of items available in a limited quantity;
data stored in the memory indicative of a current remaining quantity of a-n the items available in a limited quantity that is on sale;
data stored in memory indicative of a time and price of each sale of the items available in a limited quantity; and
wherein the processor is configured to control a rate of sale in order to sell out the items available in a limited quantity at or near an expiration time and to price the items available in a limited quantity so as to deplete an inventory of the items available in a limited quantity at or near the expiration time based in part by accessing the memory to retrieve the data indicative of the initial quantity, the current remaining quantity, and the time and price of each sale, and accessing the clock;
wherein the processor is configured to increase the price of the items available in a limited quantity when the data stored in the memory indicates that inventory of the items available in a limited quantity based on prior sales history is likely to be exhausted prior to the expiration time; and
wherein the processor is configured to decrease the price of the items available in a limited quantity when the data stored in memory indicates that at least some of remaining inventory of the items available in a limited quantity based on prior sales history is likely to exist at the expiration time.
9. The system of claim 8 further comprising data stored in the memory indicative of a sales history of the items available in a limited quantity.
10. The system of claim 8 further comprising data stored in memory indicative of the expiration time at which it is desired that all of the items available in a limited quantity be sold.