Patent ID: 7672897
Filing Date: 2010-03-02
Classification: G06Q

Abstract:
1. A computer implemented collective purchasing method stored on a server and accessible over a network or Internet, comprising: generating a product database implemented on the server including at least one product record, wherein each product record is associated with a product; pooling a number of buys in a group buying setting on the server over a period of time at a preset fixed price from users for the product associated with the at least one product record, wherein each buy is a commitment to complete a purchase transaction and wherein the number of buys provides a collective demand for the product, and wherein the preset fixed price is locked while pooling the number of buys and remains unchanged regardless of the number of buys such that a seller of the product will have an exact expected revenue in the group buying setting; updating the at least one product record in the product database located on the server to record the number of buys for the product associated with the specific product record; and consummating the purchase transaction on the server if the number of buys for the product associated with the at least one product record reaches a preset number of buys; wherein the user will know the fixed price when the buy is entered.