System and Method for Facilitating Network Based Commerce

Abstract

Described herein is a commerce system and methods thereof, which comprises a remote server accessible via a network by client computers utilizing client software such as browsers for interfacing with the remote server. The server provides a commerce system that enables sellers to post information of items for sale to the server, and for buyers to view the seller-provided information and to transmit purchase requests or bids for listed items. The mechanism for negotiating a final selling price for items listed at the commerce system is facilitated through a number of pricing methods, including, a seller-fixed price process, an auction price-setting process, and buyer-proposed pricing.

1 . A method for facilitating network based commerce, the method comprising: 
 providing a commerce system coupled to the network, the commerce system being accessible through the network by a plurality of sellers and buyers;    receiving at the commerce system a first item information from a first seller, the first item information including a description of a first item;    receiving at the commerce system a second item information from a second seller, the second item information including a description of a second item;    receiving at the commerce system a first buyer-proposed offer from a buyer for the first item, a second buyer-proposed offer from the buyer for the second item and an indication from the buyer to automatically cancel one of the first and second offers in the event the other one of the first and second offers is accepted; and    receiving at the commerce system from the first seller an indication of acceptance of the first buyer-proposed offer for the first item and automatically canceling by the commerce system the second buyer-proposed offer.    
     
     
         2 . A method for facilitating network based commerce, the method comprising: 
 providing a commerce system coupled to the network, the commerce system being accessible through the network by a plurality of sellers and buyers;    receiving at the commerce system item information from a seller, the item information including a description of an item;    accepting proxy bids for the item from one or more buyers, each proxy bid submitted to an auction process facilitated at the commerce system, wherein the auction process is associated with a certain end time and is configured to set a highest actual bid on behalf of a highest proxy bid at an increment above a next highest proxy bid;    receiving at the commerce system a buyer-proposed offer for the item;    receiving at the commerce system from the seller an indication of acceptance of the buyer-proposed offer; and    if the highest proxy bid is higher than a price associated with the buyer-proposed offer, then determining the highest proxy bid as the winning bid and setting the final price at an increment above the price associated with the buyer-proposed offer, otherwise, determining the buyer proposed offer as the winning bid.