Power buy system

Abstract

The Power Buy System includes a computer based platform wherein sellers and buyers log into a website having a pre-configured Power Deal listing on an item. The preconfigured Power Deal listing may set forth one or more tier pricing based on quantity. The pre-configured Power Deal or the new Power Deal may be activated upon commitment from a first buyer. The buyer is provided tools to encourage other social media contacts to purchase an item in order to aggregate a larger buyer collective and sellers are allowed to offer a lower price than what is stated in the buy now price to further encourage additional buyers participation so that more items may be sold.

What is claimed is: 
     
         1 . A system, comprising:
 a memory device storing a system execution program including computer instructions;   a database for storing data records related to a plurality of sellers, data records related a plurality of buyers, and a data record related to a power deal, the data record for each seller identifies the associated seller as a subscriber or a non-subscriber; and,   a server system coupled to the memory device and the database, the server system including a processor programmed to execute the system execution program to establish a seller portal domain, a buyer domain, and an admin domain, wherein   the seller portal domain is programmed to allow the sellers to create and/or schedule the power deal;   the admin domain is programmed to:
 establish the power deal in response to the creation and/or schedule of the power deal and to store information related to the power deal in the power deal record, the information related to the power deal including an item offered for sale, a current price, a required minimum quantity, a termination trigger, and a current quantity; and, 
 broadcast to the buyer domain and the seller portal domain the power deal record; 
   the buyer domain is programmed to:
 allow a first buyer to initiate the power deal by committing to purchase a first quantity of the item at the current price or lower; and 
 to allow other buyers to join the power deal by committing to purchase a respective quantity of the item at the current price or lower; and 
 to aggregate the quantity of the item to which all buyers have committed to purchasing and storing the aggregated quantity in the power deal record as the current quantity; 
   the admin domain being further programmed to broadcast to the buyer domain and the seller portal domain the power deal record including an updated current quantity;   the seller portal domain is programmed to:
 allow sellers identified as a subscriber to establish a price reduction rule and to store the price reduction rule in the associated data record; and, 
 allow one of the sellers to manually establish a lower price and to store the lower price as the current price in the power deal data record; 
   the seller portal domain, in response to a manually established lower price, is further programmed to implement the price reduction rule to establish a new lower price and to store the new lower price as the current price in the power deal data record;   the admin domain is further programmed to broadcast to the buyer domain and the seller portal domain the power deal record including an updated current price, and to detect an occurrence of the termination trigger and to responsively: (1) close the power deal and (2) notify the buyers and sellers that the power deal is closed.   
     
     
         2 . A system, as set forth in  claim 1 , wherein buyer domain is programmed to allow the buyers to create the power deal. 
     
     
         3 . A system, as set forth in  claim 1 , wherein the buyer domain is further programmed to allow at least one of the buyers to contact potential buyers in a contact network associated with the one of the buyers and inform the potential buyers of the power deal. 
     
     
         4 . A system, as set forth in  claim 3 , wherein the admin domain is further programmed to award the at least one of the buyers loyalty points in response to one or more of the potential buyers in their network committing to purchase a respective quantity of the item. 
     
     
         5 . A system, as set forth in  claim 1 , wherein the seller portal domain is programmed to allow additional sellers to join the power deal. 
     
     
         6 . A system, as set forth in  claim 1 , wherein the seller portal domain is programmed to allow an additional seller to join the power deal at a lower price. 
     
     
         7 . A system, as set forth in  claim 1 , wherein the seller portal domain in allowing a seller identified as a subscriber to establish a price reduction rule, is programmed to allow the seller to establish one or more pricing tiers, each tier including a minimum quantity and a price associated with the minimum quantity. 
     
     
         8 . A system, as set forth in  claim 1 , wherein the seller portal domain in allowing a seller identified as a subscriber to establish a price reduction rule, is programmed to allow the seller to establish a reduction rate and a floor price. 
     
     
         9 . A system, as set forth in  claim 1 , wherein the admin domain is programmed to inform the buyers when the current price of the item has been lowered. 
     
     
         10 . A system, as set forth in  claim 1 , wherein the admin domain is programmed to inform the sellers of an updated current quantity. 
     
     
         11 . A method, including the steps of:
 storing, in a memory device, a system execution program including computer instructions;   storing, in a database, data records related to a plurality of sellers, data records related a plurality of buyers, and a data record related to a power deal, the data record for each seller identifies the associated seller as a subscriber or a non-subscriber;   establishing, in a server system coupled to the memory device and the database, a seller portal domain, a buyer domain, and an admin domain;   allowing the sellers, using the seller portal domain, to allow the sellers to create and/or schedule the power deal;   establishing, by the admin domain, the power deal in response to the creation and/or schedule of the power deal and storing information related to the power deal in the power deal record, the information related to the power deal including an item offered for sale, a current price, a required minimum quantity, a termination trigger, and a current quantity;   broadcasting to the buyer domain and the seller portal domain, by the admin domain, the power deal record;   allowing, by the buyer domain, a first buyer to initiate the power deal by committing to purchase a first quantity of the item at the current price or lower;   allowing, by the buyer domain, other buyers to join the power deal by committing to purchase a respective quantity of the item at the current price or lower;   aggregating, by the buyer domain, the quantity of the item to which all buyers have committed to purchasing and storing the aggregated quantity in the power deal record as the current quantity;   broadcasting, by the admin domain, to the buyer domain and the seller portal domain the power deal record including an updated current quantity;   allowing, by the seller portal domain, sellers identified as a subscriber to establish a price reduction rule and storing the price reduction rule in the associated data record; and,   allowing, by the seller portal domain, one of the sellers to manually establish a lower price and storing the lower price as the current price in the power deal data record;   in response to a manually established lower price, implementing, by the seller portal domain, the price reduction rule to establish a new lower price and storing the new lower price as the current price in the power deal data record;   broadcasting, by the admin domain, to the buyer domain and the seller portal domain the power deal record including an updated current price and detecting an occurrence of the termination trigger and to responsively: (1) close the power deal and (2) notify the buyers and sellers that the power deal is closed.   
     
     
         12 . A method, as set forth in  claim 11 , including the step of allowing the buyers to create the power deal. 
     
     
         13 . A method, as set forth in  claim 11 , including the step of allowing at least one of the buyers to contact potential buyers in a contact network associated with the one of the buyers and inform the potential buyers of the power deal. 
     
     
         14 . A method, as set forth in  claim 13 , including the step of awarding the at least one of the buyers loyalty points in response to one or more of the potential buyers in their network committing to purchase a respective quantity of the item. 
     
     
         15 . A method, as set forth in  claim 11 , including the step of allowing additional sellers to join the power deal. 
     
     
         16 . A method, as set forth in  claim 11 , including the step of allowing an additional seller to join the power deal at a lower price. 
     
     
         17 . A method, as set forth in  claim 11 , wherein the step of allowing a seller identified as a subscriber to establish a price reduction rule including the step of allowing the seller to establish one or more pricing tiers, each tier including a minimum quantity and a price associated with the minimum quantity. 
     
     
         18 . A method, as set forth in  claim 11 , wherein the step of allowing a seller identified as a subscriber to establish a price reduction rule includes the step of allowing the seller to establish a reduction rate and a floor price. 
     
     
         19 . A method, as set forth in  claim 11 , including the step of informing the buyers when the current price of the item has been lowered. 
     
     
         20 . A method, as set forth in  claim 11 , including the step of informing the sellers of an updated current quantity.