WO2000052613A2 - System and method for reselling a previously sold product - Google Patents

System and method for reselling a previously sold product Download PDF

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Publication number
WO2000052613A2
WO2000052613A2 PCT/US2000/003519 US0003519W WO0052613A2 WO 2000052613 A2 WO2000052613 A2 WO 2000052613A2 US 0003519 W US0003519 W US 0003519W WO 0052613 A2 WO0052613 A2 WO 0052613A2
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WO
WIPO (PCT)
Prior art keywords
buyout
original
purchaser
product
offer
Prior art date
Application number
PCT/US2000/003519
Other languages
French (fr)
Inventor
Jay S. Walker
Daniel E. Tedesco
Original Assignee
Walker Digital, Llc
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Walker Digital, Llc filed Critical Walker Digital, Llc
Priority to AU38578/00A priority Critical patent/AU3857800A/en
Publication of WO2000052613A2 publication Critical patent/WO2000052613A2/en

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    • G06Q10/00—Administration; Management
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    • G06Q10/00—Administration; Management
    • G06Q10/08—Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
    • G06Q10/087—Inventory or stock management, e.g. order filling, procurement or balancing against orders
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    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
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    • G06Q30/00—Commerce
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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
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    • G06Q30/00—Commerce
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    • G06Q30/0601—Electronic shopping [e-shopping]
    • G06Q30/0609—Buyer or seller confidence or verification
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    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/0601—Electronic shopping [e-shopping]
    • G06Q30/0611—Request for offers or quotes
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    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/0601—Electronic shopping [e-shopping]
    • G06Q30/0613—Third-party assisted
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    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
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    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00—Systems or methods specially adapted for specific business sectors, e.g. utilities or tourism
    • G06Q50/10—Services
    • G06Q50/12—Hotels or restaurants
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q99/00—Subject matter not provided for in other groups of this subclass

Definitions

  • the present invention relates to the sale of products.
  • the present invention relates to a system and method for reselling a previously sold product.
  • Demand for the product may increase after the seller's supply has been cleared at a low price, resulting in a missed opportunity for profit.
  • a missed opportunity for profit For example, the case of an airline selling airline tickets. All ofthe tickets for a particular flight may have been sold months in advance for $100 each. At the last minute, however, a surge in demand may result in potential customers offering $200 for a ticket on that flight. At this point, the seller can do nothing to profit from the increased demand.
  • U.S. Patent No. 5,253,165 to Leiseca et al. is directed to a computerized reservation and scheduling system that lets consumers negotiate for, and select from, pre-scheduled transportation services.
  • the Leiseca patent does not address how a transportation provider could resell a previously-sold transportation product.
  • PCT International Publication Number WO 96/34356 discloses that consumers can use posting terminals to communicate with a market maker computer to create a computerized market for previously sold goods.
  • the WO '356 reference does not disclose that a product, previously sold, can be resold.
  • the present invention introduces systems and methods for reselling a previously sold product.
  • Many ticket holders would be happy to re-arrange travel plans in return for, by way of example, an economic inducement.
  • a ticket holder may be happy to accept a ticket for a different date and a $50 coupon in return for giving up a seat.
  • the airline could still earn an extra $50 profit ($200 received from the subsequent purchaser - $100 cost ofthe replacement ticket - $50 paid to the original purchaser).
  • a seller having previously sold a product to an original purchaser subject to a buyout-provision, determines if the buyout- condition is satisfied. If the buyout condition is satisfied, the seller recalls the product from the original purchaser and resells the product to a subsequent purchaser.
  • FIG. 1 is a block diagram overview of a system for reselling a previously sold product according to an embodiment ofthe present invention.
  • FIG. 2 is a block schematic diagram ofthe seller device shown in FIG. 1 according to an embodiment ofthe present invention.
  • FIG. 3 is a tabular representation of a portion ofthe inventory database shown in FIG. 2 according to an embodiment ofthe present invention.
  • FIG. 4 is a tabular representation of a portion ofthe original purchaser database shown in FIG. 2 according to an embodiment ofthe present invention.
  • FIG. 5 is a tabular representation of a portion ofthe triggering conditions rules database shown in FIG. 2 according to an embodiment ofthe present invention.
  • FIG. 6 is a flow chart illustrating a method of reselling a previously sold product at the seller's discretion according to an embodiment ofthe present invention.
  • FIGS. 7 A and 7B are a flow chart illustrating a method of reselling a previously sold product at the original purchaser's discretion according to an embodiment ofthe present invention.
  • FIG. 1 is a block diagram overview of a system for reselling a previously sold product according to an embodiment ofthe present invention.
  • the system includes a number of seller devices
  • the buyer devices 200 may be, for example, Personal Computers (PCs), Personal Digital Assistants (PDAs), wired or wireless telephones, or any other communication device.
  • the communication network 300 may be, for example, a Local Area Network (LAN), a wireless network, a Public Switched Telephone Network (PSTN), or an
  • IP Internet Protocol
  • the seller device 100 may be a Web-based server communicating with a number of PCs through the Internet.
  • a seller using a seller device 100 resells a "product" previously sold to an original purchaser.
  • the product may be any good or service provided by the seller.
  • the product may also be the right to use a service provided by the seller, as in the case of an airline ticket.
  • Other types of products include hotel rooms, car rental services, concert and other event tickets, and consumer electronic devices.
  • the original purchaser is informed that the seller may offer to recall the product at a later point in time, subject to the original purchaser's acceptance of a buyout offer.
  • the buyout-condition may be, for example, associated with a subsequent offer for the product from a subsequent purchaser, perhaps at a level of compensation above a threshold compensation level. For example, if an airline ticket was sold to the original purchaser for $500, the buyout-condition may be associated with the airline receiving a subsequent offer of $550 for a ticket on that flight.
  • the buyout-condition may instead be triggered when product inventory falls below a threshold inventory level. Of course, many different factors, and combinations of factors, may be used to create a buyout provision.
  • the seller may offer, for example, a discounted original purchase price, a promise that any recalling will only be performed if the original purchaser accepts a buyout offer, a promise of a discount on a future purchase, or a predetermined minimum compensation to be provided if the recalling is performed.
  • the predetermined minimum compensation may be, for example, a minimum refund, a minimum substitute product, or a promised minimum discount on a future purchase.
  • a customer may choose between a number of different buyout-provisions, each having a different set of inducements. For example, more encouragement may be given to customers willing to be the first ones to relinquish (to be "bumped"). Likewise, each customer may be allowed to set his or own "threshold," as in: "I am willing to be
  • the seller device 100 determines if the buyout- condition is satisfied.
  • the determination may include the evaluation of, for example, an actual or estimated product inventory, an actual or estimated demand for the product, or an actual or estimated profit if the product is resold.
  • the determination whether the buyout- condition is satisfied may be performed either periodically or upon a change in a variable associated with the buyout-provision.
  • the determination may be "automatically” performed by the seller device 100.
  • the terms “automatic” and “automatically” refer to actions that are not performed in an entirely manual way.
  • the determination may be made manually, on an ad hoc basis, by an operator of the system.
  • the determination may be "dynamically” performed by the seller device 100.
  • the terms “dynamic” and “dynamically” refer to actions that are performed substantially in real-time.
  • a determination whether the buyout- condition is satisfied may also include an evaluation ofthe profit that will be made by the seller if the product is resold. For example, consider a product that was previously sold at an original purchase price and may be resold at a subsequent purchase price. In this case, the seller may decide to recall the product only if the subsequent purchase price is greater than the original purchase price. In another example, a buyout-provision condition may only be satisfied if subsequent purchase price > price of substitute product.
  • the determination may also include evaluating information in, for example, an inventory database, an original purchaser database, or a buyout-provision condition database. In the case of an airline, a subsequent purchaser may be asked to redeem frequent flier miles in order to "bump" the original purchaser.
  • the seller recalls the product from the original purchaser.
  • the seller may have the right to recall the product with the consent of the original purchaser. Recalling the product includes either (i) taking the product from the original customer, or (ii) voiding the original customer's product.
  • the seller may instead provide a "buyout offer" to the original purchaser when the buyout- condition is satisfied. In this case, the product is not recalled unless the original purchaser accepts the buyout offer.
  • the buyout offer may include, for example, an offer of a refund, a substitute product, or a promise of a discount on a future purchase.
  • an airline may provide a ticket holder with a buyout offer including a substitute ticket on an alternate flight, along with a number of bonus frequent flier miles, in return for giving up a ticket.
  • the buyout offer may be sent from the seller device 100 to the buyer device 200 through the communication network 300.
  • the buyout offer may also be sent to a number of different buyers.
  • the seller device 100 may send an e-mail to a number of ticket holders. In this case, the first ticket holder to accept the offer may terminate the offer with respect to the other ticket holders.
  • a particular buyout offer may be sent to a subset of all possible ticket holders, perhaps based on a ticket holder's frequent flier status or the price the ticket holder paid for the ticket.
  • different buyout offers with different terms such as different offers of compensation, may be sent to different subsets of ticket holders.
  • the seller may compensate the original purchaser, such as by providing a refund or substitute product, or the compensation may be provided at a later time.
  • the product can then be resold to a subsequent purchaser. According to another embodiment ofthe present invention, this may be done by transferring the product directly from the original purchaser to the subsequent purchaser.
  • information about a product recalling and reselling may be stored in a database, such as a product resale database, to help set, for example, buyout conditions and buyout offers in the future.
  • the information may include, for example, a compensation received by the original purchaser (including any promise or minimum compensation provided to the original purchaser in exchange for having the original sale subject to the buyout- condition).
  • the information may also include a buyout offer that was accepted by the original purchaser (including any refund, substitute product, promise of a discount on a future purchase, or other compensation included in the buyout offer), a compensation provided to the original purchaser in exchange for recalling the product, a compensation received from the subsequent purchaser, or how the buyout- condition was satisfied.
  • the seller device 100 includes a processing module 110 with a Central Processing Unit (CPU) 120 coupled to: a clock 160; a network communication port 150, which in turn is coupled to a network (not shown in FIG. 2); and "memories” comprising a Random Access Memory (RAM) 130 and a Read Only Memory (ROM) 140 and a storage device 400.
  • An input device 170 and an output device 180 are also coupled to the CPU 120.
  • the memories 130, 140 and 400 may store instructions adapted to be executed by the CPU 120 to perform at least one embodiment ofthe present invention. For example, when a seller has previously sold a product to an original purchaser subject to a buyout-provision, the memories 130, 140 and 400 may store instructions adapted to be executed by the CPU 120 to determine if the buyout- condition is satisfied. If the buyout condition is satisfied, the CPU 120 may the recalling ofthe product from the original purchaser and the reselling ofthe product to a subsequent purchaser.
  • the memories 130, 140 and 400 could include any medium capable of storing information and instructions adapted to be executed by a processor.
  • instructions are stored on the medium in a compressed and/or encrypted format.
  • the phrase "adapted to be executed by a processor" is meant to encompass instructions stored in a compressed and/or encrypted format, as well as instructions that have to be compiled or installed by an installer before being executed by the processor.
  • the storage device 400 contains an inventory database 500, described in detail with respect to FIG. 3.
  • the storage device 400 also contains an original purchaser database 600, described in detail with respect to FIG. 4, and a triggering conditions rules database 700, described in detail with respect to FIG. 5.
  • the storage device 400 may also contain, for example, a database (not shown in FIG. 2) that stores prior sales data for specific seats. This data may be used to make future pricing decisions, such as revenue management decisions, and to set optimal triggering conditions for buyout-provisions.
  • FIG. 3 is a tabular representation of a portion ofthe inventory database 500 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets.
  • the inventory database 500 has multiple data categories.
  • the inventory database 500 may include a flight identifier 510, flight characteristics 520, a seat type 530, a seat number 540, an availability 550, a retail price 560, a demand forecast 570, and a current demand 580.
  • FIG. 4 is a tabular representation of a portion ofthe original purchaser database 600 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets.
  • the original purchaser database 600 may be used to store all original purchasers who have previously agreed to either automatically relinquish or be provided with refund offers.
  • the original purchaser database 600 may include a customer identifier (such as a credit card number) 610, a product purchased (such as a flight number and seat number) 620, an original purchase price 630, a buyout provision 640, a refund 650, a status 660, and contact information 670.
  • the contact information 670 may be, for example, an e-mail address or a telephone number that can be used to send a buyout offer to an original purchaser. Note that the buyout provision 640 stored in the original purchaser database
  • CPO Conditional Purchase Offer
  • the buyout provision 640 may also indicate that the buyout provision is "seller-discretion.”
  • the airline may void, recall and/or transfer a ticket sold to an original purchaser without owner consent.
  • the original purchaser may have, for example, received a substantial discount in order to accept the possibility that he or she would later relinquish his or her place on the flight.
  • the original purchaser database 600 may also store conventional ticket sales (i.e., sales that are not subject to a buyout-provision), in which case the buyout provision 640 may simply indicate "n/a.”
  • a conventional ticket sales database (not shown in FIG. 4) can be modified to handle information used in accordance with various embodiments ofthe present invention.
  • the status information 660 stored in the original purchaser database 600 may indicate that the buyout offer has been accepted, or "exercised,” and that the ticket issued to the original purchaser is now "void.” Such information might prevent an airline from over-redeeming buyout offers.
  • FIG. 5 is a tabular representation of a portion ofthe triggering conditions rules database 700 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets.
  • the triggering conditions rules database 700 may include a product purchased 710 and a set of triggering conditions
  • the "X" used in the product purchased 710 indicates a seat number in a series. That is, "IX” represents seats 10 through 19, which may be, for example, first class seats.
  • the set of triggering conditions 720 may include, for example, a requirement that a "subsequent purchaser [is] identified.” This may be satisfied directly or indirectly through the receipt of a simple price inquiry or a ticket request from a subsequent purchaser via telephone, an e-mail, a Web page or a system operator. A subsequent purchaser may instead submit an offer, such as an irrevocable CPO, to the system indicating his willingness to purchase a product similar to the original purchaser's product for a buyer-defined price.
  • FIG. 6 is a flow chart illustrating a method of reselling a previously sold product at the seller's discretion according to an embodiment ofthe present invention.
  • the flow chart in FIG. 6, as well as the other flow charts discussed herein, are not meant to imply a fixed order to the steps; an embodiment ofthe present invention can be practiced in any order that is practicable.
  • the process may be executed periodically, continuously, or upon a change in a triggering condition, such as a change in demand, as described with respect to FIG. 5.
  • step 802 it is determined, for a given product, if requisite triggering conditions are satisfied. For example, it may be determined if (1) a subsequent purchaser has been identified, (2) there is no comparable seat available for the subsequent purchaser, (3) there is a suitable alternative available for the original purchaser or (4) actual demand is higher than the forecast demand. If the triggering condition is not satisfied at step 802, the process ends at step 804.
  • the availability 550 ofthe product is updated in the inventory database 500. For example, where the triggering condition is simply an increase in demand, the availability 550 may be increased from "0" to "1" to open up more supply to meet the increased demand. If the triggering condition is an identified subsequent purchaser, the availability 550 may not be updated, and the newly available ticket may be transferred directly to the identified subsequent purchaser.
  • the process ends at step 804. If a refund is due to the original purchaser at step 812, the refund, such as a substitute ticket, is provided to the original purchaser at step 812 before the process ends at step 804.
  • FIGS. 7A and 7B is flow chart illustrating a method of reselling a previously sold product at the original purchaser's discretion according to an embodiment ofthe present invention.
  • step 902 it is determined, for a given product, if requisite triggering conditions are satisfied. If the triggering conditions are not satisfied, the process ends at step 904. If the triggering conditions are satisfied, the original purchaser ofthe product is identified at step 906 using the original purchaser database 600. At step 908, the original purchaser's contact information 670 is retrieved and a buyout offer is transmitted to the original purchaser at step 910. If the original purchaser declines the buyout offer at step 912, the process ends at step 914.
  • the process continues as shown in FIG. 7B.
  • the corresponding status 660 in the original purchaser database 600 is updated to "exercised/void".
  • the availability 550 ofthe product is updated in the inventory database 500. If no refund is due to the original purchase at step 920, the process ends at step 922. If a refund is due to the original purchaser at step 920, the refund, such substitute ticket, is provided to the original purchaser at step 924 before the process ends at step 926.
  • the present invention enables a product, previously sold to an original purchaser subject to a buyout provision to be resold to a subsequent purchaser. Such an arrangement can benefit both a seller and the original purchaser, who may now profit from the resale. The present invention can also benefit the subsequent purchaser, who may purchase a product that would not otherwise be available.

Abstract

A seller, having previously sold a product to an original purchaser subject to a buyout-provision condition, determines if the buyout-provision condition is satisfied. If the buyout -provision condition is satisfied, the seller retakes the product from the original purchaser and resells the product to a subsequent purchaser.

Description

SYSTEM AND METHOD FOR RESELLING A PREVIOUSLY SOLD PRODUCT
The present invention relates to the sale of products. In particular, the present invention relates to a system and method for reselling a previously sold product.
BACKGROUND OF THE INVENTION In general, markets efficiently "clear" a seller's supply of a given product at a price reflective of buyer demand at a particular point in time. When demand is high, the seller can charge a high price for the product. When demand is low, on the other hand, the seller must accept a lower price for the product.
Demand for the product, however, may increase after the seller's supply has been cleared at a low price, resulting in a missed opportunity for profit. Consider, by way of example, the case of an airline selling airline tickets. All ofthe tickets for a particular flight may have been sold months in advance for $100 each. At the last minute, however, a surge in demand may result in potential customers offering $200 for a ticket on that flight. At this point, the seller can do nothing to profit from the increased demand.
This consequence is caused by the seller's inability to take back a previously sold product and then resell it at the higher price. That is, after the product has been sold, the seller is not typically able to rescind the transaction simply because demand for the product increases. Because sales are generally not rescindable, the seller is forced to make pricing and inventory decisions that are, at best, speculative. In the airline industry, two practices have been employed to make optimal decisions for the seller. The first practice, called "revenue management," involves the dynamic adjustment of price according to real-time readings of supply, demand, competitive factors and historical purchase trends. The second practice, called "demand forecasting," involves analysis of historical and projected factors that effect sales, including prior sales, weather patterns and the like. Even when both of these concepts are used so that price is a demand forecast factor and demand forecast data effects price, the predictions still have an inherent margin of error, resulting in lost revenue opportunities.
Another problem with known methods of selling products is that purchasers cannot take advantage of an increase in demand. The ticket holder discussed above is not likely to be aware that potential customers are willing to pay $200 for the ticket he or she has already purchased for $100. A potential customer who is willing to pay more for a product that is no longer available from the seller currently has no simple way to communicate with, for example, ticket holders. Known methods of contacting ticket holders, such as through a newspaper advertisement, are not very effective and incur additional costs, such as the price ofthe advertisement.
Thus, a need exists for a system and method that enables sellers, such as airlines, to capitalize on demand identified after a sale when the value of that demand surpasses the value ofthe demand realized at the time ofthe sale.
U.S. Patent No. 5,253,165 to Leiseca et al. is directed to a computerized reservation and scheduling system that lets consumers negotiate for, and select from, pre-scheduled transportation services. The Leiseca patent does not address how a transportation provider could resell a previously-sold transportation product.
Similarly, PCT International Publication Number WO 96/34356 (the "WO '356 reference") discloses that consumers can use posting terminals to communicate with a market maker computer to create a computerized market for previously sold goods. The WO '356 reference does not disclose that a product, previously sold, can be resold.
SUMMARY OF THE INVENTION
To alleviate the problems inherent in the prior art, the present invention introduces systems and methods for reselling a previously sold product. Many ticket holders would be happy to re-arrange travel plans in return for, by way of example, an economic inducement. In the airline example from above, a ticket holder may be happy to accept a ticket for a different date and a $50 coupon in return for giving up a seat. In this case, the airline could still earn an extra $50 profit ($200 received from the subsequent purchaser - $100 cost ofthe replacement ticket - $50 paid to the original purchaser).
In one embodiment ofthe present invention, a seller, having previously sold a product to an original purchaser subject to a buyout-provision, determines if the buyout- condition is satisfied. If the buyout condition is satisfied, the seller recalls the product from the original purchaser and resells the product to a subsequent purchaser.
With these and other advantages and features ofthe invention that will become apparent, the nature ofthe invention may be more clearly understood by reference to the following detailed description ofthe invention, the appended claims, and to the several drawings attached herein.
BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a block diagram overview of a system for reselling a previously sold product according to an embodiment ofthe present invention.
FIG. 2 is a block schematic diagram ofthe seller device shown in FIG. 1 according to an embodiment ofthe present invention.
FIG. 3 is a tabular representation of a portion ofthe inventory database shown in FIG. 2 according to an embodiment ofthe present invention.
FIG. 4 is a tabular representation of a portion ofthe original purchaser database shown in FIG. 2 according to an embodiment ofthe present invention.
FIG. 5 is a tabular representation of a portion ofthe triggering conditions rules database shown in FIG. 2 according to an embodiment ofthe present invention. FIG. 6 is a flow chart illustrating a method of reselling a previously sold product at the seller's discretion according to an embodiment ofthe present invention.
FIGS. 7 A and 7B are a flow chart illustrating a method of reselling a previously sold product at the original purchaser's discretion according to an embodiment ofthe present invention.
DETAILED DESCRIPTION
The present invention is directed to systems and methods for reselling a previously sold product. Turning now in detail to the drawings, FIG. 1 is a block diagram overview of a system for reselling a previously sold product according to an embodiment ofthe present invention. The system includes a number of seller devices
100 coupled to a number of buyer devices 200 through a communication network 300. The buyer devices 200 may be, for example, Personal Computers (PCs), Personal Digital Assistants (PDAs), wired or wireless telephones, or any other communication device. The communication network 300 may be, for example, a Local Area Network (LAN), a wireless network, a Public Switched Telephone Network (PSTN), or an
Internet Protocol (IP) network such as the Internet, an intranet or an extranet. By way of example only, the seller device 100 may be a Web-based server communicating with a number of PCs through the Internet.
According to an embodiment ofthe present invention, a seller using a seller device 100 resells a "product" previously sold to an original purchaser. As used herein, the product may be any good or service provided by the seller. The product may also be the right to use a service provided by the seller, as in the case of an airline ticket. Other types of products include hotel rooms, car rental services, concert and other event tickets, and consumer electronic devices. When the seller initially sells the product to an original purchaser, the sale is made subject to a "buyout provision." That is, the original purchaser agrees, at the time of the original sale, that the seller has the right to recall the product at a later point in time. According to another embodiment ofthe present invention, the original purchaser is informed that the seller may offer to recall the product at a later point in time, subject to the original purchaser's acceptance of a buyout offer. The buyout-condition may be, for example, associated with a subsequent offer for the product from a subsequent purchaser, perhaps at a level of compensation above a threshold compensation level. For example, if an airline ticket was sold to the original purchaser for $500, the buyout-condition may be associated with the airline receiving a subsequent offer of $550 for a ticket on that flight. According to another embodiment ofthe present invention, the buyout-condition may instead be triggered when product inventory falls below a threshold inventory level. Of course, many different factors, and combinations of factors, may be used to create a buyout provision. To encourage customers to accept buyout-provisions, the seller may offer, for example, a discounted original purchase price, a promise that any recalling will only be performed if the original purchaser accepts a buyout offer, a promise of a discount on a future purchase, or a predetermined minimum compensation to be provided if the recalling is performed. The predetermined minimum compensation may be, for example, a minimum refund, a minimum substitute product, or a promised minimum discount on a future purchase. According to one embodiment ofthe present invention, a customer may choose between a number of different buyout-provisions, each having a different set of inducements. For example, more encouragement may be given to customers willing to be the first ones to relinquish (to be "bumped"). Likewise, each customer may be allowed to set his or own "threshold," as in: "I am willing to be
'bumped' if I receive $100 back in addition to the price I paid for the ticket."
According to an embodiment ofthe present invention, after the original sale, the seller device 100 determines if the buyout- condition is satisfied. The determination may include the evaluation of, for example, an actual or estimated product inventory, an actual or estimated demand for the product, or an actual or estimated profit if the product is resold. The determination whether the buyout- condition is satisfied may be performed either periodically or upon a change in a variable associated with the buyout-provision. According to another embodiment of the present invention, the determination may be "automatically" performed by the seller device 100. As used herein, the terms "automatic" and "automatically" refer to actions that are not performed in an entirely manual way. According to another embodiment ofthe present invention, the determination may be made manually, on an ad hoc basis, by an operator of the system. According to still another embodiment of the present invention, the determination may be "dynamically" performed by the seller device 100. As used herein, the terms "dynamic" and "dynamically" refer to actions that are performed substantially in real-time.
A determination whether the buyout- condition is satisfied may also include an evaluation ofthe profit that will be made by the seller if the product is resold. For example, consider a product that was previously sold at an original purchase price and may be resold at a subsequent purchase price. In this case, the seller may decide to recall the product only if the subsequent purchase price is greater than the original purchase price. In another example, a buyout-provision condition may only be satisfied if subsequent purchase price > price of substitute product. The determination may also include evaluating information in, for example, an inventory database, an original purchaser database, or a buyout-provision condition database. In the case of an airline, a subsequent purchaser may be asked to redeem frequent flier miles in order to "bump" the original purchaser. If the buyout- condition is satisfied, the seller recalls the product from the original purchaser. According to one embodiment ofthe present invention, depending on the terms of the original sale, the seller may have the right to recall the product with the consent of the original purchaser. Recalling the product includes either (i) taking the product from the original customer, or (ii) voiding the original customer's product. According to another embodiment ofthe present invention, the seller may instead provide a "buyout offer" to the original purchaser when the buyout- condition is satisfied. In this case, the product is not recalled unless the original purchaser accepts the buyout offer. The buyout offer may include, for example, an offer of a refund, a substitute product, or a promise of a discount on a future purchase. For example, an airline may provide a ticket holder with a buyout offer including a substitute ticket on an alternate flight, along with a number of bonus frequent flier miles, in return for giving up a ticket. The buyout offer may be sent from the seller device 100 to the buyer device 200 through the communication network 300. The buyout offer may also be sent to a number of different buyers. For example, the seller device 100 may send an e-mail to a number of ticket holders. In this case, the first ticket holder to accept the offer may terminate the offer with respect to the other ticket holders. According to another embodiment ofthe present invention, a particular buyout offer may be sent to a subset of all possible ticket holders, perhaps based on a ticket holder's frequent flier status or the price the ticket holder paid for the ticket. Likewise, different buyout offers with different terms, such as different offers of compensation, may be sent to different subsets of ticket holders.
When the seller recalls the product from the original purchaser, the seller may compensate the original purchaser, such as by providing a refund or substitute product, or the compensation may be provided at a later time. After the seller retakes the product from the original purchaser, the product can then be resold to a subsequent purchaser. According to another embodiment ofthe present invention, this may be done by transferring the product directly from the original purchaser to the subsequent purchaser.
According to still another embodiment ofthe present invention, information about a product recalling and reselling may be stored in a database, such as a product resale database, to help set, for example, buyout conditions and buyout offers in the future. The information may include, for example, a compensation received by the original purchaser (including any promise or minimum compensation provided to the original purchaser in exchange for having the original sale subject to the buyout- condition). The information may also include a buyout offer that was accepted by the original purchaser (including any refund, substitute product, promise of a discount on a future purchase, or other compensation included in the buyout offer), a compensation provided to the original purchaser in exchange for recalling the product, a compensation received from the subsequent purchaser, or how the buyout- condition was satisfied. FIG. 2 is a block schematic diagram ofthe seller device 100 shown in FIG. 1 according to an embodiment ofthe present invention. The seller device 100 includes a processing module 110 with a Central Processing Unit (CPU) 120 coupled to: a clock 160; a network communication port 150, which in turn is coupled to a network (not shown in FIG. 2); and "memories" comprising a Random Access Memory (RAM) 130 and a Read Only Memory (ROM) 140 and a storage device 400. An input device 170 and an output device 180 are also coupled to the CPU 120.
The memories 130, 140 and 400 may store instructions adapted to be executed by the CPU 120 to perform at least one embodiment ofthe present invention. For example, when a seller has previously sold a product to an original purchaser subject to a buyout-provision, the memories 130, 140 and 400 may store instructions adapted to be executed by the CPU 120 to determine if the buyout- condition is satisfied. If the buyout condition is satisfied, the CPU 120 may the recalling ofthe product from the original purchaser and the reselling ofthe product to a subsequent purchaser. For the purposes of this application, the memories 130, 140 and 400 could include any medium capable of storing information and instructions adapted to be executed by a processor. Some examples of such media include, but are not limited to, floppy disks, CD-ROM, magnetic tape, hard drives, and any other device that can store digital information. In one embodiment, instructions are stored on the medium in a compressed and/or encrypted format. As used herein, the phrase "adapted to be executed by a processor" is meant to encompass instructions stored in a compressed and/or encrypted format, as well as instructions that have to be compiled or installed by an installer before being executed by the processor.
As shown in FIG. 2, the storage device 400 contains an inventory database 500, described in detail with respect to FIG. 3. The storage device 400 also contains an original purchaser database 600, described in detail with respect to FIG. 4, and a triggering conditions rules database 700, described in detail with respect to FIG. 5. According to an embodiment ofthe present invention directed to reselling airline tickets, the storage device 400 may also contain, for example, a database (not shown in FIG. 2) that stores prior sales data for specific seats. This data may be used to make future pricing decisions, such as revenue management decisions, and to set optimal triggering conditions for buyout-provisions.
FIG. 3 is a tabular representation of a portion ofthe inventory database 500 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets. As shown in FIG. 3, the inventory database 500 has multiple data categories. For example, the inventory database 500 may include a flight identifier 510, flight characteristics 520, a seat type 530, a seat number 540, an availability 550, a retail price 560, a demand forecast 570, and a current demand 580. FIG. 4 is a tabular representation of a portion ofthe original purchaser database 600 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets. The original purchaser database 600 may be used to store all original purchasers who have previously agreed to either automatically relinquish or be provided with refund offers. As shown in FIG. 4, the original purchaser database 600 may include a customer identifier (such as a credit card number) 610, a product purchased (such as a flight number and seat number) 620, an original purchase price 630, a buyout provision 640, a refund 650, a status 660, and contact information 670. The contact information 670 may be, for example, an e-mail address or a telephone number that can be used to send a buyout offer to an original purchaser. Note that the buyout provision 640 stored in the original purchaser database
600 may indicate that the buyout provision is "owner-discretion." In this case, the original purchaser may be notified and asked if he would like to relinquish his ticket. This decision may be based on the amount of pecuniary refund that is offered to the original purchaser. For example, a subsequent purchaser may submit an irrevocable Conditional Purchase Offer (CPO), as defined, for example, in U.S. Patent No.
5,794,207 to Walker et al., the entire contents of which are hereby incorporated by reference. Such a CPO could specify an offer to purchase a ticket at a price 25% higher than the original purchaser paid. This makes it possible for the original purchaser to profit from the recalling. The original purchaser's decision may also be based on his or her ability to get a similar alternate flight. For example, the original purchaser who purchased a coach ticket to a particular city may be willing to relinquish that coach ticket for a first class ticket to a nearby city.
The buyout provision 640 may also indicate that the buyout provision is "seller-discretion." In this case, the airline may void, recall and/or transfer a ticket sold to an original purchaser without owner consent. The original purchaser may have, for example, received a substantial discount in order to accept the possibility that he or she would later relinquish his or her place on the flight. The original purchaser database 600 may also store conventional ticket sales (i.e., sales that are not subject to a buyout-provision), in which case the buyout provision 640 may simply indicate "n/a." Likewise, a conventional ticket sales database (not shown in FIG. 4) can be modified to handle information used in accordance with various embodiments ofthe present invention.
The status information 660 stored in the original purchaser database 600 may indicate that the buyout offer has been accepted, or "exercised," and that the ticket issued to the original purchaser is now "void." Such information might prevent an airline from over-redeeming buyout offers.
FIG. 5 is a tabular representation of a portion ofthe triggering conditions rules database 700 shown in FIG. 2 according to an embodiment ofthe present invention directed to reselling airline tickets. As shown in FIG. 5, the triggering conditions rules database 700 may include a product purchased 710 and a set of triggering conditions
720. The "X" used in the product purchased 710 indicates a seat number in a series. That is, "IX" represents seats 10 through 19, which may be, for example, first class seats. The set of triggering conditions 720 may include, for example, a requirement that a "subsequent purchaser [is] identified." This may be satisfied directly or indirectly through the receipt of a simple price inquiry or a ticket request from a subsequent purchaser via telephone, an e-mail, a Web page or a system operator. A subsequent purchaser may instead submit an offer, such as an irrevocable CPO, to the system indicating his willingness to purchase a product similar to the original purchaser's product for a buyer-defined price. FIG. 6 is a flow chart illustrating a method of reselling a previously sold product at the seller's discretion according to an embodiment ofthe present invention. The flow chart in FIG. 6, as well as the other flow charts discussed herein, are not meant to imply a fixed order to the steps; an embodiment ofthe present invention can be practiced in any order that is practicable. The process may be executed periodically, continuously, or upon a change in a triggering condition, such as a change in demand, as described with respect to FIG. 5.
As shown in FIG. 6, at step 802 it is determined, for a given product, if requisite triggering conditions are satisfied. For example, it may be determined if (1) a subsequent purchaser has been identified, (2) there is no comparable seat available for the subsequent purchaser, (3) there is a suitable alternative available for the original purchaser or (4) actual demand is higher than the forecast demand. If the triggering condition is not satisfied at step 802, the process ends at step 804.
If the triggering condition is satisfied at step 802, the corresponding status 660 in the original purchaser database 600 is updated to "exercised/void" at step 806. At step 808, the availability 550 ofthe product is updated in the inventory database 500. For example, where the triggering condition is simply an increase in demand, the availability 550 may be increased from "0" to "1" to open up more supply to meet the increased demand. If the triggering condition is an identified subsequent purchaser, the availability 550 may not be updated, and the newly available ticket may be transferred directly to the identified subsequent purchaser.
If no refund is due to the original purchase at step 812, the process ends at step 804. If a refund is due to the original purchaser at step 812, the refund, such as a substitute ticket, is provided to the original purchaser at step 812 before the process ends at step 804.
FIGS. 7A and 7B is flow chart illustrating a method of reselling a previously sold product at the original purchaser's discretion according to an embodiment ofthe present invention. As shown in FIG. 7A, at step 902 it is determined, for a given product, if requisite triggering conditions are satisfied. If the triggering conditions are not satisfied, the process ends at step 904. If the triggering conditions are satisfied, the original purchaser ofthe product is identified at step 906 using the original purchaser database 600. At step 908, the original purchaser's contact information 670 is retrieved and a buyout offer is transmitted to the original purchaser at step 910. If the original purchaser declines the buyout offer at step 912, the process ends at step 914.
If the original purchaser accepts the buyout offer at step 912, the process continues as shown in FIG. 7B. At step 916, the corresponding status 660 in the original purchaser database 600 is updated to "exercised/void". At step 918, the availability 550 ofthe product is updated in the inventory database 500. If no refund is due to the original purchase at step 920, the process ends at step 922. If a refund is due to the original purchaser at step 920, the refund, such substitute ticket, is provided to the original purchaser at step 924 before the process ends at step 926. Thus, the present invention enables a product, previously sold to an original purchaser subject to a buyout provision to be resold to a subsequent purchaser. Such an arrangement can benefit both a seller and the original purchaser, who may now profit from the resale. The present invention can also benefit the subsequent purchaser, who may purchase a product that would not otherwise be available.
The present invention has been described in terms of several embodiments solely for the purpose of illustration. Persons skilled in the art will recognize from this description that the invention is not limited to the embodiments described, but may be practiced with modifications and alterations limited only by the spirit and scope ofthe appended claims.

Claims

WHAT IS CLAIMED IS
1. A method for reselling a product, comprising:
Determining if a buyout- condition is satisfied; Recalling the product from the original purchaser; and
Reselling the product to a subsequent purchaser.
2. The method of claim 1, wherein said determining comprises evaluating at least one of (i) an actual product inventory; (ii) an estimated product inventory; (iii) an actual demand for the product; (iv) an estimated demand for the product; (v) an actual profit if said reselling is performed; and (vi) an estimated profit if said reselling is performed.
3. The method of claim 1, further comprising: receiving a subsequent offer for the product from the subsequent purchaser.
4. The method of claim 3, wherein the subsequent offer specifies a threshold compensation level.
5. The method of claim 4, wherein the buyout-condition comprises having a product inventory below a threshold inventory level.
6. The method of claim 1, wherein the product comprises at least one of an airline ticket and a hotel room reservation.
7. The method of claim 1, further comprising: providing, when it is determined that the buyout-provision is satisfied, a buyout offer to the original purchaser; wherein said recalling and reselling are only performed if the original purchaser accepts the buyout offer.
8. The method of claim 7, wherein the buyout offer includes an offer of at least one of (i) a refund; (ii) a substitute product; and (iii) a promise of a discount on a future purchase.
9. The method of claim 7, wherein said providing comprises sending the buyout offer to the original purchaser through a communication network.
10. The method of claim 7, wherein the buyout offer is provided to a plurality of original purchasers and said recalling and reselling are only performed if at least one ofthe plurality of original purchasers accepts the buyout offer.
11. The method of claim 1 , wherein said recalling is performed without providing a buyout offer to the original purchaser.
12. The method of claim 1, wherein said recalling comprises:
(d) providing compensation to the original purchaser.
13. The method of claim 12, wherein the compensation provided to the original purchaser comprises at least one of (i) a refund and (ii) a substitute product.
14. The method of claim 1, further comprising:
Determining whether the original sale was subject to a buyout- provision; and wherein said determining is only performed when the original sale is subject to the buyout-provision.
15. The method of claim 1, further comprising: requesting, at the time the product was sold to the original purchaser, that the original sale be subject to the buyout provision;
16. The method of claim 15, wherein said requesting comprises offering the original purchaser at least one of (i) a discounted original purchase price; (ii) a promise that said recalling will only be performed if the original purchaser accepts a buyout offer; (iii) a promise of a discount on a future purchase; and (iv) a minimum compensation to be provided if said retaking is performed.
17. The method of claim 16, wherein the minimum compensation comprises at least one of (i) a minimum refund; (ii) a minimum substitute product; and (iii) a promised minimum discount on a future purchase.
18. The method of claim 1 , wherein said retaking and reselling comprise transferring the product directly from the original purchaser to the subsequent purchaser.
19. The method of claim 1 , wherein the product was previously sold at an original purchase price and is resold at a subsequent purchase price.
20. The method of claim 19, wherein said recalling and reselling are only performed if the subsequent purchase price is greater than the original purchase price.
21. The method of claim 1, wherein said determining comprises evaluating information in at least one of (i) an inventory database; (ii) an original purchaser database; and (iii) a buyout-condition database .
22. The method of claim 1, wherein said determining is automatically and dynamically performed either (i) periodically or (ii) upon a change in a variable associated with the buyout-condition.
23. The method of claim 1, further comprising:
(d) storing, in a database, at least one of (i) an indication of a compensation received from the original purchaser, including any promise or minimum compensation provided to the original purchaser in exchange for having the original sale subject to the buyout-provision condition; (ii) an indication of a buyout offer that was accepted by the original purchaser, including any refund, substitute product, promise of a discount on a future purchase, or other compensation included in the buyout offer; (iii) an indication of a compensation provided to the original purchaser in exchange for retaking the product; (iv) an indication of a compensation received from the subsequent purchaser; and (v) an indication ofthe buyout-condition that was satisfied.
24. A medium storing instructions adapted to be executed by a processor to perform steps for reselling a product, said steps comprising: (a) determining if a buyout- condition is satisfied;
(b) recalling a product from an original purchaser; and
(c) reselling the product to a subsequent purchaser.
25. The medium of claim 24, wherein said determining comprises evaluating at least one of (i) an actual or estimated product inventory; (ii) an actual or estimated demand for the product; and (iii) an actual or estimated profit if said reselling is performed.
26. The medium of claim 24, further comprising: receiving a subsequent offer for the product from the subsequent purchaser.
27. The medium of claim 26, wherein the subsequent offer specifies compensation above a threshold compensation level.
28. The medium of claim 27, wherein the buyout-condition comprises having a product inventory below a threshold inventory level.
29. The medium of claim 24, wherein the product comprises at least one of an airline ticket and a hotel room reservation.
30. The medium of claim 24, said steps further comprising:
(d) providing a buyout offer to the original purchaser when it is determined that the buyout-condition is satisfied; wherein said recalling and reselling are only performed if the original purchaser accepts the buyout offer.
31. The medium of claim 30, wherein the buyout offer includes an offer of at least one of (i) a refund; (ii) a substitute product; and (iii) a promise of a discount on a future purchase.
32. The medium of claim 30, wherein said providing comprises sending the buyout offer to the original purchaser through a communication network.
33. The medium of claim 30, wherein the buyout offer is provided to a plurality of original purchasers and said recalling and reselling are only performed if at least one ofthe plurality of original purchasers accepts the buyout offer.
34. The medium of claim 24, wherein said recalling is performed without providing a buyout offer to the original purchaser.
35. The medium of claim 24, wherein said recalling further comprises the step of: providing compensation to the original purchaser.
36. The medium of claim 35, wherein the compensation provided to the original purchaser comprises at least one of (i) a refund and (ii) a substitute product.
37. The medium of claim 24, said steps further comprising: determining whether the original sale was subject to a buyout provision; and wherein said determining if the buyer condition is satisfied this only performed when the original sale is subject to the buyout provision.
38. The medium of claim 24, said steps further comprising: requesting, at the time the product was previously sold to the original purchaser, that the original sale be subject to the buyout- provision.
39. The medium of claim 38, wherein said requesting comprises offering the original purchaser at least one of (i) a discounted original purchase price; (ii) a promise that said recalling will only be performed if the original purchaser accepts a buyout offer; (iii) a promise of a discount on a future purchase; and (iv) a minimum compensation to be provided if said recalling is performed.
40. The medium of claim 39, wherein the minimum compensation comprises at least one of (i) a minimum refund; (ii) a minimum substitute product; and (iii) a promised minimum discount on a future purchase.
41. The medium of claim 24, wherein said recalling and reselling comprise transferring the product directly from the original purchaser to the subsequent purchaser.
42. The medium of claim 24, wherein the product was previously sold at an original purchase price and is resold at a subsequent purchase price.
43. The medium of claim 42, wherein said recalling and reselling are only performed if the subsequent purchase price is greater than the original purchase price.
44. The medium of claim 24, wherein said determining comprises evaluating information in at least one of (i) an inventory database; (ii) an original purchaser database; and (iii) a buyout-provision condition database.
45. The medium of claim 24, wherein said determining is automatically and dynamically performed either (i) periodically or (ii) upon a change in a variable associated with the buyout- condition.
46. The medium of claim 24, said steps further comprising: (d) storing, in a database, at least one of (i) an indication of a compensation received from the original purchaser, including any promise or minimum compensation provided to the original purchaser in exchange for having the original sale subject to the buyout-provision condition; (ii) an indication of a buyout offer that was accepted by the original purchaser, including any refund, substitute product, promise of a discount on a future purchase, or other compensation included in the buyout offer; (iii) an indication of a compensation provided to the original purchaser in exchange for retaking the product; (iv) an indication of a compensation received from the subsequent purchaser and (v) an indication ofthe buyout- condition that was satisfied.
47. An apparatus for reselling a product, a seller having previously sold the product to an original purchaser subject to a buyout-provision condition, comprising:
(a) a processor; (b) a memory storing instructions adapted to be executed by said processor, said instructions comprising:
(i) determine if the buyout- condition is satisfied, (ii) recall the product from the original purchaser, and
(iii) resell the product to a subsequent purchaser; and
(c) a port adapted to be coupled to an external device, said port being coupled to said processor.
48. The apparatus of claim 47, wherein said processor determines if the buyout- condition is satisfied by evaluating at least one of an actual or estimated product inventory; an actual or estimated demand for the product; and an actual or estimated profit if recalling is performed.
49. The apparatus of claim 47, further comprising: receiving a subsequent offer for the product from the subsequent purchaser.
50. The apparatus of claim 49, wherein the subsequent offer specifies compensation above a threshold compensation level.
51. The apparatus of claim 50, wherein the buyout- condition comprises having a product inventory below a threshold inventory level.
52. The apparatus of claim 47, wherein the product comprises at least one of an airline ticket and a hotel room reservation.
53. The apparatus of claim 47, wherein said processor is further configured to provide a buyout offer to the original purchaser when it is determined that the buyout- condition is satisfied, wherein recalling and reselling are only performed if the original purchaser accepts the buyout offer.
54. The apparatus of claim 53, wherein the buyout offer includes an offer of at least one of a refund; a substitute product; a promise of a discount on a future purchase; or other additional compensation related to the product, in exchange for recalling the product.
55. The apparatus of claim 53, wherein said processor provides the buyout offer to the original purchaser through said port.
56. The apparatus of claim 53, wherein the buyout offer is provided to a plurality of original purchasers and said recalling and reselling are only performed if at least one ofthe plurality of original purchasers accepts the buyout offer.
57. The apparatus of claim 47, wherein recalling is performed without providing a buyout offer to the original purchaser.
58. The apparatus of claim 47, wherein said processor is further configured to provide compensation to the original purchaser when recalling the product.
59. The apparatus of claim 58, wherein the compensation provided to the original purchaser comprises at least one of a refund; a substitute product; and other compensation related to the product.
60. The apparatus of claim 47, wherein said processor is further configured to determine whether the original sale was subject to a buyout-provision; and wherein the determination if the buyer-condition is satisfied is only performed when the original sale is subject to the buyout-provision.
61. The apparatus of claim 47, wherein, at the time the product was originally sold to the original purchaser, said processor is further configured to request that original sale be subject to the buyout-provision.
62. The apparatus of claim 47, wherein said processor determines if the original purchaser was willing to have the original sale subject to the buyout-provision condition by offering the original purchaser at least one of (i) a discounted original purchase price; (ii) a promise that recalling will only be performed if the original purchaser accepts a buyout offer; (iii) a promise of a discount on a future purchase; and (iv) a predetermined minimum compensation to be provided if said recalling is performed.
63. The apparatus of claim 62, wherein the predetermined minimum compensation comprises at least one of a minimum refund; a minimum substitute product; a promised minimum discount on a future purchase; and other compensation related to the product.
64. The apparatus of claim 47, wherein recalling and reselling comprise transferring the product directly from the original purchaser to the subsequent purchaser.
65. The apparatus of claim 47, wherein the product was previously sold at an original purchase price and is resold at a subsequent purchase price.
66. The apparatus of claim 47, wherein recalling and reselling are only performed if the subsequent purchase price is greater than the original purchase price.
67. The apparatus of claim 47, wherein the memory stores at least one of an inventory database, an original purchaser database, and a buyout-provision condition database coupled to said processor.
68. The apparatus of claim 47, wherein the determination is performed either periodically or upon a change in a variable associated with the buyout- condition.
69. The apparatus of claim 47, wherein the memory stores a database.
70. A system for reselling a product, a seller having previously sold the product to an original purchaser subject to a buyout-provision, comprising:
(a) means for determining if the buyout-condition is satisfied;
(b) means for recalling the product from the original purchaser; and
(c) means for reselling the product to a subsequent purchaser.
71. A system for reselling an airline ticket product, an airline having previously sold the airline ticket to an original purchaser subject to a buyout-provision, comprising:
(a) means for selling the airline ticket to the original purchaser subject to a buyout-provision condition;
(b) means for determining if the buyout- condition is satisfied by evaluating at least one of (i) an actual or estimated airline ticket inventory; (ii) an actual or estimated demand for the airline ticket; (iii) an actual or estimated profit if said reselling is performed; and (iv) whether a subsequent offer from a subsequent purchaser is received for the airline ticket;
(c) means for providing a buyout offer to the original purchaser, if the buyout-condition requires the approval ofthe original purchaser, the buyout offer including at least one of (i) a refund; (ii) a substitute airline ticket; (iii) a promise of a discount on a future purchase; or (iv) other additional compensation related to the airline ticket;
(d) means for recalling the airline ticket from the original purchaser if the original purchaser accepts the buyout offer;
(e) means for providing compensation to the original purchaser, the compensation comprising at least one of (i) a refund; (ii) a substitute airline ticket and; (iii) other compensation related to the airline ticket; and
(f) means for reselling the airline ticket to a subsequent purchaser.
72. The system of claim 68, wherein said means for providing sends the buyout offer to the original purchaser through a communication network.
73. The system of claim 68, wherein the buyout offer is provided to a plurality of original purchasers and said means for recalling and reselling are only used when at least one ofthe plurality of original purchasers accepts the buyout offer.
74. The system of claim 68, wherein said means for selling the airline ticket to the original purchaser further comprises means for offering the original purchaser at least one of (i) a discounted original purchase price; (ii) a promise that the recalling will only be performed if the original purchaser accepts a buyout offer; (iii) a promise of a discount on a future purchase; (iv) a minimum refund; (v) a minimum substitute airline ticket; (vi) a promised minimum discount on a future purchase; and (vii) other minimum compensation related to the airline ticket.
75. The system of claim 68, wherein said means for recalling and reselling comprise means for transferring the airline ticket directly from the original purchaser to the subsequent purchaser.
76. The system of claim 68, wherein the airline ticket was previously sold at an original purchase price and said means for recalling only performs the recalling if a subsequent purchase price is greater than the original purchase price.
77. The system of claim 68, wherein said means for determining comprises means for evaluating information in at least one of an inventory database; an original purchaser database; and a buyout- condition database.
78. The system of claim 68, wherein said means for determining performs the determination either periodically or upon a change in a variable associated with the buyout- condition.
79. The system of claim 68, further comprising: means for storing, in an airline ticket resale database, at least one of (i) an indication of a compensation received from the original purchaser; (ii) an indication of a buyout offer that was accepted by the original purchaser; (iii) an indication of a compensation provided to the original purchaser in exchange for retaking the airline ticket; (iv) an indication of a compensation received from the subsequent purchaser; and (v) an indication ofthe buyout-provision condition that was satisfied.
80. A method for reselling an airline ticket, comprising the steps of: selling the airline ticket to an original purchaser subject to a buyout-provision condition; determining if the buyout-condition is satisfied by evaluating at least one of (i) an actual or estimated airline ticket inventory; (ii) an actual or estimated demand for the airline ticket; (iii) an actual or estimated profit if said reselling is performed; and (iv) whether a subsequent offer from a subsequent purchaser is received for the airline ticket; if the buyout-provision requires the approval ofthe original purchaser, providing a buyout offer to the original purchaser, the buyout offer including at least one of (i) a refund; (ii) a substitute airline ticket; (iii) a promise of a discount on a future purchase; or (iv) other additional compensation related to the airline ticket; recalling the airline ticket from the original purchaser if the original purchaser accepts the buyout offer; providing compensation to the original purchaser, the compensation comprising at least one of (i) a refund; (ii) a substitute airline ticket; and (iii) other compensation related to the airline ticket; and reselling the airline ticket to the subsequent purchaser.
81. The method of claim 77, wherein said providing is performed by sending the buyout offer to the original purchaser through a communication network.
82. The method of claim 77, wherein the buyout offer is provided to a plurality of original purchasers and said recalling and reselling are only performed if at least one ofthe plurality of original purchasers accepts the buyout offer.
83. The method of claim 77, further comprising offering the original purchaser at least one of (i) a discounted original purchase price; (ii) a promise that said recalling will only be performed if the original purchaser accepts a buyout offer; (iii) a promise of a discount on a future purchase; (iv) a minimum refund; (v) a minimum substitute airline ticket; (vi) a promised minimum discount on a future purchase; and (vii) other minimum compensation related to the airline ticket.
84. The method of claim 77, wherein said recalling and reselling comprise transferring the airline ticket directly from the original purchaser to the subsequent purchaser.
85. The method of claim 77, wherein the airline ticket was previously sold at an original purchase price and said retaking and reselling are only performed if a subsequent purchase price is greater than the original purchase price.
86. The method of claim 77, wherein said determining comprises evaluating information in at least one of an inventory database; an original purchaser database; and a buyout- condition database.
87. The method of claim 77, wherein said determining is automatically and dynamically performed either periodically or upon a change in a variable associated with the buyout- condition.
88. The method of claim 77, further comprising:
(g) storing, in an airline ticket resale database, at least one indication of (i) a compensation received from the original purchaser; (ii) a buyout offer that was accepted by the original purchaser; (iii) a compensation provided to the original purchaser in exchange for retaking the airline ticket; (iv) a compensation received from the subsequent purchaser; and (v) the buyout- condition that was satisfied.
89. A system for reselling an airline ticket, comprising: a communication network; a buyer device coupled to said communication network; and a seller device, comprising:
(a) a processor; (b) a memory storing instructions adapted to be executed by said seller processor, said instructions comprising:
(i) sell the airline ticket, subject to a buyout- condition, through said communication network and 5 said buyer device,
(ii) determine if the buyout- condition is satisfied,
(iii) provide a buyout offer to the original purchaser through said communication network and said 10 buyer device, if the buyout- condition requires the approval ofthe original purchaser,
(iv) recall the airline ticket from the original purchaser,
(v) provide compensation to the original 15 purchaser, and
(vi) resell the airline ticket to a subsequent purchaser; and
(c) a port coupled to said seller processor and said communication network. 20
PCT/US2000/003519 1999-03-02 2000-02-10 System and method for reselling a previously sold product WO2000052613A2 (en)

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AU3857800A (en) 2000-09-21
US20060161477A1 (en) 2006-07-20
US20070282686A1 (en) 2007-12-06
US8417580B2 (en) 2013-04-09
US20130268389A1 (en) 2013-10-10
US8543493B2 (en) 2013-09-24
US20070219868A1 (en) 2007-09-20
US20140025409A1 (en) 2014-01-23
US7246072B2 (en) 2007-07-17
US20130166335A1 (en) 2013-06-27
US20140304114A1 (en) 2014-10-09
US8046247B2 (en) 2011-10-25
US8831989B2 (en) 2014-09-09
US8458027B2 (en) 2013-06-04
US20060242029A1 (en) 2006-10-26
US20140379394A1 (en) 2014-12-25
US20070061207A1 (en) 2007-03-15
US6988077B1 (en) 2006-01-17
US20030216973A1 (en) 2003-11-20
US20120030051A1 (en) 2012-02-02
US6658390B1 (en) 2003-12-02

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