| 20100318435 | System of facilitating a sales transaction between a buying group and multiple sellers over and electronic network - A system to facilitate the interaction of a group of buyers and a group of sellers through a transaction network, such as the internet, is disclosed. A buyer may start a buying group or join an existing group for purchasing a product or service. During the life cycle of a buying group, buyers are encouraged to invite other buyers to join the group via email, blog, social networking websites, or other means, thereby increasing the purchasing power of that group. Once a buying group has been established, sellers can compete for the volume sale. Sellers may review the bid price submitted by other sellers and submit competing bids. Once the bid cycle closes this system will automatically match the buyers and sellers based on a variety of factors including the order each buyer entered his or her purchase intent, each buyer's maximum price, each seller's bidding price, the quantity each seller can provide, and the order of each seller's bid. At the end of the matching, one or more sellers may fulfill a single group order. | 12-16-2010 |
