Price Setter® Mobile Dynamic Pricing and Dynamic Marketing aim to connect merchants with consumers through a real time communication channel with the objective to drive sales and increase profits by increasing the number of consumers and mobile operators yet reducing the cost of marketing and advertising.
Price Setter® is an e-commerce shopping and marketing tool that uses a patented “Transaction Arbiter” system and method that enables shoppers (users) to engage local and online retailers and service providers (merchants) in an automated, unattended, real time price competition and obtain the lowest price possible on the product or service they need (Automated Haggling).
Participant merchants/advertisers can store functions and bidding parameters in the system’s database to generate dynamic prices which change automatically in response to what the prices of the competition are and who their competition is when the user selects them to participate in a specific price competition. Bidding parameters mainly consist, among many others things, of an asking price, a percent increment under the closest competitor, a maximum discount, location, time of the day and day of the week.
When a request for quote is originated by the user the “Transaction Arbiter” scans all relevant functions and bidding parameters of all participating merchants and calculates all possible result combinations of every and all of the merchants against each other ultimately generating the optimal winning price, instantly.
Merchants who become participants would never have to advertise a fixed low price across the board to the general public again. Low prices or high discounts only come in to play when the price of a competitor needs to be matched or improved in order to sell the product or service. If during a search a user has no other competitor to compare against, then the participant merchant gets the benefit of selling the product or service at the asking price which could be average price or even higher than average.
It is Price Setter®’s ultimate goal to make accessible to all shoppers, via the Internet and a smart phone application, an easy to use tool to enable them to find the lowest possible price on the product or service they want. Price Setter® wants to circumvent the existing, often deceiving, outdated marketing methods and strategies such as a “percentage off the regular price”,” low price guarantee”, “mail in rebate”, “loyalty cards”, “buy one get one free”, “request a free quote”, still being used by most merchants and many others which do not fool savvy consumers nowadays.
Price Setter®’s application is scalable and it has unlimited uses. Its range can be anywhere from a single local zip code area to a global network; from finding the lowest price bid on a haircut to buying a new car or buying and selling stocks and commodities. The amounts of derivatives for the application are unimaginable and one can only think that its uses will multiply and redevelop endlessly.
But best of all is that there is nothing in the market these days that comes even close to Price Setter®’s application when referring to automated price competitions and even better is that it is copy righted and patented.
Just about anyone who owns a smart phone or a computer can become a user of the application, especially those who do online shopping. It is anticipated that once the application becomes popular it will become a necessity to have and use. Without it people would be throwing their money away, just like with grocery store loyalty cards – if you don’t use them you pay more unnecessarily.