Commerce System and Method of Optimizing Profit for Retailer from Price Elasticity of Other Retailers

摘要

A commerce system has retailers offering products for sale to consumers. Product information is collected from retailers. A price elasticity of demand is determined for a first product from a first retailer. An estimated price elasticity of demand is determined for a second product for a second retailer based on the price elasticity of demand from the first retailer. The estimated price elasticity of demand is substantially equal to the price elasticity of demand. A price is determined for the second product for the second retailer based on the estimated price elasticity. A profit for the second product is optimized for the second retailer by selecting the price for the second product based on the estimated price elasticity. The commerce system is controlled by enabling the second retailer to select the price for the second product based on the estimated price elasticity.