Splitcart Cost Sharing Platform Automating Group Purchase Funding
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing methods for group purchases online often result in unwanted or unnecessary items due to budget constraints, as individuals cannot easily split costs of desired items exceeding their individual budgets, leading to inefficient and thoughtless buying decisions.
Innovation Solution
The Splitcart system allows multiple contributors to collectively fund a single item by automating the process of collecting funds, ensuring equitable distribution of costs, and providing a platform for organizing and executing group purchases through a user-friendly interface, including features like notifications and payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If individuals attempt to purchase items exceeding their individual budgets, then they can acquire desired items, but they end up making unwanted or unnecessary purchases due to inability to split costs
Solution Approach 1:
The patent divides the total cost of an item into segments that can be contributed by multiple individuals. The system automatically calculates each contributor's share and collects payments separately, enabling group purchasing without requiring any single individual to bear the full cost burden.
Solution Approach 2:
The patent introduces an intermediary platform that facilitates cost-sharing transactions between multiple contributors and the item provider. This platform handles payment collection, fund allocation, and transaction coordination, eliminating the need for manual cash pooling and reducing impulsive purchasing behavior.
2Ease of operation
If manual methods are used to split costs among friends or family, then the process requires significant coordination effort, but automated systems can streamline this process
Solution Approach 1:
The patent enables contributors to automatically set up their payment preferences and contribution amounts through the platform. The system autonomously handles payment collection, fund distribution, and transaction tracking without requiring manual intervention from participants, significantly reducing coordination effort.
Solution Approach 2:
The patent combines multiple functions (payment collection, fund management, transaction tracking, and notification) into a single integrated platform. This consolidation simplifies the user experience while managing the underlying complexity through unified system architecture.
3Ease of manufacture
If group purchases are organized without a dedicated platform, then setup is simpler, but fund security and transparency are compromised
Solution Approach 1:
The patent introduces a trusted intermediary platform that securely holds contributor funds and ensures transparent allocation to the item provider. The platform provides real-time tracking of fund collection and distribution, enhancing security and transparency while maintaining ease of use through automated processes.
Solution Approach 2:
The patent implements real-time feedback mechanisms that notify contributors of payment status, fund collection progress, and transaction completion. This transparency builds trust among participants while the automated feedback loops ensure accurate fund tracking and allocation.
Data Source
AI summary
A Cost Sharing Method and Platform that uses scrapping API technology to collect and project key categories of items available for sale on multiple sites on the internet is disclosed herein. As disclosed, the Cost Sharing Method and Platform (hereinafter “System” aka Splitcart) allows the user to pay for that item or share the cost of the item with other people. Payments are recorded through the system and with payments processed upon finalization of the Splitcart as defined by the organizer. As configured, the organizer is able to choose how many splitters (contributors) there will be and decide if he/she wants to cover the cost difference if funds are not met and/or convert total funds collected to a gift card. The SplitCart may have social media contacts and or connections enabled to allow for a user to use their social media platform to recruit “splitters” and recipients to a cost sharing opportunity.