Systems and methods for price testing and optimization in brick and mortar retailers

US10915912B2 · kind B2 · utility

Assignee

• Eversight, Inc. · US

Inventors

• Michael Montero · Palo Alto, US
• Jamie Eldredge · Palo Alto, US
• Daniel Gibson · Palo Alto, US
• David Moran · Palo Alto, US
• Jamie Rapperport · Palo Alto, US

Key dates

• Filing date: Oct 10, 2018
• Grant date: Feb 9, 2021
• Expiry date: Oct 10, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0271
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods for optimizing base pricing of products within a physical retailer are provided. Such systems and methods include first collecting transaction logs for products in a set of physical retail spaces. These logs are validated, adjusted and elasticities between the products are computed. The adjustment may be responsive to the day, by retailer and by a host of external factors (e.g., weather). The adjustment may also include a normalization and filtering out of inaccurate log data. Elasticity is calculated by generalized linear models. A set of constraints are then received and used, along with the elasticities.