System and method for integrating retail price optimization for revenue and profit with business rules
US11010798B2 · kind B2 · utility
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17Claims
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Inventor
Key dates
| Filing date | Jan 9, 2020 |
| Grant date | May 18, 2021 |
| Priority date | — |
| Expiry date | Jan 9, 2040 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0283
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The disclosed technology improves the process of generating recommended prices for retail products by optimizing revenue and profit while complying with a set of business rules by assigning a monetary value to each business rule. Then for each decision price that violates a business rule constraint, a penalty value is added to the monetary value. If the monetary value including the penalty is better than an original monetary value, the decision price is included in the recommended prices.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.