Method and system for managing clearance markdown

US12361442B2 · kind B2 · utility

Assignee

• TARGET BRANDS, INC. · US

Inventors

• Aishwarya Shukla · Savanuru, IN
• Nishant Kalsi · Survanagiri, IN
• Narendra Yaddula · Survanagiri, IN
• Gayatri Pal · Survanagiri, IN
• Vivek S · Survanagiri, IN

Key dates

• Filing date: Mar 10, 2023
• Grant date: Jul 15, 2025
• Expiry date: Dec 1, 2043

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0202
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Methods and systems for creation and management of a clearance schedule for in-store clearance of a retail item are disclosed. A markdown schedule may be generated using a first model representing a demand forecast and a second model that represents estimated price elasticity for the item to be placed into the clearance program. The estimated price elasticity may be determined from historical sales data of an identified past clearance item. In some instances, backtesting data may be generated from past clearance sales, and a comparison of the backtesting data to the current clearance program may be performed to update the markdown schedule. In some instances, updated sales data may be received, and model parameters updated. A user interface presenting a revised demand forecast may be generated, and a clearance schedule implementation tool may update the optimal markdown schedule for the inventory item for future periods of the clearance program.