Methods and apparatus for optimizing markdown pricing

US7979299B1 · kind B1 · utility

Assignee

• Oracle Int'l. Corp. · US

Inventors

• Shail Dhananjay Mehta · Boston, US
• Reed B. Breneman · Memphis, US
• John Stauffer · San Francisco, US
• Douglas K. McIver · Cambridge, US
• Vishwamitra S. Ramakrishnan · Belmont, US
• Zhidong Lu · Lexington, US
• Pavandeep Kalra · Shrewsbury, US
• Brian Sheppard · Concord, US

Key dates

• Filing date: Jun 21, 2005
• Grant date: Jul 12, 2011
• Expiry date: May 28, 2029

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0283
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

The invention provides methods and apparatus for optimizing markdown scheduling that group multiple retail sites into bins (or buckets) for purposes of scheduling markdown pricing on an item (or group of related items) sold by those sites. The groupings can be based, for example, on a metric that is a function of the current inventory of the item (or items) and its expected sales at each site. A markdown schedule is generated for the combined grouping of stores in each bucket, rather than for the individual stores that make up that bucket, thereby speeding price optimization determination. A report of those schedules can be used, for example, by pricing managers or other personnel to set prices at the sites. Alternatively, or in an addition, the schedules can be used in conjunction with an inventory control system to set prices for the items and/or on RFID or other electronic shelf displays.