System and method for determining retail-business-rule coefficients from current prices
US9715702B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Mar 19, 2014 |
| Grant date | Jul 25, 2017 |
| Priority date | — |
| Expiry date | Oct 14, 2035 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0283
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Business rules can govern a single price or they can define relationships between different products involving two or more decision prices. One problem that retailers can face is that business rules are generally not codified and are rarely followed consistently, and thus it can be difficult to articulate existing business rules or generate new business rules. However, existing price information inherently contains industry knowledge and experience, even if retailers find it difficult to express that knowledge. The disclosed technology generates business rules by reverse engineering rule bounds and coefficients from existing price information. The reverse engineered rule bounds and coefficients can be used in price optimization to generate recommended prices for retail products that optimize revenue and profit while complying with a set of business rules.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.