Adaptable retail pricing environment and electronic exchange, delivering customized brand switching rewards and discounts

Abstract

An individualized discount and reward server including one or more linked databases to store customer data associated with a loyalty program of a retailer, where the customer data including at least one retailer account and purchase history associated with a customer. The server further includes a processor to select a brand associated with an allocation category and determine an amount the customer spends on the allocation category. The processor determines a likelihood of brand switching indicating a likelihood of the customer purchasing the selected brand according to the purchase history associated with the customer. The processor also allocates one or more brand switching offers for the selected brand to the at least one retailer account associated with the customer for the selected brand based on at least the amount the customer spends on the allocation category and the likelihood of brand switching.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit under 35 U.S.C. §119(e) of the earlier filing date of U.S. Provisional application No. 61 / 282,742 entitled “A Personalized Pricing System & Associated Methodology of Delivering Customized Shopper Rewards and Discounts” filed Mar. 25, 2010, the entirety of which is incorporated herein by reference.BACKGROUND[0002]The present advancements relate to a system, apparatus, and associated methodologies for providing individualized discounted customer pricing.[0003]Loyalty programs are known to provide participating customers of a given retailer, such as a department or grocery store, with discounts on retail goods and / or services. Retailers may use these loyalty programs to monitor items that the retailer's customer base is purchasing or not purchasing, and provide an incentive and / or discount for a particular item. As an example, a retailer may determine that a particular snack item is not selling very well. ...

AI Technical Summary

Benefits of technology

"The present patent describes a system that generates offers and rewards for customers based on their profile and the data associated with a retailer's loyalty program. The system selects a brand of the customer's choice and determines the amount they spend on that brand. It then determines the likelihood of the customer purchasing that brand and allocates offers accordingly. The offers can include a loyalty adjustment that changes the price point of the brand. The system can also include a point of sale device to transmit the purchase notification to the server. Overall, the system provides a personalized experience for customers and increases the retailer's sales."

Problems solved by technology

As an example, a retailer may determine that a particular snack item is not selling very well.

Known loyalty programs are not tailored to individual customer needs, interests, and habits.

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