18515064. SYSTEM AND METHOD FOR REDEEMING A REWARD simplified abstract (Capital One Services, LLC)
Contents
- 1 SYSTEM AND METHOD FOR REDEEMING A REWARD
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SYSTEM AND METHOD FOR REDEEMING A REWARD - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
SYSTEM AND METHOD FOR REDEEMING A REWARD
Organization Name
Inventor(s)
Gregory Willard Lambert of Midlothian VA (US)
Philip John Spiegel of Midlothian VA (US)
SYSTEM AND METHOD FOR REDEEMING A REWARD - A simplified explanation of the abstract
This abstract first appeared for US patent application 18515064 titled 'SYSTEM AND METHOD FOR REDEEMING A REWARD
Simplified Explanation
The abstract describes systems and methods for redeeming rewards held by individuals.
- Determining threshold criteria for providing targeted reward redemption offers
- Identifying individuals based on the threshold criteria
- Providing targeted reward redemption offers to identified individuals
- Receiving responses to the offers
- Adjusting individual accounts based on the offers and responses
Potential Applications
This technology could be applied in various industries such as retail, hospitality, and loyalty programs to offer personalized rewards to customers based on their behavior and preferences.
Problems Solved
This technology solves the problem of generic reward systems that do not take into account individual preferences and behaviors, leading to lower engagement and satisfaction among customers.
Benefits
The benefits of this technology include increased customer engagement, higher redemption rates for rewards, and improved customer satisfaction due to personalized offers.
Potential Commercial Applications
One potential commercial application of this technology could be in the retail industry, where personalized reward offers can help increase customer loyalty and drive repeat purchases.
Possible Prior Art
One possible prior art for this technology could be existing customer loyalty programs that offer personalized rewards based on customer spending habits and preferences.
What are the specific threshold criteria used to determine targeted reward redemption offers?
The specific threshold criteria used to determine targeted reward redemption offers are not explicitly mentioned in the abstract. It would be important to understand what factors are considered when identifying individuals for these offers.
How is the response to the provided targeted reward redemption offer measured and analyzed?
The abstract does not provide details on how the response to the provided targeted reward redemption offer is measured and analyzed. Understanding the methods used to track and analyze responses would be crucial in evaluating the effectiveness of this technology.
Original Abstract Submitted
Systems and methods for redeeming a reward held by an individual are described. A method for redeeming a reward includes determining threshold criteria for provision of a targeted reward redemption offer, identifying at least one individual based upon the threshold criteria, determining the targeted reward redemption offer, and providing the targeted reward redemption offer to the identified individual. A response to the provided targeted reward redemption offer may be received, and an account of the identified individual may be adjusted in accordance with the targeted reward redemption offer and the received response.
