International business machines corporation (20240104613). COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM simplified abstract
Contents
- 1 COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM - 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 Unanswered Questions
- 1.11 Original Abstract Submitted
COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM
Organization Name
international business machines corporation
Inventor(s)
Raghuveer Prasad Nagar of Kota (IN)
Archana Suri of Bangalore (IN)
COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240104613 titled 'COMPUTER GENERATED PRICING AND PROMOTIONS FOR PERSONALIZED SALE OF AN ITEM
Simplified Explanation
The abstract describes a method for generating pricing and promotions for personalized sale of an item based on user data and shopping patterns. Here is a simplified explanation of the patent application:
- Receiving ordering data associated with an item from a user using an electronic shopping platform.
- Determining a failure of the user to complete a purchase order using shopping cart activities.
- Identifying a price of the item causing the determined failure.
- Generating a price range for the item within a predefined time interval from the failure.
- Generating a final price recommendation based on the confidence score of the generated price range.
Potential Applications
This technology could be applied in e-commerce platforms to optimize pricing strategies and promotions for personalized sales.
Problems Solved
1. Inefficient pricing strategies. 2. Lack of personalized promotions for users.
Benefits
1. Increased conversion rates. 2. Enhanced user experience. 3. Improved sales performance.
Potential Commercial Applications
Optimizing pricing and promotions in online retail platforms.
Possible Prior Art
There may be prior art related to personalized pricing strategies in e-commerce platforms, but specific examples are not provided.
Unanswered Questions
How does the system ensure user data privacy and security?
The abstract does not mention how user data is protected and secured in the process of generating personalized pricing and promotions.
What criteria are used to determine the confidence score for the generated price range?
The abstract does not specify the exact criteria or algorithms used to calculate the confidence score for the final price recommendation.
Original Abstract Submitted
generation of pricing and promotions for personalized sale of an item includes receiving ordering data associated with an item from a user using an electronic shopping platform accessed via a user device. a failure of the user to complete a purchase order is determined using shopping cart activities of an ordering system. based on a search pattern of the user received from the ordering system, a price of the item is identified as causing the determined failure of the user to complete the purchase order. within a predefined time interval from the determined failure, a price range for the item is generated including a confidence score derived based on the search pattern of the user. based on the confidence score of the generated price range exceeding a threshold, a final price recommendation for the item is generated and communicated to the user device.
