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

[0007]In exemplary embodiments, a non-transitory computer readable medium having stored thereon computer executable instructions that when executed by a processor in an individualized discount and reward server causes the server to store, in one or more linked databases, customer data associated with a loyalty program of a retailer. The customer data includes at least one retailer account and purchase history associated with a customer. The one or more linked databases indicates a predetermined number of top selling brands. The computer executable instructions further cause the server to select a brand from a plurality of brands associated with an allocation category and determine an amount the customer spends on the allocation category according to the purchase history associated with the customer. The computer executable instructions further cause the server to determine 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 likelihood of brand switching being one of high and low. The computer executable instructions further cause the server to allocate 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. The one or more brand switching offers includes a loyalty adjustment changing a general market price point of the selected brand.

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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