Real-Time Mobile Pricing Service for Retail Price Comparison
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Solution Overview
Problem
Current retail systems and comparison shopping methods do not allow customers to easily compare prices of items in real-time with competitors when shopping in physical stores, as they lack location-based pricing information and do not consider the customer's immediate location, leading to limited options for finding the best price.
Innovation Solution
A computer-implemented method and system that uses a Web service server to receive a pricing request from a mobile client, identifies the client's location, queries nearby vendors for pricing information, and provides real-time comparative pricing, enabling customers to make informed purchases and allowing retailers to target potential buyers effectively.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a customer uses traditional comparison shopping methods (online services, advertising), then they can access pricing information from multiple retailers, but they cannot obtain real-time pricing information from competitors when shopping in a physical store
Solution Approach 1:
The system pre-establishes a network connecting multiple retailers and a comparison service, so that when a customer enters a store, the pricing information is already available for immediate retrieval via mobile device, eliminating the need for real-time data collection
Solution Approach 2:
A comparison service acts as an intermediary between retailers and customers, receiving pricing information from retailers and delivering it to customers' mobile devices, enabling real-time access without direct customer-retailer communication
2Ease of operation
If retailers provide pricing information through advertising and traditional channels, then customers can compare prices from home, but customers cannot compare prices with competitors while inside a physical store
Solution Approach 1:
The system adds a spatial dimension to price comparison by using the customer's geographic location (via mobile device GPS) to automatically identify and retrieve pricing information from competitors in the vicinity, transforming the comparison experience from location-independent to location-aware
Solution Approach 2:
The customer's mobile device automatically performs the comparison shopping function by receiving location data, querying the comparison service, and displaying competitor prices without requiring manual search or input from the customer
3Productivity
If retailers use targeted advertising to promote their own items, then they can increase sales of their products, but they cannot provide customers with competitive pricing information
Solution Approach 1:
The system segments the information delivery by allowing retailers to send targeted promotional information to their own customers while simultaneously providing comprehensive competitive pricing information through the comparison service, enabling both targeted marketing and transparent comparison
Solution Approach 2:
The comparison service performs multiple functions: it collects pricing information from retailers, delivers targeted promotions to specific customers, and provides competitive pricing comparisons to all customers, making the system both a marketing tool and an information service
Data Source
AI summary
A computer implemented method, apparatus, and computer usable program code are provided for real time pricing of items by a customer located in a store. A customer sends a request to price an item using a mobile device to a Web service server. The Web service server identifies the customer's location and queries a set of information sources for prices from several vendors within a selected distance of the customer's location. The Web service server may include price information for items comparable to the item requested by the customer. The Web service server applies competitive rules defined by a vendor to determine pricing for the item from that vendor. The Web service server may also create special price quotes based on the verified location and identity of the customer. The Web service server sends the result to the customer and enables a real time purchase from the result displayed on the mobile device.