Personalized Pricing via Mobile Payment Controller
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Solution Overview
Problem
Conventional portable computing device (PCD) shopping applications fail to provide unique and personalized offers to consumers, lacking the ability to influence purchasing decisions effectively.
Innovation Solution
A system and method that involves checking-in PCD consumers, verifying credentials, and using a central mobile payment controller to retrieve information from machine-readable codes associated with products or services, determining personalized prices, and suggesting related products or services based on consumer interest levels and database access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional PCD shopping applications are used, then consumers can access product information and make purchases, but the offers remain generic and fail to be personalized to each individual consumer
Solution Approach 1:
The system performs preliminary actions by checking in consumers upon entry, retrieving their profile information and purchase history from databases before the shopping process begins. This pre-processing of consumer data enables the system to personalize offers and product recommendations based on individual preferences, past behavior, and demographic information, thereby resolving the contradiction between providing personalized service and utilizing consumer information effectively
2Extent of automation
If merchants want to strongly influence consumer buying decisions, then personalized offers can be provided, but the system complexity increases due to credential verification, database access, and personalized pricing algorithms
Solution Approach 1:
The system introduces a central mobile payment controller as an intermediary component that manages the complex interactions between consumers, merchants, and databases. This controller handles credential verification, retrieves consumer profiles, processes machine-readable code scans, and generates personalized pricing through automated algorithms. By centralizing these complex operations in a dedicated intermediary system, the patent reduces the complexity burden on individual merchants and consumers while enabling automated personalized offer generation
3Measurement precision
If the system retrieves and processes detailed consumer information from multiple databases, then personalized pricing accuracy improves, but the time required for processing increases
Solution Approach 1:
The system performs preliminary retrieval and processing of consumer information from multiple databases (customer profile database, demographics database, promotion database) during the check-in process before the actual shopping transaction occurs. By pre-loading and preparing consumer data, the system reduces processing time during the actual purchasing decision-making process while maintaining high accuracy in personalized pricing through comprehensive data analysis
Data Source
AI summary
A system and method for providing a personalized shopping experience with a portable computing device (“PCD”) are described. The system and method may include checking-in PCD consumers upon entering an establishment of a merchant. The checking-in of the PCD consumer may include verifying credentials for gaining access to a central mobile payment controller and receiving a merchant identifier corresponding to a merchant from a computer communication's network. Next, a scan of a machine-readable code associated with at least one of a good and a service may be received. Information associated with the machine-readable code may be retrieved from a database. Subsequently, a personalized price for the at least one good or service may be determined by applying one or more rules. The personalized price may be transmitted over a computer communications network to the portable computing device for display to the PCD consumer.