Tokenized Offers in Digital Wallets for Merchant Redemption
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Solution Overview
Problem
Conventional systems require users to leave their current site to obtain and use promotions, leading to potential loss of sales, time, money, and user frustration due to the inability to store and access promotions at a later time.
Innovation Solution
A system and method for tokenizing offers, allowing users to save promotions in a digital wallet for later use, enabling seamless integration with payment processing systems and automatic application at merchant sites without leaving the current site.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users are redirected to obtain promotions, then promotions can be accessed, but user experience deteriorates due to loss of time and frustration
Solution Approach 1:
The system performs preliminary actions by automatically detecting promotions in the background without requiring user intervention. The promotion data is captured, tokenized, and stored in advance, so when the user wants to use it, it is already ready for automatic application at the merchant site.
Solution Approach 2:
The patent introduces an intermediary system (the promotion management system with tokenization capability) that acts as a mediator between the user and the promotion. This intermediary automatically handles the detection, storage, and application of promotions, eliminating the need for users to manually navigate between sites.
2Reliability
If users are redirected to obtain promotions, then promotions can be accessed, but user experience deteriorates due to user frustration
Solution Approach 1:
The system implements self-service by automatically detecting promotions, tokenizing them, storing them in the user's digital wallet, and applying them at the merchant site without requiring any manual user actions. The user simply needs to be present at the merchant site, and the system handles everything else automatically.
Solution Approach 2:
The intermediary system automatically manages the entire promotion workflow, from detection to application, eliminating the need for users to manually navigate to promotion pages or enter codes. The system acts as a silent assistant that handles promotion management in the background.
3Reliability
If conventional systems are used, then promotions can be obtained, but sales are lost due to user redirection
Solution Approach 1:
The system performs preliminary detection and tokenization of promotions before the user completes their shopping. By having the promotion token ready in advance and automatically applying it at the merchant site, the system ensures that the promotion is delivered without interrupting the user's shopping flow, thus maintaining sales productivity.
4Ease of operation
If promotions are stored digitally, then access convenience is improved, but system complexity increases
Solution Approach 1:
The patent extracts the promotion data from its original context and transforms it into a simplified token format. This token contains only the essential information needed for redemption, separating the core functionality from the complex promotion details. The token is then stored in the user's existing digital wallet, leveraging existing infrastructure rather than building a completely new system.
Data Source
AI summary
Aspects of the present disclosure involve systems, methods, devices, and the like for tokenizing offers. The current disclosure presents a system and method that can present a tokenized offer for saving and retrieving from a digital wallet. The tokenized offer may be presented on a client site for selection by a user interested in taking advantage of the promotion without having to leave the current site. The current disclosure also presents a system that can retrieve the tokenized offer saved for use with a purchase. The tokenized offer may be automatically applied and on display at the merchant site and/or retrieved from the digital wallet.