Wallet Steering Engine for Consumer Purchase Incentives
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Solution Overview
Problem
Businesses lack an automated, scalable, and programmatic solution to understand and influence consumer purchasing behavior across diverse platforms, leading to missed opportunities in steering purchases from competitors to their own businesses.
Innovation Solution
A computer-implemented engine and system, along with professional services, that enables the tracking, analysis, and incentivization of consumer purchasing behavior through Wallet Steering Programs, utilizing Wallets, Wallet Capacity, Share of Wallet, and Wallet Opportunity data to deliver personalized offers and incentives across various channels.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Extent of automation
If businesses implement manual tracking and analysis of consumer purchasing behavior, then they can understand consumer behavior, but the process lacks automation and scalability
Solution Approach 1:
The patent replaces manual mechanical tracking methods with automated digital systems including cookies, device identifiers, and programmatic data collection mechanisms. This substitution enables scalable automation of consumer behavior tracking across multiple platforms without proportional increases in human resources.
Solution Approach 2:
The system creates a universal Wallet Steering Platform that operates across diverse operating platforms (mobile, web, IoT devices) and multiple business types (merchants, manufacturers, financial services). This multi-functional architecture allows the same core technology to serve various industries and devices simultaneously, achieving scalability.
2Adaptability or versatility
If businesses lack programmatic solutions for steering purchases, then they miss opportunities to influence consumer behavior, but implementing such solutions requires complex infrastructure
Solution Approach 1:
The patent introduces a Wallet Steering Platform as an intermediary layer between consumers and businesses. This platform mediates purchase steering by collecting consumer data, analyzing Wallet Capacity and Share of Wallet metrics, and delivering personalized incentives through programmatic interfaces, thereby enabling purchase influence without requiring businesses to build complex direct tracking infrastructure.
Solution Approach 2:
The system implements self-service mechanisms where consumers automatically provide data through device identifiers and cookies, and the platform automatically matches consumers with relevant incentives based on their purchasing behavior. This reduces the operational complexity for businesses while maintaining high adaptability in steering capabilities.
3Measurement precision
If businesses provide personalized incentives to maximize customer lifetime value, then they increase share of wallet, but this requires precise real-time data processing
Solution Approach 1:
The patent implements preliminary data collection through cookies and device identifiers that continuously track consumer behavior in advance. Wallet Capacity and purchasing patterns are pre-analyzed so that when a consumer interacts with a business, the system can immediately calculate Share of Wallet and deliver personalized incentives without real-time processing delays.
Solution Approach 2:
The system establishes continuous feedback loops where consumer purchasing data is collected, analyzed for Wallet Capacity metrics, and used to generate personalized incentives that are delivered back to consumers. This feedback mechanism operates through programmatic interfaces that automatically process data and adjust incentives based on measured Share of Wallet changes, achieving both precision and speed.
Data Source
AI summary
Systems and methods for wallet steering are disclosed. A wallet steering method in accordance with the present disclosure may comprise receiving a consumer identifier, such as a phone number, during a transaction. In response to receiving the consumer identifier, a consumer member profile is automatically created for the consumer identifier and data elements associated with the transaction and/or consumer are be stored in the consumer member profile. The consumer member profile may be built over time based on transactions associated with the consumer identifier. Customized offers which precisely and profitably steer consumer purchases from one business to another, one product/service to another and/or one payment tender to another may then be generated based on the consumer profile.