System and method using a dynamic pricing engine to determine pricing for goods

A method executed by a system for determining a price of a good during a time period, the system comprising:

• a good;
• a readable identification tag affixed to the good;
• a server comprising:
• a first memory;
• and a first processor;
• an identification tag scanner coupled to the server;
• a computing device comprising:
• a dynamic pricing engine;
• a second processor;
• and
• a second memory, wherein the second memory is configured to store information associated with the good, and wherein the information comprises one or more price-calculation factors assigned to the good;
• a scanner coupled to the computing device;
• and
• a display, the method comprising:
• scanning, via the scanner, the readable identification tag affixed to the good;
• querying the second memory of the computing device to identify, from the readable identification tag, the good and information associated with the good;
• dynamically accessing in real-time by the second processor of the computing device, an expiration date of the good and the one or more price-calculation factors associated with the good;
• applying an algorithm of the dynamic pricing engine to the identified good to:
• calculate, in real-time, a price of the good based on the expiration date of the good and the one or more price-calculation factors, wherein a first price of the good determined during a first time period is equal or greater than a second price of the good determined during a second time period since the second time period is closer to the expiration date of the good than the first time period;
• store the price of the good in the second memory;
• modify the calculated price of the good to optimize a target function, wherein the optimization depends on the one or more price-calculation factors;
• and
• transmit the optimized price of the good to the server;
• and
• during checkout:
• accessing, by the server, information associated with the readable identification tag stored in the first memory of the server in response to scanning, by the identification tag scanner, the readable identification tag coupled to the good and assigned to the good;
• determining, by the first processor of the server, an identity of the good associated with the readable identification tag and its current price;
• and
• displaying the current price of the good via the display to a customer.

A computing device comprising:

• one or more processors;
• one or more memories configured to store information associated with a good;
• and
• one or more computer-readable hardware storage devices, the one or more computer-readable hardware storage devices containing program code executable by the one or more processors via the one or more memories to implement a method for determining a price of the good during a first time period, the method comprising:
• receiving, by the one or more memories and from a scanner coupled to the computing device, a prompt for information associated with a readable identification tag affixed to the good;
• querying the one or more memories to identify the good and the information associated with the good from the readable identification tag, wherein the information associated with the good comprises one or more price-calculation factors assigned to the good;
• dynamically accessing in real-time, by the one or more processors, an expiration date of the good and the one or more price-calculation factors associated with the good;
• applying an algorithm to the identified good to:
• calculate, in real-time, a first price of the good based on the expiration date of the good and the one or more price-calculation factors, wherein a first price of the good determined during a first time period is equal or greater than a second price of the good determined during a second time period since the second time period is closer to the expiration date of the good than the first time period;
• store the price of the good in the one or more memories;
• and
• modify the first price of the good to optimize a target function, wherein the optimization depends on the one or more price-calculation factors;
• transmitting the first optimized price of the good to a server;
• during checkout:
• accessing, by the server, information associated with the readable identification tag stored in the first memory of the server in response to scanning, by the identification tag scanner, the readable identification tag coupled to the good and assigned to the good;
• determining, by the first processor of the server, an identity of the good associated with the readable identification tag and its current price;
• and
• displaying the current price of the good via a display to a customer.