US 2019/0164202 A1Published application

System and method for real time artificial intelligence based price determination

OwnerSanjeev Sadanand Ukhalkar, Cem Yildiriminventors

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Abstract

System and method for real time artificial intelligence based price determination are provided. An optimal sales price for an item on sale by a vendor is determined. The system determines a set of customer mobile device located inside an offer coverage area (OCA) of the vendor. Each customer mobile device of the set of customer mobile device has a mobile application installed therein. The system further determines a target customer list from the set of customer mobile device. The system refines the target customer list based on price, distance and other parameters defined in customer profiles. The system generates an optimal sales price for the item and makes price recommendations based on multiple multiplication factors. The system sends the offer recommendations to the set of refined target customer list.

Claims16

Dependent claims

A method for generating an optimal offer price recommendation for an item, the method comprising:

determining a first set of customer locations corresponding to a first set of customer mobile devices, wherein each customer mobile device of the first set of customer mobile devices includes a mobile application;
determining a set of offer coverage areas corresponding to a first set of vendor business locations, wherein the set of offer coverage areas is determined based on an offer coverage perimeter value and a set of offer notification perimeter values, and wherein the offer coverage perimeter value corresponds to a vendor and the set of offer notification perimeter values corresponds to the first set of customer mobile devices;
identifying a first subset of customer mobile devices from the first set of customer mobile devices based on at least one of the set of offer coverage areas, a vendor business location, and the first set of customer locations;
identifying a second subset of customer mobile devices from the first subset of customer mobile devices based on the set of offer notification perimeter values;
determining an optimal sales price for the item based on at least one of customer profiles, vendor profiles, and the second subset of customer mobile devices, wherein the customer and vendor profiles are stored in customer and vendor databases, respectively;
and
generating an offer accessible through the mobile application for the item, wherein the offer is generated for the second subset of customer mobile devices.

4 more elements

A system for optimizing a sales price for an item, comprising:

a memory for storing customer profile, customer location, and vendor profile databases;
and
a server, wherein the server is configured to:
determine a first set of customer locations corresponding to a first set of customer mobile devices, wherein each customer mobile device of the first set of customer mobile devices includes a mobile application;
determine a set of offer coverage areas corresponding to a first set of vendors, wherein the set of offer coverage areas is determined based on an offer coverage perimeter value and a set of offer notification perimeter values, and wherein the offer coverage perimeter value corresponds to a vendor device and the set of offer notification perimeter values corresponds to the first set of customer mobile devices;
identify a first subset of customer mobile devices from the first set of customer mobile devices based on at least one of the set of offer coverage areas, a vendor business location, and the first set of customer locations;
identify a second subset of customer mobile devices from the first subset of customer mobile devices based on the set of offer notification perimeter values;
determine an optimal sales price for the item based on at least one of customer profiles, vendor profiles, and the second subset of customer mobile devices, wherein the customer and vendor profiles are stored in customer and vendor databases, respectively;
and
generate an offer accessible through the mobile application for the item, wherein the offer is generated for the second subset of customer mobile devices.

7 more elements

Dependencies are inferred from the claim text.