Method and apparatus for automated demand trend correction during dynamic pricing
First Claim
1. A method for pricing a pricing unit, the method comprising the computer-implemented steps of:
- during a particular time interval, concurrently offering the pricing unit at a plurality of price candidates;
making one or more L2B measurements for each of the plurality of price candidates for the particular time interval;
performing a comparison between the L2B measurements for the plurality of price candidates; and
determining how to price the pricing unit based on the comparison.
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Abstract
Techniques are described for automated dynamic pricing of a product according to the demand trend for the product and by isolating the effect of price on the demand for the product. Price candidates for a product are either offered in parallel or in series to determine an optimal price. The offering of price candidates accounts for market trends that affect the optimal price for a product. Once an optimal price is offered for a product, the optimal price is monitored using an automated monitor process. During the automated monitor process, periodic demand measurements (L2B measurements) are taken for the optimal price. If there is a significant change in demand, the monitor process will trigger a re-offering of price candidates to determine a new optimal price.
170 Citations
78 Claims
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1. A method for pricing a pricing unit, the method comprising the computer-implemented steps of:
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during a particular time interval, concurrently offering the pricing unit at a plurality of price candidates;
making one or more L2B measurements for each of the plurality of price candidates for the particular time interval;
performing a comparison between the L2B measurements for the plurality of price candidates; and
determining how to price the pricing unit based on the comparison. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A method for pricing a pricing unit, the method comprising the computer-implemented steps of:
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during a series of time intervals, alternating between offering the pricing unit at a plurality of price candidates;
wherein the pricing unit is offered at a first price candidate during at least a first time interval and a third time interval, and the pricing unit is offered at a second price candidate during at least a second time interval that occurs after the first time interval and before the third time interval;
making one or more demand measurements (L2B measurements) for each of the plurality of price candidates based on sales of the pricing unit during the series of time intervals;
performing a comparison between the demand measurements (L2B measurements) for the plurality of price candidates; and
determining how to price the pricing unit based on the comparison. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39)
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40. A computer-readable medium carrying one or more sequences of instructions for pricing a pricing unit, wherein execution of the one or more sequences of instructions by one or more processors causes the one or more processors to perform the steps of:
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during a particular time interval, concurrently offering the pricing unit at a plurality of price candidates;
making one or more L2B measurements for each of the plurality of price candidates for the particular time interval;
performing a comparison between the L2B measurements for the plurality of price candidates; and
determining how to price the pricing unit based on the comparison. - View Dependent Claims (41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60)
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61. A computer-readable medium carrying one or more sequences of instructions for pricing a pricing unit, wherein execution of the one or more sequences of instructions by one or more processors causes the one or more processors to perform the steps of:
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during a series of time intervals, alternating between offering the pricing unit at a plurality of price candidates;
wherein the pricing unit is offered at a first price candidate during at least a first time interval and a third time interval, and the pricing unit is offered at a second price candidate during at least a second time interval that occurs after the first time interval and before the third time interval;
making one or more demand measurements (L2B measurements) for each of the plurality of price candidates based on sales of the pricing unit during the series of time intervals;
performing a comparison between the demand measurements (L2B measurements) for the plurality of price candidates; and
determining how to price the pricing unit based on the comparison. - View Dependent Claims (62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78)
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Specification