COMMUNICATING PRICE DISCOUNTS

• US 20110054992A1
• Filed: 07/29/2010
• Published: 03/03/2011
• Est. Priority Date: 07/31/2009
• Status: Abandoned Application

• Current Assignee: Inflection Point Retail LLC
• Original Assignee: Inflection Point Retail LLC
• Inventors: Liberty, Michael A., Abbass, Brittany S.
• Application Number:
  US12/846,436
• Publication Number:
  US 20110054992A1
• Time in Patent Office: Days
• US Class Current: 705/14.24
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0223 based on inventory
• CPC Class Codes: G06Q 30/0257 User requested

Abstract

The present invention extends to methods, systems, and computer program products for communicating price discounts. Embodiments include alerting customers (e.g., to an imminent or impending) price reduction on (e.g., perishable) items. More particularly, embodiments include compiling product and consumer data to determine which consumers are to receive notifications of impending price discounts. This compilation of data is transmitted to a communications system, which then transmits via instantaneous electronic means, such as SMS text message, picture message, e-mail, or micro-blogging, a price discount notification. Computer systems enabled to practice the present invention, comprising one or more databases and a communications system configured to transmit price discount notifications, are also described.

Claims

1. At a computer system, the computer system including a processor and system memory, the computer system communicatively coupled to a product life cycle database, a discount database, and a contact database, the product life cycle database containing inventory level data and life cycle data for one or more items, the inventory level data indicating how many of each of the one or more items are for sale and the life cycle data indicating when the life cycle of each of the one or more items is to expire, the discount database containing discount data indicating the amount and timing of price discounts for the one or more items, and the contact database containing contact data indicating how to notify entities of price discounts for the one or more items, the computer system including a life cycle monitoring module that monitors the life cycle data for expiring items and inducing a discount record generation module for generating discount records for expiring items, a method communicating a price reduction for an item, the method comprising:

an act of determining that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item, the determination based on the inventory level data indicating that the amount of the item in inventory exceeds a predefined number and based on the life cycle data indicating that the item is within a predefined time period of expiring;

an act of the processor generating a discount record for the item in response to the determination, the discount record constructed from data contained in the product life cycle database, the discount database, and the contact database, the discount record containing;

a price discount for the item, the price discount indicating how much the price of the item is discounted from a list price, the price discount formulated from the discount data;

a notification time, the notification time indicating when relevant entities are to be notified of the price discount, the notification time formulated from the discount data;

a number of units of the item being offered in accordance with the price discount, the number of units formulated from the inventory level data for the item; and

communication information indicating how relevant entities interested in price discounts for the item are to be made aware of the price discount and the number of items being offered, the communication information formulated from the contact data; and

an act of, at the notification time, using electronic network based communication to send notification information contained in the discount record to the relevant entities in accordance with the communication information, the notification information notifying the relevant entities of the number of units of the item being offered in accordance with the price discount.

2. The method as recited in claim 1, further comprising:

an act of gathering purchase data for the item subsequent to sending the notification information, the purchase data indicating how many of the number of units of the item offered in accordance with the price discount were purchased in a specified time period prior to expiration of the item; and

an act of modifying discount data for the item based on the gathered purchase data to optimize revenue when formulating subsequent price reductions for the item.

3. The method as recited in claim 2, wherein the act of modifying discount data for the item comprises an act of one of:

reducing the magnitude of the discount or increasing the magnitude of the discount.

4. The method as recited in claim 2, wherein the act of modifying discount data for the item comprises an act of one of:

moving the notification time closer to the time of expiration for the item or moving the notification time further away from the time of expiration for the item.

5. The method as recited in claim 1, wherein the act of using electronic network based communication to send notification information contained in the discount record comprises an act of sending an SMS message to a consumer that opted in for receiving price discounts for the item.

6. The method as recited in claim 1, wherein the act of using electronic network based communication to send notification information contained in the discount record comprises an act of sending the notification information over multiple communication channels.

7. The method as recited in claim 1, wherein the act of determining that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item comprises an act of determining that generating a price discount for a food item is appropriate to mitigate revenue loss associated with the food item spoiling.

8. The method as recited in claim 1, wherein the act of determining that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item comprises an act of determining that generating a price discount for an item selected from among:

clothing, pharmaceuticals, chemicals, electronics, ammunition, and cosmetics, is appropriate.

9. A computer program product for use at a computer system, the computer system communicatively coupled to a product life cycle database, a discount database, and a contact database, the product life cycle database containing inventory level data and life cycle data for one or more items, the inventory level data indicating how many of each of the one or more items are for sale and the life cycle data indicating when the life cycle of each of the one or more items is to expire, the discount database containing discount data indicating the amount and timing of price discounts for the one or more items, and the contact database containing contact data indicating how to notify entities of price discounts for the one or more items, the computer system including a life cycle monitoring module that monitors the life cycle data for expiring items and inducing a discount record generation module for generating discount records for expiring items, the computer program product of for implementing a method communicating a price reduction for an item, the computer program product comprising a computer storage device having stored thereon computer-executable instructions that, when executed by a processor, cause the computer system to perform the method, including the following:

determine that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item, the determination based on the inventory level data indicating that the amount of the item in inventory exceeds a predefined number and based on the life cycle data indicating that the item is within a predefined time period of expiring;

generate a discount record for the item in response to the determination, the discount record constructed from data contained in the product life cycle database, the discount database, and the contact database, the discount record containing;

a price discount for the item, the price discount indicating how much the price of the item is discounted from a list price, the price discount formulated from the discount data;

a notification time, the notification time indicating when relevant entities are to be notified of the price discount, the notification time formulated from the discount data;

a number of units of the item being offered in accordance with the price discount, the number of units formulated from the inventory level data for the item; and

communication information indicating how relevant entities interested in price discounts for the item are to be made aware of the price discount and the number of items being offered, the communication information formulated from the contact data; and

at the notification time, use electronic network based communication to send notification information contained in the discount record to the relevant entities in accordance with the communication information, the notification information notifying the relevant entities of the number of units of the item being offered in accordance with the price discount.

10. The computer program product as recited in claim 9, further comprising computer-executable instructions that, when executed, cause the computer system to perform the following:

gather purchase data for the item subsequent to sending the notification information, the purchase data indicating how many of the number of units of the item offered in accordance with the price discount were purchased in a specified time period prior to expiration of the item; and

modify discount data for the item based on the gathered purchase data to optimize revenue when formulating subsequent price reductions for the item.

11. The computer program product as recited in claim 10, wherein computer-executable instructions that, when executed, cause the computer system to modifying discount data for the item comprise computer-executable instructions that, when executed, cause the computer system to reduce the magnitude of the discount or to increase the magnitude of the discount.

12. The computer program product as recited in claim 10, wherein computer-executable instructions that, when executed, cause the computer system to modifying discount data for the item comprise computer-executable instructions that, when executed, cause the computer system to move the notification time closer to the time of expiration for the item or move the notification time further away from the time of expiration for the item.

13. The computer program product as recited in claim 9, wherein computer-executable instructions that, when executed, cause the computer system to use electronic network based communication to send notification information contained in the discount record comprises computer-executable instructions that, when executed, cause the computer system to send an SMS message to a consumer that opted in for receiving price discounts for the item.

14. The computer program product as recited in claim 9, wherein computer-executable instructions that, when executed, cause the computer system to use electronic network based communication to send notification information contained in the discount record comprise computer-executable instructions that, when executed, cause the computer system to send the notification information over multiple communication channels.

15. The computer program product as recited in claim 9, wherein computer-executable instructions that, when executed, cause the computer system to determine that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item computer-executable instructions that, when executed, cause the computer system to determine that generating a price discount for a food item is appropriate to mitigate revenue loss associated with the food item spoiling.

16. The computer program product as recited in claim 9, wherein computer-executable instructions that, when executed, cause the computer system to that generation of a price discount for an item is appropriate to mitigate revenue loss related to the item comprises computer-executable instructions that, when executed, cause the computer system to determine that generating a price discount for an item selected from among:

clothing, pharmaceuticals, chemicals, electronics, ammunition, and cosmetics, is appropriate.

17. A system, the system for communicating product price discounts in essentially real time, the system comprising:

one or more processors;

system memory;

one or more computer storage devices having stored thereon a product life cycle database, a discount database, a contact database, a life cycle monitoring module, a discount record generation module, and a communication module, the product life cycle database containing inventory level data and life cycle data for one or more products, the inventory level data indicating how many of each of the one or more products are for sale and the life cycle data indicating when the life cycle of each of the one or more products is to expire, the discount database containing discount data indicating the amount and timing of price discounts for the one or more products, and the contact database containing contact data indicating how to notify entities of price discounts for the one or more products, wherein the life cycle monitor module is configured to;

determine when generation of a price discount for a product is appropriate to mitigate revenue loss related to the product, the determination based on the inventory level data indicating that the amount of the product in inventory exceeds a predefined number and based on the life cycle data indicating that the product is within a predefined time period of expiring;

wherein the discount record generator module is configured to;

generate a discount record for the product in response to the determination, the discount record constructed from data contained in the product life cycle database, the discount database, and the contact database, the discount record containing

a price discount for the product, the price discount indicating how much the price of the product is discounted from a list price, the price discount formulated from the discount data;

a number of units of the product being offered in accordance with the price discount, the number of units formulated from the inventory level data for the product; and

communication information indicating how relevant entities interested in price discounts for the product are to be made aware of the price discount and the number of products being offered, the communication information formulated from the contact data; and

wherein the communication module is configured to;

use electronic network based communication to send notification information contained in the discount record to the relevant entities in essentially real time in accordance with the communication information, the notification information notifying the relevant entities of the number of units of the product being offered in accordance with the price discount.

18. The system as recited in claim 17, wherein components of the system are further configured to:

gather purchase data for the product subsequent to sending the notification information, the purchase data indicating how many of the number of units of the product offered in accordance with the price discount were purchased in a specified time period prior to expiration of the product; and

modify discount data for the product based on the gathered purchase data to optimize revenue when formulating subsequent price reductions for the product.

19. The system as recited in claim 17, wherein the life cycle monitor module being configured to determine that generation of a price discount for an product is appropriate to mitigate revenue loss related to the product comprises the life cycle monitor being configured to determine that generating a price discount for a food product is appropriate to mitigate revenue loss associated with the food product spoiling.

20. The system as recited in claim 17, wherein communication module being configured to use electronic network based communication to send notification information contained in the discount record to the relevant entities in essentially real time comprises the communication module being configured to send SMS messages to a plurality of consumers that opted in for receiving price discounts for a food product.