Dynamic Retailer Rewards Based on Attributes of Historical Transactions and Calculated Values

• US 20150073889A1
• Filed: 09/10/2013
• Published: 03/12/2015
• Est. Priority Date: 09/10/2013
• Status: Abandoned Application

• Current Assignee: Barclays Bank PLC (Barclays PLC)
• Original Assignee: Barclays PLC
• Inventors: Griffiths, Adam
• Application Number:
  US14/022,701
• Publication Number:
  US 20150073889A1
• Time in Patent Office: Days
• US Class Current: 705/14.25
• CPC Class Codes: G06Q 30/0224 based on user history

Abstract

A system and method are described for providing dynamic retailer rewards. A database stores transaction data identifying attributes of a plurality of past purchases by a purchaser at a respective plurality of different retailers associated with one or more predefined retail sectors. An analytical engine calculates a customer value index (CVI) and a customer engagement index (CEI) for the purchaser based on attributes of the stored transaction data, the CVI indicative of a value of the purchaser to an identified retailer or retail sector based on the attributes of past purchases, and the CEI indicative of a level of engagement by the purchaser with the identified retailer or retail sector. A reward determiner calculates a dynamic reward for the purchaser based on the calculated CVI and CEI, the reward being redeemable by the purchaser against a purchase transaction at the identified retailer or a retailer of the identified retail sector.

Claims

1. A system for providing dynamic retailer rewards, the system comprising:

a database storing transaction data identifying attributes of a plurality of purchases by a purchaser at a plurality of different retailers associated with one or more predefined retail sectors;

a first index calculator configured to calculate a customer value index (CVI) for the purchaser based on at least one attribute of stored transaction data, the CVI indicative of a value of the purchaser to an identified retailer or retail sector based on the attributes of the plurality of purchases;

a second index calculator configured to calculate a customer engagement index (CEI) for the purchaser based on at least one attribute of the stored transaction data, the CEI indicative of a level of engagement by the purchaser with the identified retailer or retail sector; and

a reward determiner configured to calculate a dynamic reward for said purchaser based on the calculated CVI and CEI, the dynamic reward being redeemable by the purchaser against a purchase transaction at the identified retailer or a retailer of the retail sector.

2. The system of claim 1, further comprising a payment platform configured to process payment transactions for purchases by the purchaser, and to store details of processed payment transactions in the database.

3. The system of claim 2, wherein the purchaser is a registered user of the payment platform, and wherein the database stores data for a payment account of the registered user that is used to complete the payment transactions.

4. The system of claim 2, wherein the database further stores details of the purchaser'"'"'s payment transactions with different merchants processed by one or more external third party payment issuers.

5. The system of claim 4, wherein the stored details for a payment transaction comprise data identifying one or more associated merchants, purchased products or services and value of the purchase.

6. The system of claim 2, wherein the reward determiner is configured to calculate the dynamic reward in response to the payment platform receiving data identifying a payment transaction to be processed for the purchaser.

7. The system of claim 1, wherein the reward comprises one or more of a monetary refund, credit, or incentive, an allotment of loyalty-based points to be exchanged for the reward against future purchases, or an offer for discounted or free goods or services.

8. The system of claim 2, wherein the reward comprises a monetary discount value and wherein the payment platform is configured to apply the reward to the payment transaction to be processed for the purchaser.

9. The system of claim 1, wherein the reward determiner is configured to determine the dynamic reward for the purchaser from a scale of reward values based on the calculated CVI and CEI.

10. The system of claim 1, wherein the calculated CVI is a current or predicted monetary value of the purchaser to the identified retailer or retail sector and wherein the calculated CEI is a current or predicted level of engagement by the purchaser with the identified retailer or retail sector.

11. The system of claim 1, wherein the first index calculator is further configured to calculate the CVI based on attributes of non-payment related transaction data associated with the purchaser.

12. The system of claim 1, wherein the second index calculator is further configured to calculate the CEI based on attributes of non-payment related transaction data associated with the purchaser.

13. The system of claim 1, wherein the CVI and the CEI are calculated based on one or more statistical prediction models.

14. The system of claim 1, wherein the CVI comprises one of a low value index, a medium value index, and a high value index, and wherein the CEI comprises one of a low engagement index, a medium engagement index, and a high engagement index.

15. The system of claim 14, wherein the reward determiner is configured to retrieve a dynamic reward value from a two dimensional table of reward values indexed by the calculated CVI and CEI.

16. The system of claim 14, wherein the two dimensional table of reward values comprises a plurality of distinct and discrete reward values.

17. The system of claim 1, further comprising an analyzer configured to analyze the stored transaction data to determine attributes of a plurality of past purchases by a purchaser at a respective plurality of different retailers

18. The system of claim 17, wherein the analyzer is configured to determine one or more of demographic attributes, transactional attributes, behavioral attributes, or attrition attributes.

19. The system of claim 17, wherein the transactional attributes comprise a total spend attribute and a frequency attribute for a plurality of payment transactions by the purchaser in a defined period of time at the identified retailer or retail sector.

20. The system of claim 17, wherein the analyzer is configured to determine a disloyalty attribute indicative of a potential value of moving a purchaser'"'"'s projected expenditure to one or more of a merchant'"'"'s competitors.

21. A computer-implemented method performed by one or more processors for determining a dynamic reward for a purchaser, the method comprising steps of:

storing transaction data identifying attributes of a plurality of purchases by a purchaser at a plurality of different retailers associated with one or more predefined retail sectors;

calculating a customer value index (CVI) for the purchaser based on at least one attribute of the stored transaction data, the CVI indicative of a value of the purchaser to an identified retailer or retail sector based on the attributes of the plurality of purchases;

calculating a customer engagement index (CEI) for the purchaser based on at least one attribute of the stored transaction data, the CEI indicative of a level of engagement by the purchaser with the identified retailer or retail sector; and

determining the dynamic reward for the purchaser based on the calculated CVI and CEI, the dynamic reward being redeemable by the purchaser against a purchase transaction at the identified retailer or retail sector.