Method and system for dynamic pricing

• US 8,762,294 B2
• Filed: 09/04/2007
• Issued: 06/24/2014
• Est. Priority Date: 07/24/2001
• Status: Active Grant

• Current Assignee: Oracle OTC Subsidiary LLC (Oracle Corporation)
• Original Assignee: Oracle OTC Subsidiary LLC (Oracle Corporation)
• Inventors: Berkovitz, Joseph H., Kawaf, Tareef S., Mason, Robert S., Mather, Graham L., Spiewak, Joshua S.
• Primary Examiner(s): Chen, George
• Application Number:
  US11/896,552
• Publication Number:
  US 20070299790A1
• Time in Patent Office: 2,485 Days
• Field of Search: 705/1.1, 705 711- 735, 705/400, 705/26.1
• US Class Current: 705/400
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0283 Price estimation or determination

Abstract

A computer system and method for dynamic pricing is described. The system includes at least one dynamic calculator, which performs calculations based upon conditional rules.

Claims

1. A non-transitory computer-readable medium having instructions stored thereon that, when executed by a processor, cause the processor to perform dynamic pricing of at least one item of an order, the performing comprising:

providing a pricing engine configured to make modifications to a price to be paid by a customer;

providing price environment input comprising customer information, order information, item information, and conditional rules, wherein the conditional rules comprise a condition that must be satisfied for the at least one item to qualify for a discount and a target upon which to apply the discount, and wherein the target is defined based upon metadata about the at least one item;

extracting the conditional rules from the price environment and storing the conditional rules in a database;

initially determining the price for the at least one item that is not conditional;

determining that the at least one item is part of the target of the extracted conditional rules based upon the metadata about the at least one item;

modifying the price for the at least one item based upon the extracted conditional rules;

modifying the price for the at least one item based upon at least one pricing algorithm; and

providing a price information output comprising the price of the order and the price calculation history for all individual items in the order, the price calculation history including the calculations made and conditional rules used to calculate the price of an item.

2. The non-transitory computer-readable medium of claim 1, the performing further comprising:

receiving a price information input, comprising the price of the order and the price calculation history for all individual items in the order including the calculations made and rules used to calculate the price of an item.

3. The non-transitory computer-readable medium of claim 2 wherein, when the order changes, the rules are re-run to determine the new price of each item in the order.

4. The computer program product of claim 1, wherein the conditional rules of the price environment depend upon at least one of the customer information, the order information, or the item information.

5. The computer program product of claim 1, wherein the price is reduced for the at least one item.

6. A computer implemented method for dynamic pricing of at least one item of an order, the computer implemented method comprising:

providing a pricing engine for calculating a price to be paid by a customer;

providing a price environment input to the pricing engine comprising customer information, order information item information, and conditional rules, wherein the conditional rules comprise a condition that must be satisfied for the at least one item to qualify for a discount and a target upon which to apply the discount, and wherein the target is defined based upon metadata about the at least one item;

extracting the conditional rules from the price environment and storing the conditional rules in a database on a computer;

statically calculating, by the computer, the price for the at least one item;

determining that the at least one item is part of the target of the extracted conditional rules based upon the metadata about the at least one item;

dynamically calculating, by the computer, the price for the at least one item based upon the extracted conditional rules, wherein the conditional rules are transformed into an executable rule to run on the computer;

statically calculating, by the computer, the price for the at least one item based upon at least one pricing algorithm; and

providing a price information output from the pricing engine comprising the price of the order and the price calculation history for all individual items in the order, the price calculation history including the calculations made and conditional rules used to calculate the price of an item.

7. The method of claim 6 further comprising:

providing a price information input to the pricing engine, comprising the price of the order and the price calculation history for all individual items in the order including the calculations made and rules used to calculate the price of an item.

8. The method of claim 7 wherein, when the order changes, the rules input to the pricing engine are re-run to determine the new price of each item in the order.

9. A computer system for dynamic pricing of at least one item of an order comprising:

a non-transitory computer-readable medium;

a pricing engine for making modifications to a price to be paid by a customer;

a price environment input to the pricing engine comprising customer information, order information, item information, and conditional rules, wherein the conditional rules comprise a condition that must be satisfied for the at least one item to qualify for a discount and a target upon which to apply the discount, and wherein the target is defined based upon metadata about the at least one item;

a qualifier for extracting the conditional rules from the price environment and storing the conditional rules in a database;

at least one first static calculator for initially determining the price for the at least one item that is not conditional;

at least one dynamic calculator for determining that the at least one item is part of the target of the extracted conditional rules based upon the metadata about the at least one item, and modifying the price for the at least one item based upon the extracted conditional rules;

at least one second static calculator for modifying the price for the at least one item based upon at least one pricing algorithm; and

a price information output from the pricing engine comprising the price of the order and the price calculation history for all individual items in the order, the price calculation history including the calculations made and conditional rules used to calculate the price of an item.

10. The computer system of claim 9 further comprising:

a price information input to the pricing engine, comprising the price of the order and the price calculation history for all individual items in the order including the calculations made and rules used to calculate the price of an item.

11. The computer system of claim 10 wherein, when the order changes, the rules input to the pricing engine are re-run to determine the new price of each item in the order.