Mastercard Incorporated
SYSTEM AND METHOD FOR DETERMINING OPTIMUM PRICE CURVE AND DYNAMICALLY UPDATING PRODUCT PRICE

Abstract:

A system and method are provided for determining an optimum price curve to a target date and dynamically updating a price of a product in real-time in a store of a merchant. A merchant database contains and a third-party source provides information which is relevant to determining the price. An enhanced data engine and database generates and stores enhanced information which is derived from the merchant and third-party information and which is relevant to determining the price of the product. A dynamic pricing mechanism includes an artificial intelligence trained on the enhanced information and is configured to determine the optimum price curve for the product, and to transmit a current price from the optimum price curve via a communications network. An electronic price display is located in the store and receives from the dynamic pricing mechanism and visually displays in real-time the current price of the product.