Clear Demand Awarded Patent on Advanced Retail Science Crucial to the Future of Retail
Major advance in Retail Science for Multichannel, Multi-Offer, and Customer Segmentation
Clear Demand Inc., innovation leader in omnichannel retail price, promotion, and markdown, announced today the issuance of US Patent No. 10,977,673, which presents break-through technology for optimizing prices across channels, offers, and customer segments. Retailers use Clear Demand to increase demand by influencing customer purchase path by providing optimized discounts across various offers and campaigns. “Retailers today cannot compete based on a shelf price alone,” said James A. Sills, Ph.D., Clear Demand’s President and Chief Executive Officer. “This technology enables retailers to understand the opportunity to drive demand using discounts across promotions, channels, and customer segments.”
“This new capability enables retailers to provide their customer the best price based on offer, channel, and segment,” said Adam Rosenberg, Ph.D., Chief Science Officer. “The math behind the solution is elegant in that it predicts switching behavior between various volume-based purchase choices such as enforced multiples in convenience stores such as buy 2 candy bars for $3—versus 1 for $2—and pro-pricing volume-based discounts in DIY retail. The technology extends to the widest variety of customer choices including bundled offers like meal deals, online versus store, volume-based discounts (buy more save more), loyalty, and customer segment. It also supports stacked discounts such as coupons.”
“Our retail clients are using this technology to build loyalty with their most valuable customers without eroding margin,” said Brent Lippman, Executive Chairman. “For example, it identifies the best volume-based pricing points for pro segments.” Successful retailers are competing at a more localized level—requiring an understanding of demand by product-channel-offer-segment.”
Clear Demand has applied this technology to optimize prices in over 8,000 stores in North America. “It enables us to understand how discounts offered to target customer segments will drive sales. It is critical for competing effectively in today’s complicated retail market,” said Sills.