US 12,333,591 B2
Method, system, and computer program product for providing product data and/or recommendations
James McDonald Bostock, San Mateo, CA (US); and Lisa Hammitt, San Francisco, CA (US)
Assigned to Visa International Service Association, San Francisco, CA (US)
Filed by Visa International Service Association, San Francisco, CA (US)
Filed on Oct. 10, 2022, as Appl. No. 17/962,802.
Application 17/962,802 is a continuation of application No. 16/508,675, filed on Jul. 11, 2019, granted, now 11,481,829.
Claims priority of provisional application 62/696,564, filed on Jul. 11, 2018.
Prior Publication US 2023/0034409 A1, Feb. 2, 2023
Int. Cl. G06Q 30/00 (2023.01); G06F 16/9535 (2019.01); G06Q 30/0241 (2023.01); G06Q 30/0251 (2023.01); G06Q 30/0601 (2023.01)
CPC G06Q 30/0631 (2013.01) [G06F 16/9535 (2019.01); G06Q 30/0247 (2013.01); G06Q 30/0256 (2013.01); G06Q 30/0625 (2013.01)] 18 Claims
OG exemplary drawing
 
1. A method for providing product data to a first merchant, comprising:
receiving, with at least one processor, transaction data associated with a plurality of payment transactions from a plurality of merchants;
receiving, with the at least one processor, inventory data associated with an inventory of a first merchant of the plurality of merchants, the inventory data comprising price data associated with a price of each product of a plurality of products in the inventory;
receiving, with the at least one processor, preference data associated with the first merchant, the preference data comprising a target amount of profit and a request for identification of a new type of product for inclusion in an inventory of the first merchant;
determining, with the at least one processor, the new type of product to purchase for inclusion in the inventory of the first merchant, a recommended price of the new type of product, and a recommended demographic target for advertising the new type of product based on the plurality of payment transactions from the plurality of merchants, the inventory data, and the preference data;
calculating, with the at least one processor, a potential profit associated with the new type of product based on the recommended price of the new type of product;
calculating, with the at least one processor, a probability that the first merchant will purchase the new type of product;
calculating, with the at least one processor, a score based on the potential profit and the probability that the first merchant will purchase the new type of product; and
upon determining that the score exceeds a threshold, transmitting, with the at least one processor, at least one recommendation to the first merchant, the at least one recommendation comprising the new type of product, the recommended price of the new type of product, and the recommended demographic target.