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Feedvisor Receives U.S. Patent for AI-Powered Pricing Optimization Technology
Amazon Is at the Center of E-Commerce
Navigating the Amazon landscape can be immensely complex due to a myriad of data, inefficient workflows, ever-evolving priorities and shifting strategies, and an influx of competition. In order to remain competitive and profitable, sellers and brands operating on the Amazon marketplace need to monitor their performance across several key areas of business — pricing, advertising, inventory management, fulfillment, ratings and reviews, and more.
By doing so, these stakeholders are effectively delivering on consumer expectations and retaining customers for future purchases. Amazon’s influence and ever-growing audience — including more than 100 million Prime members in the U.S. alone — position the company as not only the e-commerce market leader but also the go-to destination for consumers at every stage of their purchase journeys.
In fact, 74% of consumers go directly to Amazon when they are ready to buy a specific product and 82% check prices on the platform before making a purchase. Through years of performing ongoing innovation, building a vast product selection, and establishing industry standards — like Prime did for rapid delivery — Amazon has highly differentiated itself as more than a marketplace. It is an e-commerce arena of its own.
Feedvisor Is Awarded U.S. Patent for AI-Powered Technology
Feedvisor, which manages over $2 billion in GMV annually on Amazon, understands the deep importance for sellers and brands to position Amazon at the center of their e-commerce strategies. One of the solutions the company provides is repricing for competitive products, based on a proprietary algorithm. This algorithm analyzes a myriad of Amazon’s data streams to fuel automatic, real-time price optimizations based on the dynamic, hyper-competitive marketplace arena.
Through machine-learning techniques, sophisticated technology, and deep Amazon expertise, the algorithm is able to carry out personalized actions that accelerate sales and profits and enable clients to remain competitive amidst an Amazon-led e-commerce landscape. While the intricacies of the technology and its ability to adapt to changing market conditions can be complex and intense, it enables a lean and simple user interface, requiring a bare minimum effort by the user, who is only required to provide floor and ceiling price boundaries.
Recently, the United States Patent and Trademark Office issued the grant of U.S. Patent #10,332,139 for the algorithm. The patent, titled “Dynamic Repricing of Items on Electronic Marketplaces and/or Online Stores” solidifies Feedvisor as the market leader in this space — there is no other repricing patent that accommodates for a dynamic e-commerce arena such as Amazon. Being awarded this patent is a milestone for the e-commerce industry in general, as less than 10% of patents in this space are approved by the USPTO.
According to Feedvisor data, 79% of Amazon retailers using pricing technology experienced profit growth over the past year, demonstrating the tangible impact that big data, automation, and price optimization in Amazon’s dynamic arena can have on your overall profitability.
Feedvisor’s patent award for its pricing algorithm signifies a monumental milestone for the company, demonstrating our commitment to creating innovative solutions for maximizing holistic business performance, driving ROI, and outpacing the competition on Amazon.