Patent protects pricing tech
A SOUTHPORT-based company claims it has been granted a US patent for technology used all over the world by rideshare operators, hotels, airlines, online shopping sites and more.
Allotz.com Ltd, which is headed up by IT veteran Martin McConnachie, has been developing technology for realtime dynamic pricing since 2006.
Dynamic pricing, also referred to as surge pricing, has been around for a long time, and refers to companies setting flexible prices for products or services based on market deTHE mands. Companies used historical data but more and more now use algorithms and artificial intelligence to alter pricing.
Mr McConnachie said the patent protects Allotz from other companies infringing on its cloud-based application.
He said it uses real-time data, based on supply and demand, including time to expiry, to maximise a vendor’s distribution, turnover and profit.
“Over the past few years artificial intelligence and algorithms have enabled online retail companies, for example, to electronically vary rate and allocation, however the granting of the patent recognises our original and unique innovation,” he said.
Mr McConnachie said the technology is available under licencing or a royalty agreement to companies in potential breach of the patent – and also available as a plug-in for any transactional application.
“These companies include ride-share operators, hotel owners, airlines, online shopping sites, freight companies and fuel suppliers to name just a few,” he said. “The official recognition of our technology puts us in a strong position to seek partnerships, licensing, joint ventures, mergers and major investment to fund significant growth.”