Groupon. has been granted a patent for a system that calculates closing metrics for contracts between promotion services and providers. The method involves assessing various attributes to determine the probability and estimated time for closing deals on promotions offered to consumers. GlobalData’s report on Groupon gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Groupon, Dynamic premium pricing was a key innovation area identified from patents. Groupon's grant share as of June 2024 was 67%. Grant share is based on the ratio of number of grants to total number of patents.
Calculating probabilities for promotional contract closings
The patent US12026757B2 describes an innovative apparatus and method for enhancing the efficiency of contract negotiations between promotion services and providers. Central to this invention is a system that employs at least one processor and memory to execute computer program code designed to automatically perform attribute selection techniques, such as automated forward selection and backward elimination. This process identifies a set of determinative attributes from various data points, including provider information, geographic location, provider category, lead sources, and historical data. The system then trains multiple classifying models that predict the probability of a provider entering into a contract with a promotion service within specified time frames. The output includes a probability of close, which indicates the likelihood of a provider offering promotions to consumers, potentially at discounted rates.
Further enhancements to the system include calculating the estimated time to close contracts, determining the sales stage of contracting opportunities, and analyzing historical contract data to refine the probability assessments. The probability of close can also be influenced by factors such as the size of the provider, their merchant quality score, and demand forecasts. Additionally, the system ranks providers based on their probabilities to close contracts and their respective return rates from promotions purchased by consumers. This comprehensive approach aims to streamline the contracting process, providing valuable insights for both promotion services and providers in making informed decisions.
To know more about GlobalData’s detailed insights on Groupon, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
