US Patent Awarded for Dynamic Variable Pricing in Real Time
US PATENT GRANTED TO AUSTRALIAN INVENTOR OF DYNAMIC VARIABLE PRICING
The US Patent granted to Allotz.com Limited, covers the technology the company began developing in 2006. The technology has since been used in a variety of industries, including, travel, retail and transport.
President and founder Martin McConnachie said the patent for this unique cloud-based application uses real time data, based on supply and demand, including time to expiry, to maximise a vendor's distribution, turnover and profit.
Mr. McConnachie said the company is very excited to add the US patent to its international portfolio of related patents.
Mr. McConnachie said the US patent has left Allotz willing to negotiate licensing permissions with any company that varies their rate and electronically allocates inventory.
"Over the last 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. "
The Allotz technology is available under licencing or a royalty agreement to companies in potential breach of the patent -and also as a plugin 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.
"The official recognition of our technology has Allotz.com Limited in a strong position to seek: partnerships, licensing, joint ventures, mergers and major investment to fund significant growth.
"We are ready to collaborate with the various industry groups who may have inadvertently been using our patented technology to maximise their profitability," Mr. McConnachie said.
Allotz.com Limited has been using and validating the technology through its subsidiary Allotz Autopilot in the hotel industry.
"When the system detects changes in buying behaviour, the price or allocation is adjusted in real time to reflect actual demand. There is no guesswork," Mr. McConnachie said.
"While the price might be peaking in time of high demand, the savvy consumer can take advantage of much lower prices during low demand periods or when there's an oversupply."
"The awarding US patent is a massive win for Australian innovation on the world stage - and a great tribute to our team's tremendous resolve, professionalism and patience."
For more information contact Allotz.com General Manager Chris Curtis 0437 733571
Phone: +61 7 5667 3410