Nor1 Receives Second Patent on PRIME, the Data-driven Upsell Pricing and Merchandising Engine
Silicon Valley, CA – October 24, 2012 – Nor1 announced today the USPTO’s granting of patent No. 8,285,599 for PRiME®, the company’s data-driven upsell engine, for a “method and system for simultaneous pricing and merchandising”.
The patented technology is a groundbreaking concept for any retailer. Along with the company’s patented technology on two-sided personas, Nor1 will catapult data-driven pricing and merchandising for its customers to a much higher level of utility and revenue maximization.
Specifically, this patent addresses the challenge of choosing prices and a subset of products from a master set while simultaneously taking into account the effects of pricing within a particular product set. In combination with Nor1’s first patent for pricing and merchandising (granted in May 2012), PRiME uses sophisticated algorithms to take a real-time and historic look at consumer-specific data, transaction data, and product data to better predict a consumer’s willingness to pay a certain price, for a particular product at a particular time.
Hoteliers that want to take upselling to the next level and want to be successful need to leverage a Machine Learning/Artificial Intelligence approach using resultant data and derived statistics to make dynamic, relevant and targeted offers,” said Nor1 Co-Founder and President Jason Bryant. “It’s not enough to add an upgrade feature to a booking solution. With PRiME, Nor1 uniquely offers a data-driven approach to upselling that enables hotels to standardize, grow and track upsells across their enterprise impacting marketing, revenue management, loyalty, and property operations.
Bryant continues. “We believe a significant percentage of profits can be derived from the data-driven approach using PRiME. The push for greater occupancy and ADR magnifies this upselling opportunity.”
To date, more than 65 million upsell offers have been made to hotel guests through Nor1’s signature eStandby Upgrade™ solution. Thousands of hotels worldwide, including brands such as Hilton, Hyatt, Carlson Rezidor, and Fairmont, are currently using eStandby to boost ADR and the guest experience. The success of eStandby lies within Nor1’s data-driven approach to upsell offers that identifies, in real-time, guests’ willingness to pay for premium rooms and services on top of their existing reservations.
About Nor1 Inc.
Nor1, Inc. is the technology leader in upsell solutions. Headquartered in Silicon Valley, Nor1 provides data-driven pricing and merchandising solutions to maximize incremental revenues for hotels and resorts worldwide such as Hilton, Hyatt, IHG, Carlson Rezidor and Kempinski Hotels. Nor1’s patented, dynamic decisions intelligence engine, PRiME®, powers Nor1’s scalable upsell platform including its signature eStandby Upgrade® and the FrontDesk Upsell™.
Nor1 is creating the fusion between technology and guest experience. It’s that combination of expertise and skill that have set Nor1 apart and continues to attract technology’s most distinguished investors such as Concur (CNQR), Goldman Sachs and Accel Partners. For more information, please visit www.nor1.com.
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Marketing & PR for Nor1, Inc.