System and method for price matching and comparison

Abstract

A method and system for providing a consumer comparative pricing data from at least two merchants is discussed. In one aspect of the invention a customer of a merchant queries a database containing time and location specific pricing data for competitors of the first merchant. If the query shows that the customer could have purchased the same item or items for a lower price at a competitor, the first merchant awards the customer an on-line credit that is redeemable at the merchant. In another aspect, a consumer uploads an image of a competitor's receipt. The item specific data on the receipt is converted to UPC codes on an item by item basis. These UPC codes are then compared against the merchant's pricing database and the consumer is provided data set comparing the prices the consumer paid to the prices the consumer would have paid had the consumer shopped at the merchant.

That which is claimed is: 
     
         1 . A computer implemented method for providing a merchant's customer with a redeemable credit based on a difference in purchase price, the method comprising the steps of:
 Storing in a first electronic database data related to a customer's purchasing transaction at said merchant wherein said data includes the date of the transaction, the price of at least one item purchased in the transaction, and a transaction specific identifier that is printed on the receipt that is given to said customer;   Storing in a second electronic database date specific pricing data for items sold by at least one competitor of said merchant;   Receiving a request to compare the price paid by said customer at said merchant with the price of the identical item as advertised by one or more of merchant's competitors on the date of said customer's transaction;   Retrieving said customer's purchase data from said first database and comparing said customer's data with pricing data from said second database;   Identifying any item purchased by said customer which was offered for sale at a lower price by at least one of said merchant's competitors on the date of said customer's transaction;   Calculating the difference between the price paid by the customer at said merchant and the identified lowest price offered by one of said merchant's competitors; and   Awarding the customer a redeemable credit at said merchant for the calculated difference in price.   
     
     
         2 . The method according to  claim 1  further comprising the step of providing the customer with item by item cost comparison data along with notification of the award of redeemable credit. 
     
     
         3 . A method according to  claim 1  in which the step of receiving a request from said customer comprises having the customer submit a transaction specific identifier. 
     
     
         4 . A method according to  claim 3  wherein said system portal is selected from the group consisting of mobile applications, social media portals, the merchant's website and a point of sale portal 
     
     
         5 . A method according to  claim 1  wherein the step of storing in said first and second databases comprises identifying and storing at least one item specific characteristic for each item. 
     
     
         6 . A method according to  claim 5  wherein said at least one item specific characteristic is a uniform product code. 
     
     
         7 . A method according to  claim 5  wherein the step of comparing said customer's data from said first database with pricing data from said second database comprises the steps of
 Searching said first database and identifying a specific characteristic for an item purchased by said customer at said merchant; 
 Searching said second database for an item having the same specific characteristic and identifying such an item; and 
 Comparing the price associated with said item in said first database with any prices associated with said item in the second database. 
 
     
     
         8 . A method according to  claim 1  wherein said redeemable credit is in the form of a credit made to an online account. 
     
     
         9 . A method according to  claim 1  wherein said redeemable credit is applied at the point of sale. 
     
     
         10 . A computer implemented system for providing a merchant's customer with a redeemable credit based on a difference in purchase price, the system comprising:
 A first electronic database that stores purchase data generated by a customer's purchasing transaction at said merchant wherein said data includes the date of the transaction, the price of at least one item purchased in the transaction, and a transaction specific identifier that is printed on the receipt that is given to said customer;   A second electronic database that stores date specific pricing data for items sold by at least one competitor of said merchant;   A portal for receiving a request from said customer to compare the price paid by said customer at said merchant with the price of the identical item as advertised by one or more of merchant's competitors on the date of said customer's transaction;   A data comparison engine that is capable of retrieving said customer's purchase data from said first database and comparing said customer's data with pricing data from said second database and identifying any item purchased by said customer which was offered for sale at a lower price by at least one of said merchant's competitors on the date of said customer's transaction;   A price calculation engine that is capable of calculating the difference between the price paid by the customer at said merchant and the identified lowest price offered by one of said merchant's competitors; and   An award module that is capable of automatically awarding the customer a credit that is redeemable at said merchant for the calculated difference in price.   
     
     
         11 . The system according to  claim 10  wherein the system provides the customer with item by item cost comparison data along with notification of the award of redeemable credit. 
     
     
         12 . A system according to  claim 10  in which the portal queries the customer for said transaction specific identifier. 
     
     
         13 . A system according to  claim 12  wherein said portal is selected from the group consisting of mobile applications, social media portals, the merchant's website and a point of sale portal. 
     
     
         14 . A system according to  claim 10  wherein said first and second databases associate at least one specific characteristic with each item. 
     
     
         15 . A system according to  claim 14  wherein said at least one item specific characteristic is a uniform product code. 
     
     
         16 . A system according to  claim 14  wherein said data comparison engine is further capable of
 Searching said first database and identifying a specific characteristic for an item purchased by said customer at said merchant; 
 Searching said second database for an item having the same specific characteristic and identifying such an item; and 
 Comparing the price associated with said item in said first database with any prices associated with said item in the second database. 
 
     
     
         17 . A system according to  claim 10  wherein said redeemable credit is in the form of a credit made to an online account. 
     
     
         18 . A system according to  claim 10  wherein said redeemable credit is in the form of a credit that is applied at the point of sale. 
     
     
         19 . A computer implemented method for providing price comparison data to a consumer, the method comprising the steps of:
 Electronically receiving an image of a retail receipt issued by a first merchant, said receipt containing purchase data wherein the purchase data contained on said receipt comprises (1) the date of the purchase, (3) the location of the purchase, (3) a price for at least one purchased item, and (4) at least one item specific characteristic for each purchased item;   Transcribing at least one item specific characteristic for each item listed on said receipt;   Matching at least one transcribed item specific characteristic for each item to a UPC code based on a set of matching criteria thereby obtaining a first merchant UPC code list containing at least one item listed on said receipt;   Identifying a second merchant store location that is closest to the location of the purchase from the first merchant;   Searching said second merchant's pricing database, identifying UPC codes and prices for items sold at said second merchant store location that match the UPC codes on said first merchant UPC code list;   Presenting the consumer a data set comprising (a) a list of items purchased at said first merchant, (b) the price for items purchased at said first merchant, and (c) the price offered by the second merchant for at least one item purchased at said first merchant.   
     
     
         20 . A computer system for providing price comparison data to a consumer, the system comprising:
 An intake module for receiving an electronic image of a retail receipt issued by a first merchant, said receipt having purchase data for at least one item;   A transcription module for converting said purchase data to a machine readable format;   A UPC matching module for assigning a UPC code to said at least one item identified on said receipt:   A pricing database for a second merchant, said pricing database containing UPC and price data for items sold by said second merchant, said UPC and price data being searchable on a location specific basis;   A search engine with access to said second merchant pricing database that compares the UPC codes associated with the receipt with location specific UPC codes for the second merchant, identifies any matching UPC codes, and collects second merchant pricing data for the matched UPC codes; and   A data compilation module that presents the consumer a data set comprising (a) a list of items purchased at said first merchant, (b) the price for items purchased at said first merchant, and (c) the price offered by the second merchant for at least one item purchased at said first merchant.