System and method for rating plural products

Abstract

A system and method for rating of each of plural products comprising identifying plurality of attributes associated with a category of product, applying a scalar structure for each attribute to provide scalar value of each attribute for each of the plural products, determining an incremental competitive index for each attribute of each product based on the scalar value of each attribute and a number of products having the scalar value, and rating each product based on the determined competitive index.

I/we claim: 
     
         1 . A method implemented by at least one computing device for enhancing a database of records corresponding to plural items, each item being assigned to a category, each item having a corresponding item record recorded in the database, each item record including a set of attributes that represent features of the item, each attribute being assigned a corresponding scalar value that represents a state of the corresponding attribute, the method comprising:
 retrieving from the database, by at least one computing device, the sets of attributes and the corresponding scalar values for each attribute;   determining, by at least one computing device, a competitive index for one or more of the attributes based on the corresponding scalar values, wherein the competitive index is determined by, for each of the attributes;
 collecting the corresponding scalar values from plural sets of attributes corresponding to plural items to create a set of scalar values for the attribute; 
 calculating a percentile rank of each scalar value in the set of scalar values scalar value, wherein the maximum percentile rank and the minimum percentile rank are not the same; 
 calculating a numerical value of a percentile rank range of each scalar value; 
 determining a maximum percentile rank range and a minimum percentile rank range of the percentile rank ranges; 
 for each scalar value, calculating an average of the numerical value of the maximum percentile rank range and the minimum percentile rank range to thereby obtain the competitive index; and 
   storing, in a database, the competitive index for each attribute of a corresponding item as an enhanced attribute value in association with the attribute to thereby create an enhanced item record for the item, whereby the enhance item record can be used to evaluate the item with respect to other items by a computing device in a more accurate manner.   
     
     
         2 . The method of  claim 1 , further including the step of assigning an importance level to at least one attribute, and setting a corresponding threshold to the importance level which indicates a maximum number of attributes that can be absent from an item at said importance level for the attribute values corresponding to the item to be subjected to said step of determining a competitive index. 
     
     
         3 . The method of  claim 1 , further comprising:
 calculating a correlation reliability value for at least one of the enhanced attribute values, the correlation reliability value being indicative of a correlation between the at least one of the enhanced attribute values and a price offset corresponding to the corresponding attribute; and   storing the correlation reliability value in association with the enhanced data record to thereby allow more accurate pricing of the corresponding item to be automatically determined based on the enhanced data record.   
     
     
         4 . The method of  claim 3 , further including the step of generating a warning if said correlation reliability value is less than a predetermined level. 
     
     
         5 . The method of  claim 3 , further including the step of disregarding an attribute value in determining the competitive index if the corresponding correlation reliability value is less than a predetermined level. 
     
     
         6 . The method of  claim 1 , wherein the determining a competitive index further comprises rounding at least some of the scalar values to adjust numerical value of a percentile rank range of each scalar value to be at least a predetermined minimum value. 
     
     
         7 . The method of  claim 1 , further comprising rating the items based on the enhanced data records. 
     
     
         8 . The method of  claim 1 , further comprising assigning a price value the items based on the enhanced data records. 
     
     
         9 . The method of  claim 8 , wherein the assigning comprises determining a price offset of each item based on an average price of products in the same category as the item. 
     
     
         10 . A system for enhancing a database of records corresponding to plural items, each item being assigned to a category, each item having a corresponding item record recorded in the database, each item record including a set of attributes that represent features of the item, each attribute being assigned a corresponding scalar value that represents a state of the corresponding attribute, the system comprising:
 at least one computer processor; and   at least one memory device operatively coupled to the at least one computer processor and storing computer readable instructions which, when executed by the at least one computer processor, cause the at least one computer processor to:
 retrieve from the database the sets of attributes and the corresponding scalar values for each attribute; 
 determine a competitive index for one or more of the attributes based on the corresponding scalar values, wherein the competitive index is determined by, for each of the attributes;
 collecting the corresponding scalar values from plural sets of attributes corresponding to plural items to create a set of scalar values for the attribute; 
 calculating a percentile rank of each scalar value in the set of scalar values scalar value, wherein the maximum percentile rank and the minimum percentile rank are not the same; 
 calculating a numerical value of a percentile rank range of each scalar value; 
 determining a maximum percentile rank range and a minimum percentile rank range of the percentile rank ranges; 
 for each scalar value, calculating an average of the numerical value of the maximum percentile rank range and the minimum percentile rank range to thereby obtain the competitive index; and 
 
 storing, in a database, the competitive index for each attribute of a corresponding item as an enhanced attribute value in association with the attribute to thereby create an enhanced item record for the item, whereby the enhance item record can be used to evaluate the item with respect to other items by a computing device in a more accurate manner. 
   
     
     
         11 . The system of  claim 10 , wherein the instructions further cause the at least one computer processor to assign an importance level to at least one attribute, and set a corresponding threshold to the importance level which indicates a maximum number of attributes that can be absent from an item at said importance level for the attribute values corresponding to the item to be subjected to determining a competitive index. 
     
     
         12 . The system of  claim 1 , further wherein the instructions further cause the at least one computer processor to:
 calculate a correlation reliability value for at least one of the enhanced attribute values, the correlation reliability value being indicative of a correlation between the at least one of the enhanced attribute values and a price offset corresponding to the corresponding attribute; and   store the correlation reliability value in association with the enhanced data record to thereby allow more accurate pricing of the corresponding item to be automatically determined based on the enhanced data record.   
     
     
         13 . The system of  claim 12 , wherein the instructions further cause the at least one computer processor to generate a warning if said correlation reliability value is less than a predetermined level. 
     
     
         14 . The system of  claim 12 , wherein the instructions further cause the at least one computer processor to disregard an attribute value in determining the competitive index if the corresponding correlation reliability value is less than a predetermined level. 
     
     
         15 . The system of  claim 10 , wherein the determining a competitive index further comprises rounding at least some of the scalar values to adjust numerical value of a percentile rank range of each scalar value to be at least a predetermined minimum value. 
     
     
         16 . The system of  claim 10 , wherein the instructions further cause the at least one computer processor to rate the items based on the enhanced data records. 
     
     
         17 . The system of  claim 10 , wherein the instructions further cause the at least one computer processor to assign a price value the items based on the enhanced data records. 
     
     
         18 . The system of  claim 17 , wherein the assigning comprises determining a price offset of each item based on an average price of products in the same category as the item.