ALEXANDRIA, Va., July 16 -- United States Patent no. 12,361,442, issued on July 15, was assigned to Target Brands Inc. (Minneapolis).
"Method and system for managing clearance markdown" was invented by Aishwarya Shukla (Karnataka, India), Nishant Kalsi (Karnataka, India), Narendra Yaddula (Karnataka, India), Gayatri Pal (Karnataka, India) and Vivek S (Karnataka, India).
According to the abstract* released by the U.S. Patent & Trademark Office: "Methods and systems for creation and management of a clearance schedule for in-store clearance of a retail item are disclosed. A markdown schedule may be generated using a first model representing a demand forecast and a second model that represents estimated price elasticity for the item to be pla...