Nor1 Awarded Patent for Its Pricing and Merchandising Technology

Nor1, the Silicon Valley- based provider of data-driven pricing and merchandising solutions for hotels and resorts worldwide, has obtained a patent for its computer-implemented methods and systems for pricing and automatic merchandising technology, branded as PRiME.

According to a press release, by introducing the concept of a two-sided persona, the patented technology provides advancement to the conventional notion of a user profile prevalent in current retail environments. Created in real-time and looking at both sides of the market, two-sided personas are comprehensive and highly predictive of a transaction outcome.

"We are most proud of the validation and endorsement our technology, PRiME, just received from the USPTO," said Art Norins, co-founder and CEO of Nor1. "No other company is leveraging pricing and merchandising technologies in such a data-centric, buyer-centric way."

While its patents span all industry verticals, Nor1's upsell solutions are focused on the hospitality industry.   Their worldwide customers include Hilton, Hyatt, InterContinental and Carlson hotels. Nor1’s signature eStandby Upgrade and the FrontDesk Upsell both operate on a platform that is powered by PRiME, the decision intelligence engine, that makes product selection, upsell pricing, and display ranking decisions customized for each hotel guest.

Creating the fusion between technology and guest experience, PRiME's primary focus is to maximize revenue for hotels while maintaining the rate integrity of their perishable inventories. Using sophisticated algorithms that get continuously trained with millions of historical hotel booking transactions, PRiME can better predict a hotel guest's willingness to pay for room upgrades and other complementary services. In just a fraction of a second, this powerful pricing and merchandising engine can produce insights into guest’s willingness compared to days, in which the average hotel revenue manager would take to find out.

With their distinct combination of expertise and skill, Nor1 continues to attract technology's most distinguished investors such as Goldman Sachs and Accel Partners (News - Alert).

 In other company news, TMCnet reported that Nor1 has integrated its pricing and merchandising solutions with OPERA, MICROS's industry-leading Enterprise Solution.