Electronic Price Tag

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Electronics
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What problem does your design idea solve?
What are the potential benefits?
How is your idea novel or an improvement on what is currently available in the marketplace?
Where would this idea be applied?
What is the market potential?
How does your design work?
How would your product be manufactured?
How would the production cost compare with products already in the marketplace?

1. It helps retailers and supermarkets compete with each other, in real time. The more competition will make the prices lower for the consumers. The prices change automatically (if code is written for the store), so you don't need people to put stickers up for every time you want to change the price or put something on sale.

2. The benefits are that people get better deals, you can cut jobs that you don't need anymore, the companies can sell products they have too much of, quickly, by putting it on sale. The companies can also be able to make more money by increasing the price if the supply is low or the demand is high for some reason. It can also be used to educate consumers about good and bad businesses practices of the company’s' brands.

3. Currently they use stickers, this is a LED screen that is the same size as the sticker price tag to fit on the same slot in the shelves. The layout of the screen can be changed from store to store to show the necessary information they need.

4. This idea would be applied to any retail chain, supermarket, or any store that sells stuff.

5. The potential is that there is a lot of big retail chains and grocery stores like Walmart that have thousands of products all needing an LED price tag.

6. All the LED screens all have wires connecting them together to a network, this network can then compare the prices to other products in the vicinity of the store (like 15 mile radius more or less). The price tag then gives the product a rating(like a 5 star rating or similar) showing if it is a good deal to the competition or if it is more than the competition. There will also be a rating system for each brand determining weather they use good business practices or bad, so the consumer can make a better decision. This is an alternative for businesses that sell stuff for more money but are environmentally conscious, and have better business practices. The rating is the only thing the store can't change themselves. the screens are controlled by a computer at each store to put something on sale or change the price of an item.

7. It would be manufactured like other LED screens, just a lot smaller.

8. LEDs are a lot more expensive than a sticker, but it can make its money back in the long run.

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  • ABOUT THE ENTRANT

  • Name:
    Dorian Miller
  • Type of entry:
    individual
  • Software used for this entry:
    none
  • Patent status:
    none