An app which uses shopping lists to direct retail and brand marketing has gained a US patent for product selection techniques for developer Engage3.
Founder and chief executive Ken Ouimet says the broad ranging patent is one of 20 filed and is the foundation of the company’s ShoppingScout “intent to buy” platform. It covers how advertisers, manufacturers and retailers may recommend products to shoppers based on their preferences.
The six-year-old company – which claims have found an “elegant solution” to complex pain points of CPG manufacturers, retailers, publishers and consumers – has been attracting attention recently, and has just recruited former DTI/Newscycle marketing vice president Steve Nilan B2B marketing senior vice president.
Engage3’s founders are credited with inventing ‘retail price optimisation’, a process which was the focus of their Khimetrics company, sold to SAP in 2006 after being named Fortune magazine’s ‘breakout company’ the previous year.
Ouimet says ShoppingScout gives consumers the confidence that they are buying the right products at the right price, and could save them as much as $3000 a year. A point of differentiation is that it uses purchaser intentions to help retailers and brands target promotional spending better.