TrueCar has been granted a patent for a system that uses collaborative filtering to identify consumer items likely to be purchased by individual users. The method involves analyzing user preferences, historical online search behavior, and item features to rank items for users. GlobalData’s report on TrueCar gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on TrueCar, Dynamic premium pricing was a key innovation area identified from patents. TrueCar's grant share as of February 2024 was 57%. Grant share is based on the ratio of number of grants to total number of patents.
Identifying consumer items based on user preferences and search behavior
A recently granted patent (Publication Number: US11922439B2) outlines a method for identifying consumer items more likely to be selected by a user as the next step in a search path. The method involves generating an interface presented to the user via a computing device, maintaining probability metrics based on historical online search behavior, assigning weights to features, and determining the probability of a user selecting a specific item based on the metrics. The interface is then updated to display items ranked according to these probabilities, with weights adjusted based on user selections.
Furthermore, the patent includes a computer program product stored on a non-transitory computer-readable medium that performs the method described above. This program product generates interfaces, maintains probability metrics, assigns weights to features, determines user selection probabilities, updates interfaces with ranked items, and adjusts weights based on user selections. It also includes additional instructions for ranking other items based on user selections, assigning feature weights based on user importance, determining expected next items to be selected, defining kernels for selections, calculating conditional probabilities, making predictions on user selections, comparing predictions with actual selections, and minimizing penalties for incorrect predictions. This patent showcases a comprehensive approach to enhancing user experience and optimizing item selection in online search paths.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
