The last decade has brought scientific precision and innovation to retail pricing. With real time dynamic pricing, brands and retailers are rapidly and accurately modifying end user prices, based on algorithms that consider inventory, sales forecasts, competitive intelligence, user behaviour, and revenue management controls.
More and more companies are looking at the possibilities of AI and how to gain a competitive edge on their competitors.
PriceTrakker-QL Provides automatic price changes in response to real-time supply demand and market elasticity.
Retailers who fail to utilise the available data to determine optimal price points experience revenue leakage in the form of undersold inventory when prices are too high, or unrealised revenue when inventory is sold below the optimal price point.
Machine learning and artificial intelligence (AI) tools, like those utilised by PriceTrakker-QL, can help retailers maximize revenues by determining optimal price points. The tools integrate data from users, competitors, forecasts, and industry controls, utilizing a cloud-based highly scalable platform, to drive revenue for brands and retailers.
Your margin rules are incorporated in to the system with a set of standard rules and also any bespoke rules that you might need.
Increase profits by up to 10% and revenue up to 30% by dynamically adjusting product prices
Pricing automation ensures accurate implementation of pricing policy across channels with 100% catalogue coverage
AI and rule-based pricing suggestions including bespoke rules to match your requirement
A real-time response to user behaviour, competition and cost changes
Fast and simple implementation. Integration with common commerce retail and ERP platforms.
Seamless sync of approved price recommendations into commerce or ERP platforms
Utilizes competitor data (if available) for modeling competitive sensitivity
Detects user behaviour anomalies
Employs comprehensive set of pricing rules and constraints, and automates the existing process
Forecasts weekly sales
Applies comprehensive set of algorithms (ML, reinforcement learning)
Integrates dynamic cost functions
Incorporates a/b testing as integral pricing platform element
Utilizes algorithmic platform for bespoke algorithm development (real time and batch)
Features complete UI, reporting and logging
Monitor Direct Competitors
Monitor all your key competitors by directly scraping their website