You’ve got questions and we’ve got answers. Learn more about what the 7Learnings Predictive Pricing solution can do for your retail pricing.
Adding a dynamic, predictive pricing solution is a big decision and so you’re going to have questions. If you’re curious about taking your retail pricing to the next level, use our FAQ guide to help.
In our opinion it is impossible to determine how good your pricing is if you don’t benchmark the results. We do the benchmarking with every customer and then prove the profit uplift.
We have run our algorithm against very sophisticated solutions and on average were able to increase profits by more than 10%. We even offer a guarantee of success and are happy to do a lean A/B test with your data to get a proof. Take a look at some of our case studies to get an idea of what we have done for other retailers.
7Learnings uses a predictive pricing approach. We start with predicting the impact of a price change on your main KPIs. For example, how does a change in the price for product X affect the sales, profits and revenues for this product. Then, after you have made predictions for all of your products on relevant price points, you can optimize based on the predictions set for your goals.
Predictive pricing puts you in the driver seat where you can steer and optimize prices according to your goals.
We forecast the effect of price changes with our cutting-edge, machine learning technology. Find out more about how we transfer and exchange data and any questions you might have about the process below.
Data import and exchange is usually done via CSV or parquet files over sftp, https, s3 or GCS. We can directly connect with your Snowflake, BigQuery or AWS project.
We also have an API for Google analytics and Amazon.
Leave that to us. We make the most of the data you have and can guarantee better results than your current solutions. We can work with scarce data as the 7Learnings solution learns across the products you have. As a rule of thumb, we need 100 overall price changes and 2-3 price changes for high sellers. Our models already “know” certain elasticity drivers and can pick them up even without price changes.
The 7Learning price optimizations are customizable, allowing users to integrate rules such as maximum discount amounts, competitor price matching, and much more. You can choose the granularity you need and create tailored price rules on the brand, category, or even individual product level.
We consider your costs in our profit optimizations, and so you’ll be able to see their impact in all forecasts. You can use our solution to increase prices in a smart way so that profits and margins don’t deteriorate when costs increase.
Using an advanced, predictive pricing solution is the best way that retailers can deal with the inflation and supply chain disruptions facing the modern retail landscape.
Yes, further data features are considered and integrated into the forecast on a regular basis.
Our technology seamlessly integrates with any backend system. The 7Learnings team of data scientists work with your raw data, providing the cleaning, aggregation and analysis needed to get started.
Predictive pricing is both the fastest and easiest-to-implement lever to increase your profits and revenues. According to a McKinsey study, if you improve your price by just 1%, you’ll increase your profit by 6%. Plus, with the 7Learnings pricing solution, you’ll be reaching the highest level of automation—saving you time and resources in the long run.
Actually, there is not. You provide us with the data, everything else is done by 7Learnings. We also take care of data cleaning. Proof of concept time takes about three months.
The 7Learnings predictive pricing tool forecasts profit and revenue for all relevant price points, incorporating considerations such as product seasonality, frequently changing assortments and low selling products.
Our next generation pricing software is customizable to your retail pricing strategy, allowing you to choose which channels and markets to focus on in order to meet your business goals.
Our machine learning-based technology takes into account all aspects relevant to optimization for Amazon sellers and other marketplaces.