Whitepaper

Predictive Pricing

The next generation of price optimization for retailers 
7Learnings founders

In this whitepaper, you will learn:

How you can benefit from the latest predictive pricing technology

For retailers working in today’s market landscape, there are numerous factors that must be taken into account when calculating and setting optimal prices. Staying on top of these factors is increasingly difficult, as retailers contend with large and growing assortments, more complex supply chains, higher price transparency in online channels, and an overall explosion in the quantity of consumer and market data available. 

In order to avoid being outperformed by the competition, retailers have to be able to respond quickly to changes in the response to this complex market environment. Given these changing market conditions, traditional, rule based pricing methods are not up to the task. These methods only consider a small portion of the available data, and often focus solely on competitor prices. 

However, recent advances in machine learning technology have been applied to pricing, as they are able to process much larger and more complex data sets. At 7Learnings, we have developed a machine learning based approach which we call predictive pricing. This  technology can be used by retailers to measure price elasticity and accurately forecast the effect of price changes on their targeted sales, revenues and profits. 

This whitepaper will cover how predictive pricing offers retailers greater insight and control with its forecasting and optimization algorithms. Predictive pricing is uniquely able to derive additional value from existing data, and creates more benefits for retailers who implement it. These, and other key advantages, demonstrate how predictive pricing is the technology of choice for retailers who wish to stay competitive in a rapidly changing market.

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