The easiest way to steer prices and increase profits
In a first step, we gather all the data relevant for your price optimization. For example, we use historical transactions and product attributes from your internal data. Next, we combine it with external data sources like weather, holiday information and competitor prices. The quality of the data is crucial for the performance of the price optimization. There is no effort on your end as we do all the data cleaning and aggregation.
The foundation of our price optimization is our forecasting technology. To begin with, our cloud-based software uses advanced machine learning models to identify demand and price elasticity drivers. Based on these drivers, it forecasts profit and revenue for all relevant price points. Moreover, our fashion industry background enables us to cope with seasonal products, frequent assortment changes and low sellers.
With our software you can combine the power of machine learning algorithms with your individual price rules. Therefore, our software allows you to customize the optimization by applying individual rules. For example, you can create price rules to set maximum discounts or match competitor prices. You can choose the granularity you need and create rules on brand, category or even product level.
To start an optimization you simply set the revenue or profit target. After that, our optimizer calculates the prices that will maximize your business goals. The optimized prices will be delivered within 5 minutes. You can easily run different scenarios to assess the impact of different targets. Price steering has never been more intuitive.