Businesses, both large and small, know how powerful pricing is as a tool because, in the first place, it one of the measures that can increase revenue and profits. However, many of these businesses are facing challenges on unique pricing that varies depending on their marketplace, customers and competitors. Their solution of standardized pricing is no longer effective. One reason for such issue is that pricing is also one of the least understood functions which resulted in significant lost profit opportunities.
Everyone knows how artificial intelligence (AI) has impacted today’s many aspects of society. Not only it is used in pure sciences but business and commerce industry has also taken advantage of it. Consider the artificial intelligence pricing software, which combines deep pricing experience across many industries with artificial intelligence pricing technology. It aims to help companies use pricing science powered by cutting edge technology in order to realize their full profit potential.
The tool incorporates technology to help businesses adapt to their unique pricing situation that will find them optimal prices. Custom pricing and promotion solutions can be developed and provided to companies to meet their specific needs by unlocking hidden profits and delivering a significant return of investment. These range from long-tem pricing strategy to short-term promotional tactics, both in transactional and subscription businesses.
AI pricing solutions include pricing models for transaction, subscription and ancillary, bundle strategy and pricing, product tiering and price gaps, optimizing prices across products, segments, channels and geography, dynamic pricing, and price fees and charges. It helps to have a tool that will determine the optimal online price for the goods and services that businesses offer.
On the other hand, AI promotion solutions consist of promotion optimization for customer segments, lifestage, seasonal events, channel and geography, promo types like % / $ off, BOGO, free shipping, gift cards, etc., promotion length and frequency, and customized promotions. Whether a company sells products or offers services, everyday they face unique pricing and promotional challenges in order to obtain maximum profits.
A suite of e-commerce pricing apps, which integrate popular e-commerce platforms like Shopify and Magento, were developed and offered to various companies that will help them realize a number of solutions to meet their unique needs and enjoy an increase in profit. These apps continuously learn/adapt to changing marketplace, customers and competitors. They leverage sophisticated pricing science that is combined with deep pricing experience over the years. Pricing plans are available for these apps that will match the pricing requirements of small online stores and even large enterprises. Additionally, certain products will be recommended so they can sell them when the right bundle for each customer will be created. With optimal product bundles and pricing, sales will be maximized, thus profit increases.
Off-the-shelf pricing software doesn’t work to meet the needs of a business. However, when the right AI software is used, companies can learn and adjust continuously to changes in their business setting. In every unique pricing situation, a custom solution will be delivered so that businesses can unlock hidden profits.