Price f(x) at Shoptalk Europe 2017
Price f(x) is getting ready to take e-commerce by storm at one of the largest events focusing on innovation in retail. Shoptalk Europe is taking place in Copenhagen on October 8-11 and we’ll be ready with our shiny booth and shiny smiles. Our focus there is to present our newest solution for price optimization – PriceOptimizer. Read more for details or watch Gabe Smith introducing the product on Accelerate 2017.
PriceOptimizer is a machine-learning framework that helps you analyze and segment your business, optimize your product portfolio and improve pricing. It uses the latest and greatest technology with proven Pricing Science approaches. The typical results range from 0,5% to 4% of sales in profit.
PriceOptimizer supports many data science techniques, performs data profiling and generates segment-specific optimized pricing and price guidance and delivers it to price lists, CPQ, Digital Commerce and ERP systems.
With it, you can:
- Model, import cleanse and filter the data you need for segmentation and optimization.
- Create machine learning models to segment your business and optimize pricing.
- Calculate the willingness to pay and price elasticity for segments/categories.
- Identify and present cross sell and up-sell opportunities.
- Use external data and rules to constrain the segmentation and optimization models.
- Optimize prices and price guidance, margins, promotions, volumes accounting for costs, inventory, assortment, etc.
- Present optimized pricing and promotions in CPQ, ERP and Digital Commerce Platforms.
- Test pricing hypothesis and (auto) adjust models as necessary.
- Simulate, project and analyze optimization results.
PriceOptimizer is the right tool for:
- Marketing, category and pricing management
- Price, finance and business analysts
- Data / Pricing Scientists
How does it work?
Quick definition of data structures and data import (see PriceAnalyzer). Data is profiled and the machine-learning or statistical models are created and run to generate the segmentation and optimization.
Segment- and channel-specific optimized pricing is fed into CPQ, Digital Commerce, and ERP systems.
Customers and sales staff are presented with the optimal price and price guidance for a particular quote or transaction. Results can be viewed, projected, overridden or constrained by external factors. Actuals are compared to projects and changes can be made or suggested dynamically. Take a look at the following example of PriceOptimizer usage: