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Be honest. Are your prices right?

After all, 2024 isn’t the year of the crew sock (sorry, Gen Z). It’s the year of price optimisation – and it’s more important than ever that you get it spot on.

Why price optimisation?

Setting retail prices is nigh on impossible with only a spreadsheet and a calculator. We’ve been there. But there’s a better way – data science and AI.
Let’s imagine a world where that pricing spreadsheet doesn’t exist. Instead, you log into a cloud-based app which does all the hard work for you. It takes all your historical retail data and models price elasticity, forecasts possible outcomes, then makes recommendations – all in a few clicks of your mouse.
Need some more convincing? Check out the demo below.
Take a tour of HyperFinity Price Optimisation

Boost profit margin by up to 5%.

A data-driven approach to price optimisation helps put your business performance targets within reach – whilst protecting your value proposition.

Let’s take a value fashion retailer as an example. In a challenging trading climate, they need to identify which lines are less price sensitive, so they can stretch margin. Our pricing solution helps create price elasticity of demand measures, to quickly pinpoint inelastic products. Then, machine learning simulates potential commercial outcomes before you commit to price moves.

Our platform shows data in real time, so you can quickly course correct if a price change is under- or over-performing. Monitor price performance over time, to balance availability and sell-through, whilst minimising waste and maximising margin.

Don’t wait around. Do it yourself.

Our platform cuts out the hanging around for insight. We empower data scientists and decision makers, just like you, with accessible data and insight for price optimisation.

Without machine learning, optimising prices can be a daunting and time-consuming process. You need to pull together and make decisions on:

  • Current sales performance;
  • Price elasticity of demand;
  • Historical sales data;
  • Supply chain information;
  • Demand transference.

However, using a platform like HyperFinity allows AI to do the hard work for you. It analyses every data set and spots patterns, making recommendations for retail leaders to use in their decision making. Price optimisation is no longer a lengthy process – instead it can be incorporated into your routine so you’re never missing an opportunity.

Square up to the tough retail market.

It’s hard out there. However, data-driven pricing means you can adjust prices sensibly, without alienating your loyal customer base.

The retail landscape is in a constant state of flux. Operating in a cost-of-living crisis is hampering growth. For example, earlier this month, Barclays reported a three-year low in card spend growth, as British consumers reduce discretionary purchases.

It’s costing more and more just to be a retailer. Materials, packaging, shipping and labour are on the rise, putting pressure on retailers’ bottom lines. On top of this, the UK is on the cusp of a general election, with possible policy changes on the horizon.

Price optimisation is a logical strategy for retailers looking to take control in 2024.

Ready to up your pricing game?

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