It’s time to ditch that cumbersome pricing spreadsheet. We’ve just unveiled our AI powered, user friendly pricing product; designed to put pricing decision makers in control.
2024’s a tough retail market, punctuated by customers having less money to spend, cost price pressure, political uncertainty and increasing consumer expectations. It’s getting harder than ever for retailers to prosper.
A step change for pricing decision makers.
Historically, optimising pricing decisions meant diving into a complex, manual, and time-consuming process. However, our new module is a step change. It offers a golden opportunity for retailers to increase profitability at a time when it’s most needed.
Our pricing product is part of the HyperFinity software application. It combines AI & ML, data science, visualisation, and decision optimisation in one platform. Sounds complex? Not one bit. No coding skills are needed; just your business knowledge and a desire to make the best possible pricing decisions.
The platform is designed to empower decision makers in trading, merchandising, finance, and other commercial functions, together with their colleagues in analytics, data science and insight roles. We built it to address our own frustrations when leading teams within large retail businesses:
- Lack of access to forward-looking data and insight, in an easy to consume format, on which to base crucial pricing decisions.
- Data in multiple spreadsheets with single points of failure throughout the pricing process.
- Difficult to measure the impact of price changes, so it’s impossible to know what’s working and what to do more or less of.
- Stretched analytics and data science teams with a backlog of work preventing them from providing insight to feed into pricing decisions.
- Inflexible SaaS alternatives that don’t work for multi-category, multi-channel businesses.
Create pricing intelligence intuitively.
In essence, our pricing product uses customer, product and click data to improve decision-making in three key areas:
- Base price: Select the optimum base price for your range from the get-go, using models for price elasticity and demand transference.
- Promotions: Use data to promote the right products, to the right customers, at the right time, whilst maximising margin.
- Markdown: Clear out excess inventory or slow-moving stock without damaging profitability.
We help you create pricing intelligence intuitively by:
- Understanding what will happen if you change prices: Upload your product file and use our price elasticity of demand (PED) calculation to establish where you can make price moves. View BI at each stage of the process so you understand the reasoning behind AI recommendations.
- Creating price actions: Take your PED calculations and create actions against every product in your range. For example, if you’ve curated a list of inelastic, high-volume products, you can choose to create an ‘increase price’ action against each item.
- Modelling price impact: Model out commercial scenarios based on price change decisions, so you can understand potential demand transference and margin impact. Push pricing decisions automatically or manually to downstream platforms, like ERP and CMS.
- Measuring sales performance: Monitor ongoing sales performance in real time, using a series of interactive BI dashboards. Our platform gives you the power to build in alerts and export visualisations, to work with your business.
The product is cloud based, accessed via an intuitive, web-based user interface. It connects to our other modules, a core AI engine, marketing & media, assortment & merchandising, and supply chain. Connected decisions deliver more revenue, reduce costs and increase profitability at a time when they are most needed by retail businesses.
Ready to say goodbye to pricing guesswork and hello to your expert AI assistant? Watch the demo or speak to our team to find out how our pricing product works for you.
