With AI and ML, the system can analyze varied business contexts, historical impact of price changes and evolving customer scenarios to recommend optimal pricing. This is a big step forward in the way retailers make pricing decisions
SANTA CLARA, Calif. (PRWEB)
January 12, 2018
Manthan, a global leader in AI-powered analytics solutions and a recognized innovator with a deep focus on new age technologies such as AI, ML and NLP, introduces another trendsetting utility for retailers in the form of intelligent pricing. Manthan’s latest innovation is a path-breaking algorithmic price optimization solution that aligns business objectives with everyday pricing decisions.
The science of understanding variables that impact pricing, and predicting the optimal price that aligns with business objectives is complex. It involves extracting insights by analyzing a variety of internal and external data including demand patterns, sales data, customer data, shopper behavior indicators, event history, promotional data, inventory data, seasonal data, weather data, and so on. Leveraging these insights to derive optimal pricing for each product, at scale increases the complexity manifold. Not only is the process time and effort intensive, it is also a challenge to predict the outcome of the price change with accuracy.
The prescriptive pricing solution from Manthan simplifies this for business users by analyzing business context, processing millions of data points, slicing and dicing data using powerful AI and machine learning algorithms and automatically providing accurate pricing recommendations. For instance, a category head who may be experiencing a shortfall in sales can aim to reverse the trend and meet sales targets by optimizing pricing or offering a ‘price off’ for products across…