IBM Dynamic Pricing
Intelligent pricing at digital speed
IBM Dynamic Pricing helps online retailers respond in real-time to changes in competitive prices, product demand and market conditions—driving improvements in revenue, margin and customer loyalty. This cloud-based offering automatically recommends an online retailer’s optimal response. It combines web data, such as page views and cart abandonment—along with sales, inventory and the latest competitive pricing information—and uses pricing intelligence to recommend the optimal pricing action to achieve your business goals.
Pricing strategies can be rules based only or a combination of optimization goals and rules. Dynamic Pricing provides rules to address brand, competitors, cross channel, cross zone, preset pricing, profit, size, and unit gross margin – just to name a few. Optimization goals address maximizing profit, maximizing revenue and maximizing volume.
Pricing strategy trends data keeps you up to date with how your pricing strategy is impacting your business. You can review volume by date, revenue, margin, and competitor data.
Benefits of IBM Dynamic Pricing:
Reprice in real-time. With retailers one click away from losing shoppers in the online channel, IBM Dynamic Pricing enables them to execute real-time pricing recommendations at the scale and speed required in today’s constantly changing retail environment.
Sense and respond to out price the competition. Retailers can tailor their response to competitor changes and market fluctuations, to make more intelligent pricing decisions.
Bring together online and offline pricing. As channels blur and retailers have multiple touch points with shoppers, price coordination across channels becomes essential. Retailers can use data and insights from their physical stores and web metrics to influence and price confidently, consistently and effectively across channels.
Empower business users. An intuitive dynamic pricing system, designed for online merchandisers, means retailers can achieve desired business outcomes faster. Easy set-up, automated processes, and data visualizations enable users to focus on critical pricing activities, manage by exception, and save hours a day.
Cognitive. Dynamic Pricing is a cognitive solution that automatically assimilates new data and improves itself without requiring any human intervention. Advanced mathematical models glean insights from new data to continuously improve pricing recommendations and drive more intelligent pricing decisions.