Problem Statement

Product pricing and running an optimal promotion are one of the most critical decisions brands often take. As far as pricing is considered, a lot of brands currently rely on in-store testing, sales history for similar products, and traditional competitive analysis to determine pricing for their products. However, having a manual repricing strategy is not scalable for enterprise businesses. Human errors and inefficiencies multiply as brands grow, which draws resources away from important operations, to deal with increasingly complex issues. Alternatively, despite the advances in digitalization across all sales channels, trade promotions continue to remain something most corporations are not entirely certain of, as far as their effectiveness or achieved ROI is concerned. Lack of transparency regarding their concrete impact on sales and profitability can prove to be a huge problem, as trade promotions represent an important cost factor for any brand. In today’s data-driven world, brands require a strategy that creates value by intelligently linking pricing and promotions based on optimal price setting and an efficient promotion design. On the pricing front, brands need a strong automated e-commerce pricing strategy powered by an intelligent pricing engine which can deliver instant, exact, and optimized prices to their customers. To further maximize the effects of an optimal pricing strategy, brands need a promotion optimization tool that can prevent multiple pitfalls in planning and running promo campaigns, align their promo campaigns with strategic business goals, predict promo scenario outcomes and plan a market positioning with an AI & ML based approach. With competitors just a click away from everyone, brands imperatively need an optimal data driven pricing and promotion strategy that can successfully outsmart the competitors by offering goods and services at the best possible prices for any given circumstances, whilst aligning with business goals.