AI-powered pricing solution enables e-commerce businesses to personalise prices and promotions based on a customer’s location.
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We have previously written about geo-spatial retail innovations such as a shopping app that alerts users when an item on their wish list is nearby. Another example is an app used by customers to alert stores about empty shelves. Using Machine Learning Artificial Intelligence (AI), a new service aims to create optimal prices and promotions for each customer, depending on their geographical location.
Darwin Geo-Pricing is a geo-targeted service, which has been created by Darwin Pricing LLC to optimise the sales of e-commerce retailers. The system uses artificial neural networks to provide a real-time model of the varied prices in different locations. This enables e-commerce retailers and brands to personalise their pricing for each customer, therefore generating more profit. Additionally, the real-time collection of data responds to any market changes, further boosting the accuracy of the pricing system.
Through a number of strategies using the data provided by Darwin Pricing, businesses can boost their sales. For example, constructing sales campaigns based on competing local retailers in any city, and creating personalised discounts for customers about the exit without a purchase. Darwin Pricing also offers a customisable coupon box, compatible with smartphones and tablets. This feature can grow social media followers and increase sign ups to newsletters.
E-commerce businesses can install Darwin Pricing as a plug-in. The service is fully customisable so that each business can tailor it to their specific needs. Moreover, Darwin Pricing uses REST API, an API that uses HTTP requests to manage data. Therefore, along with standard e-commerce platforms, any online store can incorporate it. Many plug-ins are already integrated in Darwin Pricing. For example, Shopware, Shopify, Magento Commerce, osCommerce, Websphere Commerce, WordPress, PrestaShop, Hybris, 3dcart, Oracle Commerce and Demandware. If desired, other plug-ins are also integratable.
Darwin Pricing is unique because it uses geographical data and personalisation to create more equal wealth distribution. How else can e-commerce retailers and brands improve their performance using AI?