US based startup offers eCommerce shops an easy way to optimise their prices.
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Recently we wrote about this IBM Watson partnership that allows retail giant, Hermes, to automate pricing, putting items on sale whilst still maintaining a profit margin, and now we bring you PriceOptimizer, a platform that analyses historical sales data from eCommerce shops to identify the best price.
Pricing an item can be difficult for those working in eCommerce. PriceOptimizer works by analyzing historical data from an online shop to suggest the optimal price. The platforms offers the best price at which to optimise sales, profit and revenue, providing users with digestible graphs to help them make decisions. Business owners can increase conversions and maintain good sales quotas without worrying about underselling. The technology allows users to see just how products are selling and to make adjustments according to the data, rather than guesswork. And the startups are offering an additional layer of data that can be implemented into a sales plan in order to boost sales and better plan for the future.
Could this kind of technology, that automatically reacts to market changes using data science, be used to optimize other things?