PriceCypher facilitates the end-to-end price setting and optimization process by computing value-based list and floor prices. It provides you with optimal discount guidelines for segments as well as willingness-to-pay prices.
Step 1: Set value based price boundaries
Compose list prices and floor prices for products or Stock Keeping Units. Use internal and external transactional price data, product cost metrics, competitive pricing, seasonality, supply and more.
Step 2: Set product-customer segments
Classify products into logical groups and segments eg. segment customers and products. Take factors into account such as profitability, demographics, spend and loyalty, price elasticities and lifecycle.
Step 3: Simulate discount matrix
Simulate discount thresholds for different product-customer segments. Evaluate the potential value of correcting non-compliant customer deals. Set risk-assessed guidelines to recovery.
Step 4: Deal price optimization
Compute the customer willingness-to-pay for each and every deal and deal situation. Evaluate the potential value of correcting non-compliant customer deals towards willingness-to-pay prices.
Step 5: Basket & margin optimization
Analyze real-time purchase behavior to improve basket performance by replacing existing products in the basket with higher Return on Sales (RoS) products.
PriceCypher data is more intelligent and accurate as it uses industry-specific history to build an algorithm. This algorithm has been expertly trained over the past decade. As such, the AI software does not use simple ‘scraping techniques’ for learning compared to other market offerings. By utilizing high-quality analytics, you can find what your predictive price could be compared to your current price. Pricing decisions will be based on solid business logic behind the price variant model, meaning your business can use highly realistic prices.
PriceCypher’s plug-and-play software helps make the pricing process as seamless as possible. This means your team does not require numerous consultants or IT specialists for implementation before you can start using the program to upgrade your pricing.