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“The single most important decision in evaluating a business is pricing power … If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business. “

For so many years the retail sector has been following traditional methods to set its pricing. Buying a product at cost X and adding a margin Y to it and selling it at Z = X + Y price worked till now but tides has be changed. Customers now have more options to choose from and they are ready to go for the best available price on the market if that price is not yours then you lost a potential customer.

Many factors involved in deciding a price for a product like market demand, customer preference, affordability, competitor prices, seasonal changes, events, occasions, festivals, and many other even weather also is a factor that can affect the prices of the products.

Manually analyzing all these factors by yourself and setting a price is one hell of a task and impossible too because the customers keep coming every second and data gets updated. That’s where data analytics and dynamic pricing steps-in.

Converting all your data into one visually appealing dashboard which helps you in making decisions quickly is becoming a trend. Nowadays companies of all sizes are using these dashboards and making decisions in a snap of a finger. So what exactly is happening behind these dashboards. How do they help my business? Why should I trust these dashboards?

Dynamic Pricing Platform — Imprice

Let’s see….

There are tons of processing that happens behind the scenes which generate those dashboards. In simple terms, take your data, clean, process, analyze and arrange it in a readable format. From there using various mathematical and AI models train the data, test it on different data, and finally set it up in a visual format what we call a dashboard here.

The AI ​​models help in understanding your data and find patterns among customer buying behavior like at what time of the day customers prefer to buy, sales on festivals vs during non-festivals, and what products are sold most during a week, or during a day . What competitors are setting a price for the same product. Those are important factors and you can use them to make more profits.

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