- Offers right product to the customers
- Drives pricing strategy
- Maximizes revenues
How can Product and Price Optimization help you?Product and Price Optimization leverages AI/ML techniques to improve the product’s performance and maximize revenue and profitability.
- Make informed decisions and accelerate product development by identifying the most profitable avenues of the product.
- Maximize profitability by predicting accurate pricing based on elasticity and how it will evolve from various variables
- Drive and improve the product’s pricing strategy by quickly analyzing the vast and complex volume of datasets.
- Maximize sales by identifying the most effective price for the product using AI/ML techniques.
Features of Product and Price Optimization
Maximize revenue and improve performance with Product and Price Optimization solution
Machine learning-based algorithms analyze and derive meaning from larger and complex datasets.
Use various analytical techniques for product and price optimization like AI-based Next Best Offer (NBO) models, clustering algorithms, predictive analytics, etc.
Analyze historical sales and transaction data, inventory levels, product features, marketing campaigns, etc., to predict and determine the price and performance of the product.
It leverages AI models to understand the complex correlation between various parameters to identify the most profitable avenues and make informed decisions.
Offer the right products to the customers using AI-enabled Next Best Offers (NBO) models.
Your Questions Answered
We ‘ve put together some frequently asked questions to give you more information about what we offer.
Product Optimization helps organizations improve the product’s performance based on which features are most likely to. It leverages AI-based Next Best Offers (NBO) models to identify products that a customer of a particular segment is most likely to respond to positively. It improves product performance, identifies the most profitable avenues, and makes informed decisions. Thus, AI-based optimization helps in accelerating product development and improving margins.
Machine learning algorithms analyze larger datasets and variables than is possible with standard pricing. ML-based pricing tools consider both critical internal data as well as influential external data in their algorithms. These helps calculate price elasticity, and prices adjust accordingly. These algorithms also determine which products are reasonably stable in their demand, making them suitable for margin optimization.
The essential factors that help optimize the price for the product are historical sales and transaction data, seasonal data, weather conditions, inventory levels, product features, marketing campaigns, etc.
Analytical technique used for product optimization is AI-based Next Best Offer (NBO) model to identify the most profitable products of a particular segment. The techniques used for price optimization are clustering algorithms, predictive pricing, etc.
The other solutions offered by HyperSense AI Studio include Business Assurance, Fraud Management, Revenue Forecasting, Customer Churn Prediction and Prevention, Network Operations, Revenue Maximization, Customer Hyper Segmentation, Customer Support Prediction, and Network assets and capacity planning.
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