Deliver consistent experience with channel-specific pricing
Modern customers expect a seamless experience no matter what channels they use to engage with retailers. In fact, the shopping journey can start online but continue in-store or vice versa. With an omnichannel pricing engine, you can ensure a frictionless customer experience with high performance and reliability, all enhanced by AI-powered personalization.
Calculate total order value in milliseconds
High performance is crucial at all stages of the digital customer experience. It is especially important for shopping cart and checkout functionality to ensure high conversion rates. With complicated business rules for pricing, offers, and promotions, augmented by personalization and AI, this can slow down the calculation of the total order value. Our unique caching and data architecture ensures millisecond latency even for catalogs of millions of products and billions of prices.
Configure omnichannel pricing, offers, and promotions in one portal
When it comes to pricing, offers, and promotions, omnichannel functionality doesn’t imply offering the same pricing across channels. While a product may be selling for a regular price online, merchandisers may decide to offer a discount in a particular region or store, or provide personalized offers to specific customers. The benefits of a unified pricing engine include a single portal where the business team can manage offers and promotions across channels.
Don’t leave money on the table
While a typical promotion’s goal is to increase conversion, retailers can often leave money on the table by offering deeper than necessary discounts. With millions of products in the catalog and billions of price points across all channels, there are plenty of reasons why over-discounting can occur: from promotions that are too coarse-grained to overlapping promotions that are difficult to track. Our AI-powered solutions for price optimization and promotion planning address the issues inherent in traditional setups by augmenting merchandisers’ decision making processes and providing recommendations to maximize both conversion and profit.
Boost conversion and raise profits
In the dynamic environment of modern shopping, pre-planned promotions and offers don’t always achieve the best results. With our AI solution, customers receive personalized offers at the point they are about to make a buying decision, maximizing conversion and business impact. At the same time, merchandisers can set up boundaries and optimization goals, ensuring that the AI’s offers stay within budget and prioritize conversions of profits depending on what’s important for the retailer at that point in time.
Deploy in the cloud and at the edge
Not all retailers can afford centralized cloud deployment of the pricing engine. Stores in remote locations or stores with unreliable access to the internet may require a local deployment copy of the pricing engine to ensure high performance and reliability. Our unified commerce architecture, hybrid cloud technology stack, and efficient data synchronization ensure truly omnichannel deployment in the cloud or in brick-and-mortar store locations.
How does our pricing engine work?
For the last 10 years, we have been helping Fortune-1000 retailers, brands, and CPG companies modernize their pricing engines and achieve a unified commerce experience. The pricing offers and promotions engine architecture includes the core operational engine that can calculate total order value in milliseconds. It provides a merchandising portal to manage promotions and offers with flexible business rules by category or attribute of a product or SKU, and includes an algorithmic platform to augment merchandising decisions and provide real-time offers functionality.
The platform follows a microservices architecture to enable high speed of innovation and composable commerce best practices to integrate with any modern digital customer experience platform. It can be deployed in the cloud and in stores to ensure a high-performance calculation of the total order value even if the store internet connection is slow or unavailable. To ensure millisecond latency and data quality, we designed an innovative data architecture, caching strategy, and self-correcting data synchronization algorithms.
The pricing engine includes AI-powered promotion planning and real-time offers functionality to maximize conversion and profit, while avoiding over-discounting and helping to ensure retailers don't leave money on the table. It ultimately reduces the manual work merchandisers have to do, increases the quality of decisions, and lets teams focus on business goals instead of fine-grained pricing and promotions, while still leaving room for overriding any decision if necessary.
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Accelerate your pricing engine implementation
We provide flexible engagement options to design and build omnichannel pricing, offers, and promotions engines augmented with innovative AI capabilities. Clients can take advantage of our starter kits to increase their speed to insights and reduce risks. Contact us today to start with a workshop, discovery, or PoC.
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