AIm Higher
When your customer is on site, real-time pricing decisions driven by artificial intelligence can be the difference between winning or losing the sale, or selling at a small profit or a large one. Machine learning and AI in Quicklizard’s Pricing Optimization SaaS platform can integrate user data, competitor pricing, sales forecasts, and industry trends to help retailers enhance profit optimization, turnover their inventory, and clear out-of-date or expiring items off the shelf.
Profit Optimization
Maximize your daily profit by increasing your customers’ probability of conversion on every web visit. By increasing your reliance on AI, machine learning, and reinforcement learning, pricing recommendations will be based on lessons learned from similar products, and dynamic exploration within your market.
The pricing platform has the capability to consider both the long and short tail while factoring in real-time changes in the competitive environment using off-the-shelf algorithms and data models.
Inventory Turnover
Effective deployment of AI through the Quicklizard Pricing Optimization SaaS platform is ideal for flash sales, moving seasonal items, and reaching sales volume targets within preset time periods.
The combined off-the-shelf machine learning and reinforcement learning enables you to find the optimal price to hit key inventory targets and reach your monthly, quarterly, and yearly sales goals.
Clearance Items
Suitable for end-of-life items, including expiring products and products being replaced by newer models, this off-the-shelf algorithm applies predictive, sequential markdowns until inventory is finished.
Rather than simply apply giveaway pricing across wide swaths of inventory, the platform uses product clustering to find the ideal discount to maximize revenue from merchandise over a set time period.
Custom Applications
Upgrading to an AI-driven platform opens the door to a wide array of business applications. Using AI, the system can optimize views, use the halo effect to influence pricing, and generate any required KPIs.
The data can be customized based on specific requirements and opens the door to endless strategies based on company targets.
To learn more about adding AI into your price decision making strategy, schedule a demo or talk to your Quicklizard customer success manager.