5 Ways Dynamic Pricing Can Help the Consumer Electronics Industry Succeed

5 Ways Dynamic Pricing Can Help the Consumer Electronics Industry Succeed

While my last dynamic pricing blog dealt with industry-specific features of dynamic price optimization in the fashion industry, today we’ll look at consumer electronics. The consumer electronics industry is one of the most challenging…
How Dynamic Price Optimization Benefits Fashion Retail

How Dynamic Price Optimization Benefits Fashion Retail

In my last blog spot on coupons and bundles, we touched on industry-specific differences that can be crucial to a retailer’s success in the context of Dynamic Pricing. I would like to go into this more detailed and show you which industry-specific…
Coupons & Bundles - Success Drivers for Crucial KPIs

Coupons & Bundles - Success Drivers for Crucial KPIs

When it comes to dynamic price optimization, the three crucial KPIs are sales, profit and purchase frequency. In pricing theory, it is said that in principle, any two of this KPIs can be raised together, but never all three. If you look at a…
Was haben Dynamic Pricing Systeme und Recommendation Engines gemeinsam?

What Do Dynamic Pricing Systems and Recommendation Engines Have in Common?

At first glance, Dynamic Pricing Systems and Recommendation Engines may not have too much in common. Dynamic Pricing is meant for targeted price optimization so a retailer can sustainably grow revenue and profit. Recommendation Engines, on the…
Intelligent Markdown Pricing - now the watering can has finally worn out

Intelligent Markdown Pricing - now the watering can has finally worn out

I can report from the experience of many projects: Markdown Optimization is one of the topics that retailers are particularly concerned about - across all branches. Because markdowns and especially write-downs cost gross profit. Therefore, it…
Was Sie brauchen, um Ihre Preise mittels einer KI zu optimieren – Rezeptidee & Zutaten

What you need to optimize your prices using an AI - Recipe idea & ingredients

One of the reasons why retailers increasingly rely on AI-based Dynamic Pricing is the huge amount of data and influencing factors that need to be considered for price determination: Article master data, purchase prices, sales quotas, inventory…
Dynamic Pricing erfolgreich einsetzen – eine ganzheitliche Strategie macht den Unterschied

Using Dynamic Pricing successfully - a holistic strategy will make the difference

In my recent posts I have shown which insights you can gain with the help of price elasticity and how this helps you to better understand your entire product range and to price it accordingly. The splitting of your product portfolio into article…
Das Multitalent Preiselastizität und seine Rolle bei der strategischen Sortiments-Analyse

The all-rounder price elasticity and its role in strategic assortment analysis

In my last blog post I introduced the mathematical concept of price elasticity and the benefits it brings to AI-driven price optimization. As promised, in my post today I explain how you can use price elasticity to create a strategic basis for…
Die Preiselastizität – DAS Multitalent bei der KI-gesteuerten Preisoptimierung

Price elasticity - THE all-rounder for AI-controlled price optimization

In my blog post today, I would like to present THE all-rounder for dynamic price optimization: The Price elasticity. Mathematically as well as strategically, it is capable of great things! I am convinced that there is no other approach that…
Reinforcement Learning – Das, was eine echte KI von den Möchtegerns unterscheidet

Reinforcement Learning – What Distinguishes a Real AI from The Wannabes

You know what my first point of contact with AI was? It was in 1991, when I was 7 years old and completely enthusiastic about K.I.T.T. – not (only) about the car, butespecially about the concept of an "intelligent" companion, who is always…
Rule Engines vs. AI-Controlled Price Optimization – There can only be one Winner!

General Approaches to Dynamic Price Optimization: Rule Engines vs. AI-Controlled Price Optimization

One of more common, traditional approaches to establishing price differentiation comes in the form of rule-based systems, or rule engines. They implement predefined pricing rules in a prescribed pattern. These systems often set item prices exclusively…
Dynamic Pricing ist das bewährte Tante-Emma-Prinzip neu gedacht!

What is Dynamic Pricing?

Dynamic Pricing is the proven “corner store” principle – rethought for the digital age. Small corner stores always used a somewhat volatile pricing policy based on experience and gut feeling. For example, close to closing, they generally…
Interview mit Pero Micic - Keynote-Speaker auf dem prudsys retail intelligence summit 2019
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"Pure trade loses value for customers" - Interview with Dr. Pero Mićić

Dr. Pero Mićić is active as an author, entrepreneur, consultant and speaker in the field of future management. He is one of the founders of the Association of Professional Futurists, Chairman of the Advisory Board of the European Futurists…
Personalisierung & Recommendations im Newsletter | Intelligente Echtzeit-Personalisierung von prudsys

Versatile newsletter: how to excite your customers with personalized deals

According to “The Radicati Group” more than 3.8 billion people around the world used electronic mailboxes in 2018, sending and receiving about 281 billion emails per day. The flood of information continuously flowing to each recipient is…
prudsys, Spezialist für KI im Handel: Dynamic Pricing, Personalisierung & Recommendations

Six questions about intelligent pricing: couponing, less food waste and demand-oriented prices

Since the dawn of business, supply and demand have determined the price of goods. This principle has not changed in the age of digitization. What has changed, is the speed at which prices rise and fall. Intelligent algorithms support retailers…
prudsys, Spezialist für KI im Handel: Dynamic Pricing, Personalisierung & Recommendations

Focus on customer price acceptance: How to take advantage of demand-oriented pricing to achieve success

The price is right. Even the owners of your old corner store changed product prices based on supply and demand. If they had a lot of cauliflower left to sell in the afternoon, they adjusted the price accordingly to stimulate demand. Since…
Personalisierung: Produktempfehlungen im gleichen Look in Echtzeit mit KI-basierten Personalisierungslösungen von prudsys

Take advantage of the power of images

You are looking for a pair of blue pants online. Unfortunately, they do not have your size in stock. What can you do? Recommendations based on image similarities help you find appropriate alternatives. That translates into exciting applications…
Personalisiserung von Katalogen und Paketbeilegern mit individuellen Recommendations steigert Bestellquoten

Print is dead, long live print! How to significantly increase your order rate through print personalization

Otto bids farewell to print catalogs. From 2019 there will no longer be a main paper catalog. The omnichannel retailer illustrated the majority of its product range over approximately 740 pages. The company justified its decision: the majority…
Intelligente Preisoptimierung: Kreuzpreis-Elastizitaet bei Produktalternativen mit KI-basierten Pricing-Lösungen von prudsys

What does the price of strawberries have to do with the sale of cream and flan cake?

Imagine, the weekend is upon you and you see some delicious looking strawberries at the grocery store. They are plump, ripe, fresh and there is absolutely no bruising. Three kilograms at an unbeatable price. Wouldn’t a nice, fresh strawberry…
Intelligente Preisoptimierung: Personalisierte Coupons mit KI-basierten Pricing-Lösungen von prudsys
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Instead of “Everything 20 % off”: Use Personalized Coupons to Increase Customer Value

Coupons are a proven means of boosting sales in retail. The customer receives a coupon or discount ticket and in exchange for that coupon receives a price discount on a certain product or group of products. For seven years, the American TV series…