Data mining and AI through the ages - from horse-drawn vehicles to supersonic aircraft: An interview with Dr. Michael Thess
,

Data mining and AI through the ages - from horse-drawn vehicles to supersonic aircraft: An interview with Dr. Michael Thess

Dr. Michael Thess - mathematician, visionary and co-founder of the prudsys AG. He has shaped the company and its software solutions like few others. From 1998 to 2016, Dr. Thess was one of the managing directors responsible for algorithm…
KI am Point of Sale, Pricing, Personalization
, ,

Three ways artificial intelligence benefits customers and retailers at the point of sale (part 1)

Retailers deal with large amounts of data every day - be it in purchasing, inventory management or price management – throughout all processes along the value chain. Artificial intelligence (AI) supports online and stationary retailers alike…
Dynamic Pricing and the Myth of Rising Return Ratios

Dynamic Pricing and the Myth of Rising Return Ratios

The option to return goods free of charge or for a small fee is a significant service for online shoppers. Return options deliver a feeling of "security" for consumers that increases their likelihood of ordering. This increase in potential orders…
5 Approaches to Successful Dynamic Pricing in Food Retailing

5 Approaches to Successful Dynamic Pricing in Food Retailing

One of the key reasons why retailers are focusing on dynamic price adjustments is the ever-increasing dynamic of the market and the increased competition. In most industries, flexibility and adaptability are important characteristics that define…
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…