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AIPricing.net is for sale!
– Artificial Intelligence Pricing –
In recent years, artificial intelligence has enabled pricing solutions to track buying trends and determine more competitive product prices. While static pricing keeps prices absolute, dynamic pricing adjusts prices to offer customers different prices based on external factors and their individual buying habits.
While there are some dynamic pricing options on the market, automatic dynamic pricing software is in its infancy. Most dynamic pricing solutions aggregate available pricing data from across the web, pulling in data from a company’s competitors or from the prices that are available to consumers of different regions.
Generally speaking, however, dynamic pricing solutions use machine learning to find a customer’s data patterns. These patterns are unveiled by analyzing a variety of sources, such as loyalty cards and postal codes, in order to predict what the customer is willing to pay and how responsive they might be to special offers.
Machine learning algorithms can also reveal pricing gaps of which businesses can take advantage. Once the patterns are revealed, the machine learning system could adjust and determine product prices that are best suited to the person’s spending habits.
I was speaking with an executive today whose company provides AI software applications. They recently developed one for pricing. Essentially, it crawls the web and provides information on the best prices in retail electronics. I took a look at the site and thought there were some compelling elements to it. Firstly it shows hot deals and how recently the deal was located (often within the last 60 seconds). Secondly, it provides a graph showing the price history over the last number of days or weeks. You can see exactly how deep the price discount is. The savings I saw were pretty impressive.
They have developed an app for iPhone so that you can browse this data when you are in a store and it will provide the prices for the same product but at competing stores in the neighbourhood……..a personal pricing bot for your own neighbourhood!
It is still too early to tell if this type of information is data overload or highly valued information. But I would guess that someone is going to make a killing in this space at some point. After all, we all love a good price!