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AI & ML for hyper personalized recommendation engine

The convergence of retail stores and digital operations in the recent years has put significant new demands on the management of pricing, offers, and promotions as compared to earlier practices. The outdated and simplistic approaches to determine the price of products and promotional offerings are getting irrelevant in the industry, leading to loss in revenue, market shares and margins

Business problem

A multi-channel large retail organization with more than 2500 stores spread across North America wanted to build a pricing optimization engine to support the strategic zone pricing capabilities and display dynamic pricing for its online customers. With operations in more than 10 countries, they desired to optimize the overall buying experience for their millions of customers.

Technical solution

Our pricing engine is built upon the multi-source information fusion including data sources, competitors pricing data, historical purchase data, recommendation evidence weight, fusion decision and results. The Customer Analytics Platform helps with a 360o view of the customer profile, shopping behavior and many other aspects. This valuable information can then be leveraged to build offer intelligence and roll out targeted offers and campaigns.

Business Benefits

The Implementation of the system enable the business with a rich, Omnichannel experience for customers. Equally important, it provides Omnichannel management experience for merchandising managers and business users, increasing their efficiency, and leading to higher revenue and better margins. In the long run, pricing engine opens opportunities for further improvements, such as embedding advanced analytics, machine learning, and an algorithmic approach to optimize & improve the quality of prices, offers and promotions to improve the bottom line by even a greater margin.

CUSTOMER MASTER DATA MANAGEMENT

  • Single master record to define the customer
  • Better data quality and granularity
  • Less time taken for new customer to reflect in the system

TARGETED OFFERS AND PERSONALIZED ATTENTION

  • Leverage customer data to build offer intelligence and roll out targeted offers and campaign

DRIVING CROSS SELLING AND PROFITABILITY

  • Segment analysis
  • Customer profiling,
  • Behavior analysis and understanding of shopping preferences uncover cross/up-selling opportunities

ACQUISITION AND ENROLLMENT

  • Increased loyalty cards signups
  • Increase in loyalty Sales Penetration by 25%

Hyper-personalization is the future of Retail. Ready to re-innovate your traditional pricing system with an AI/ML based next-gen pricing engine? Let’s talk.

Contact us at info@parkar.consulting  to learn more about how we can help information, analytics, and cybersecurity companies.

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