Services

An AI pricing algorithm for high-tech B2B and B2C products

How does a top tech company get AI to give them an edge in the hypercompetitive market of consumer hardware sales?

They use Nextgen IT AI Services to bring clarity to their consumer strategy by ingesting data on historical pricing, market demand, and competitor information for a pricing recommendation solution that increased sales.

Background

Background

Our client had an in-house team developing AI tools to support their strategic decision making. They knew they could make faster decisions on product pricing to beat their competitors and increase their market share. They wanted expert advice on creating a platform that looks at competitor pricing and other business signals to help determine their own product pricing strategy—even recommending products for certain B2B and B2C customers to maximize profits.

The challenge

The challenge

The client needed to enhance their product profitability strategy. They wanted to leverage the power of AI and machine learning to ingest historical and competitive data, along with other buying signals, to intelligently determine the best price for products and product bundles to maximize profits.

The solution

The solution

Turing AI Services consulted with the client and developed an AI pricing recommender that combined historical pricing data and trends, current market demand, similar product pricing information, and competitor pricing data—recommending the most cost efficient prices to maximize profits.

The result

The result

With Turing AI Services, the client saw an increase in product sales and bundled product sales thanks to the depth of data and decision making power from their new AI pricing recommender solution. With Turing, they’re combining this newfound competitive edge with their web presence to serve hyper specific bundling and discount opportunities to customers.

Tech and skills used

Tech and skills used

AI/ML, Deep Learning, Kubernetes, MLOps, NLP, Python, AWS, Azure, C#, Data Engineering, Data Science, and Test Automation