BY ASH MOHAMMED | NOVEMBER 26, 2023
Overview
In the fiercely competitive market of consumer hardware sales, a leading tech company turned to Nextgen IT AI Services to gain a strategic edge. By analyzing historical pricing, market demand, and competitor information, we developed a pricing recommendation solution that significantly boosted their sales.
Background
Our client had an in-house team focused on developing AI tools to support strategic decision-making. They recognized the potential to accelerate their product pricing decisions to outpace competitors and increase market share. Seeking expert advice, they aimed to create a platform that considers competitor pricing and other business signals to inform their own product pricing strategy, including recommendations for specific B2B and B2C customers to maximize profits.
The challenge
The client needed to refine their product profitability strategy. They sought to leverage AI and machine learning to process historical and competitive data, along with additional buying signals, to determine the optimal pricing for products and bundles, ultimately maximizing profits.
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
With Nextgen IT AI Services, the client experienced a noticeable increase in product and bundled sales. The comprehensive data analysis and powerful decision-making capabilities of their new AI pricing recommender provided them with a competitive edge. Additionally, they utilized this advantage to offer highly specific bundling and discount opportunities to their customers via their web platform..
Tech and skills used
- AI/ML
- Deep Learning
- Kubernetes
- MLOps
- NLP
- Python
- AWS
- Azure
- C#
- Data Engineering
- Data Science
- Test Automation