Doug Edmonds, Founder & CEO Calculating optimal prices are a challenge in the retail industry due to multiple variables such as market trends, list prices, discounts, and special offers which constantly change. The e-commerce industry is able to deliver customer satisfaction and increase sales by leveraging the benefits of the latest technologies. However, the conventional retail sector is at an advantage as it still has the human interaction factor and the immediacy of delivery.
Major retail juggernauts use artificial intelligence (AI) to predict customer behavior and their demands, and accordingly develop special discount offers to increase sales and revenue. Smaller retailers are also in need of a partner who can deliver better insights to optimize their business operations by leveraging data and AI technology at reasonable costs to help them grow in the market.
Knowledge Leaps, a company equipped with machine learning and data tools is dedicated to driving margin growth for smaller retailers. Knowledge Leaps provides price optimization solutions powered by custom AI-based algorithms that use filtering technology to identify the long-term price elasticity for products depending on several market factors. These AI-powered data science tools comprise of user-friendly dashboards as well.
Knowledge Leaps understands that different outlets of the same retail company need different pricing. The solution extracts data from weekly discount offers from different major retail enterprises to compare the market trend, demand, and prices.
This data, along with the business’ historical data is processed through an AI-enabled data analytical simulator to provide the client with clear insights to choose the right price for their products in different outlets. The organization’s solutions improve a retailer’s business strategy by delivering solutions like price optimization, weekly discount offers, and improved work methodologies to drive profitable sales.
We are working in the space of behavioral economics, which is about understanding how people make decisions. With that in mind, you can influence a customer’s behaviors in pricing
Knowledge Leaps’ solutions empower retailers to meet consistently evolving customer needs and market demands to increase their sales, productivity, customer experience, and customer loyalty. The firm achieves this by processing data to better comprehend the current market trends, demand, customer behavior, and other factors which affect a product’s price. “We are working in the space of behavioral economics, which is about understanding how people make decisions. With that in mind, you can influence a customer’s response to pricing,” says Doug Edmonds, founder and CEO of Knowledge Leaps.
Knowledge Leaps understands that pricing decisions are essential for any business, as they are directly linked to consumer demand and company profits. Even the slightest difference in optimal pricing might lead to substantial losses. To further elaborate Knowledge Leaps’ proficiency, Edmonds recollects a scenario of working with a major retail client. By analyzing the client’s historical data like UPC barcodes, the firm reported that the retailer had missed a million dollars year-on-year as a result of incorrectly priced products that were on special offers. The firm worked with the client using its tools and technology to increase overall productivity and revenue. Knowledge Leaps, by revealing the profit margin that is hidden in plain sight and providing insights to increase sales is helping the retailers to maintain a competitive edge in the market. Currently, Knowledge Leaps is on its way to increase their customer density across the globe.
