Vijeta Soni, Co-Founder, and CEO, Sciative Solutions, asserts, “Retailers and e-commerce businesses have recognized the importance of social media for many years, but they haven’t really deciphered the relationship between social media and online shopping together. According to research where the social media usage and online shopping patterns were studied of a small set of 1,000 users, it was observed that the more an individual used social media, the more purchases they made online and …

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Sciative’s BRIO, an AI-tech platform, is working directly with brands and multi-brand retailers to transform and automate their daily pricing and design customer-centric promotions and discounting strategies. “It is imperative that the flash sales and promotional decisions that are powered by AI be guided by ethical boundary conditions,” adds Vijeta Soni.

With the help of Predictive Analytics retailers and ecommerce companies can tap into in-house and market data to identify the specific SKUs which have the biggest impacts on basket size and profit, and then by applying Prescriptive Analytics give right recommendations to category managers to adjust pricing, promotions and assortment in the brick-and-mortar store and online store to boost revenues, profits and customer loyalty.

Founders of Sciative, a pricing intelligence company, believe that the lack of focus for the travel and tourism industry on the pricing aspect of their products, lead to leakage of revenue opportunities. Jalora says that inter-state players who have been using 100% manual methods of pricing have witnessed transformative changes ever since they adopted fully AI-driven dynamic pricing tools.