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Decoding iconic brand Archies’ survival strategies to survive COVID-19 and other top stories of the week
In the modern world, technology is a game-changer for businesses. Be it artificial intelligence, Internet of Things, or machine learning, new-age technologies have been helping small and medium businesses (SMBs) address several business challenges, including margins, stock assortment, and pricing.
AI-powered dynamic pricing: Ensuring sustainability in the travel industry
The Covid-19 pandemic has sensitised a need of artificial intelligence powered dynamic pricing to cope up with the changing supply and demand situations and uncertainty. Travel service providers adjust their prices to be competitive in the markets and to keep aligned with the customer willingness to pay.
Tweet & Buy: What will Twitter's Shop Module Bring for India's Retail Industry
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 the higher the number of different retailers they bought items from.
Dissecting the relevance of flash sales
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.
Why e-Commerce industry necessitates a healthy mix of predictive and prescriptive analytics models?
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.
AI-based pricing decisions can plug revenue leakages in travel industry: Anshu Jalora
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.
Covid has helped tech companies to understand technology in a better way – 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.
Start-Up Forum: Sciative Solutions
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.
This AI-based platform is helping SMBs in the travel industry make intelligent and smart pricing decisions
The products offered by Sciative are Viaje.ai and Brio. The former is an AI pricing product used by SMBs operating in the travel space whereas Brio helps retailers and ecommerce platforms make intelligent decisions with respect to inventory management, discounts, promotional campaigns, and more.
