We discussed how new dynamic pricing solutions can help businesses along with Victor Noda, CEO of Mobly (the largest online furniture retailer in Brazil), and our partners, Danillo Roberto Pereira and Stephen Hutson, from Analytics2Go.
Always crucial, dynamic pricing is even more important in the uncertain time we live in – McKinsey estimates a 7% increase in revenue thanks to better pricing strategies.
How you can benefit from dynamic pricing
During the webinar, we talked about the challenges we had faced and how we had overcome them. This is an extract from Victor Noda’s experience:
In light of the COVID-19 pandemic, having optimal, dynamic pricing as conditions change is more important than ever in our business. Mobly has been implementing automated pricing since 2016, but with 230,000 SKUs, it was humanly impossible to manage that volume. Without AI and machine learning, it was hard to understand the relationships among competitor pricing and how other products affect outcomes. Thanks to our partner Analytics2Go, we have started using Rulex to capture the effect of external factors on our margin generation. They’re very transparent both in their approach and in discussing what’s working well or not. The greatest advantage, besides finding the optimal solution, is the speed in reaction time it affords us. With the AI algorithms running all the time, we get the results we need for decision making in real time.Victor NodaCEO, Mobly