Interesting Startup - greendeck
Price analytics is a very interesting area. Setting the right price based on available inventory, demand, supply, seasonality are multiple aspects. The end goal is maximum profits and optimal pricing.
The question then boils down to
- Monitor competitor products prices
- Monitor competitor product availability
- Assess market demand at the SKU level
Web Scrapping is illegal. No free lunch, Then how prices are monitored.
- Bots
- Crawlers
- Simulate with random IPs to simulate virtual users
- Selenium
Different pricing strategies are
- Competitive pricing
- Predatory pricing
- Volume pricing
- Seasonal pricing
- Scarcity / Pandemic Pricing (COVID made me realize)
Interesting startup greendeck. Bunch of young minds solving this problem with AI.
My assessment of the key things involved in implementation. The implementation would be specific for a category/segment. The subtasks at SKU level would be
- Pick Selection - Top 100 products
- Seller pages
- Scrap the data
- Find all competitive SKUs
- Monitor the pricing on a daily basis
Our area of interest is limited to competitors, vendors, and finding optimal pricing for profits.
- Data Collection
- Data Insights / Trend Analysis
- Analysis of product pricing
- Competitor pricing analysis
- Correlate findings
- AI / ML for price recommendations / Optimization Problems
- Configurable Rules drive pricing
As long as you can optimally recommend a price and make more profits/sales in different A/B experiments you can measure the increase in profits with/without pricing analytics engine.
If we think from the customer perspective we will put the customer first and technology after user experience. Hard to balance both the views. When you balance you will beat your customer expectations.
If we think from the customer perspective we will put the customer first and technology after user experience. Hard to balance both the views. When you balance you will beat your customer expectations.
Interesting Reads
Keep Thinking!!!
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