Minderest releases a new update for its price adjustment tool
Madrid, Spain, Feb. 25, 2020 — The dynamic pricing tool from Minderest will allow you to determine the best price for your products at all times through the analysis of more than 20 KPIs by a powerful artificial intelligence model.
According to Minderest, thanks to the use of artificial intelligence in dynamic pricing, the sales impact is the result of decisions made intelligently, which means that you won’t only increase your revenue but also your profit margin. This is achieved by balancing sales with adjusted margins, allowing opportunities for increases in price without any loss of volume.
Some highlights from among the new features in the software update include:
– Allowing you to find the best price according to the desired goal, whether it’s to maximise profit, increase sales to the maximum, or sell a certain number of units to optimise your inventory.
– Calculating the elasticity of the products, the relation between the price of the product and the demand for the same, that is, how much you’re going to sell if you lower the price to a certain quantity.
– Integrating information from multiple data sources, such as the product catalogue, your competitors’ prices, and sales made.
– Estimating the sales that will occur with the new prices to assess their impact, a process that will generate a series of price change recommendations that can be applied automatically.
Through the combination of all of these features, each retailer will receive just the information it needs from its competition and the market. This will allow its pricing strategy to progressively optimise itself while leading towards business growth.