Projects and tasks aimed at automating pricing processes and transitioning to data-driven pricing are among the top 5 priorities in the digital transformation agendas of retail companies.

There are two main avenues to tackle this challenge:

• Choosing and implementing off-the-shelf data-driven pricing systems, such as SmartPricing, and integrating them with existing IT infrastructure;
• Developing a proprietary dynamic pricing solution.

The latter option is favored by companies that have accumulated unique expertise in addressing pricing challenges, possess well-established pricing strategies and rules. Another reason for choosing in-house development may be the complexity of integration and the scale of the network, which could diminish the effectiveness of pre-built systems.

However, there are numerous challenges along this path. Data-driven pricing automation projects demand expertise not only in programming but also deep industry knowledge and practical experience. Applying standard machine learning approaches and working with raw statistical data may prolong the project's duration due to extensive scientific data science research.

Opting for the second approach means leveraging our seasoned team, encompassing both development and domain expertise, which has a wealth of experience in devising methodologies, automating individual pricing tasks, and building sophisticated Smartpricing systems. We stand prepared to mitigate risks and expedite the implementation of your bespoke data-driven dynamic pricing system by: