Dynamic pricing in retail marketplaces is essential for staying competitive, but it comes with its own set of challenges.
So, how can technology optimise this process? Giorgio Loiodice, our Chief Innovation Officer, has the answer:
"Assortment and price matching are important. SKU might not be the same for exact matching but LLMs and computer vision (product text description and image) combined with manual input can help overcome this.
You don’t need the exact match but it will give you an accurate enough idea of what’s happening in the market."
Interested in how we can use technology for your business need? Book a free consultation on our website, link in the comments.
🔍 Unlocking the Power of Dynamic Pricing in Fashion Retail
In today's fast-paced fashion industry, staying competitive means staying flexible. That's where dynamic pricing comes in!
Dynamic pricing allows retailers to adjust prices in real-time based on market demand, inventory levels, and even competitor pricing. This strategy not only helps maximise profits but also ensures that customers are getting the best value at any given time.
Why should fashion retailers embrace dynamic pricing?
→ Boosts Revenue: By responding to market changes, retailers can optimise pricing to capture maximum revenue.
→ Enhances Customer Satisfaction: Dynamic pricing ensures that customers always find competitive prices, fostering loyalty.
→ Improves Inventory Management: Helps clear out slow-moving stock while maximising profits on high-demand items.
Learn more in our blog post in the comments below ↓
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