Product / Service Description:
The dynamic pricing application of the prudsys Realtime Decisioning Engine (RDE for short) is an AI-based application for intelligent price optimization. It is delivers very good results when it is used for markdown pricing. This means selling goods by a desired date and clear all stock. This is useful for all kinds of products with a defined life span, i.e. seasonal items like clothes, goods with short life cycles like consumer electronics, or fresh articles like food. The algorithm determines the correct price for clearing all stock by the target sell date. If all winter shoes are sold before spring, this helps retailers reduce a lot of waste. Consumers furthermore profit from low prices.
Product / service innovations in the last 12 months
We developed a complex multidimensional model of factors influencing the sales of products. The price is only one of the factors and some factors, for example, day of the week, have a greater influence on the price than others.
What is the difference between competitive solutions?
Our AI-based markdown pricing application does not need to set test prices or price simulations in order to produce data for the pricing algorithms. We rely on big data and complex pricing factors.
prudsys RDE combines 20 years of experience in applying and developing AI technologies for retail: In 1998 a group of friends, all of them mathematics and computer science students, founded the company prudsys. The young scientists wanted to find out, how they can use and apply their theoretical knowledge meaningfully and leave a footprint in the real world. The prudsys RDE contains a number of ready-to-use AI applications that automate personalization and pricing processes.