Can big data help you market your wares better? Feedvisor thinks so. Today, the algorithmic repricing solution launches version 2.0 of its Algo-Pricing software for Amazon Marketplace Sellers.
Customize the Marketplace
It isn’t just about offering the lowest price, it’s about offering an experience that meets the needs of the buyer. Have you ever paid just a little bit more to get free shipping or free returns or to buy from a local retailer? What if you could optimize your products to automatically update based on customer behaviors?
In this new version, Feedvisor introduces machine learning technologies and adds actionable analytics. By combining big data with a self-learning algorithm, the platform analyzes a much bigger dataset than previously available, to fine-tune prices and optimize profits. As a result every sale that goes through an account receives continuous adjustments that serve to increase the accuracy of the solution for each specific product.
Real-Time Price Management
Because it’s based on customer behaviors, retailers need not set complicated rules, or place limits on the amount of products that can be repriced. Sellers are also are able to see which items are not selling, those which are not priced competitively, and the products that have seen a spike in sales or will soon run out of stock. Additionally, they can receive alerts that deliver real-time business insights and aims to add transparency to the repricing process.
All in all, while this next generation of Feedvisor offers up actionable insights designed to meet the needs of customers, it also reduces the time sellers spend on price management while optimizing sales performance and automatically leveraging market imperfections to their advantage. Currently, the platform is only available for the Amazon Marketplace, but the company plans to expand to other online venues in the next few months.
We know that big data can be scary and hard to put into action, but with the right platform in place you can put that big data to work so that customers get the best deal optimized for their preferences, while you save time and increase sales.
Image credit: Shutterstock / Vladgrin