eCommerce & Merchandising

Dynamic Pricing Try and Buy: Diving into the Sample Data

Share this post:

[Check out the previous post from the author, where she discusses why you should sign up for a trial of IBM Dynamic Pricing.]

To sum up, you can:

  • Create pricing recommendation in minutes, not hours
  • Reprice in real time
  • Sense and respond to out-price the competition
  • Bring online and offline pricing together
  • Leverage cognitive capabilities

 

By now, you’re signed up for the trial and you’ve ready to dive into the deep end of this pool.  So how about before we jump in the shallow end and test the water, let’s take a look at the sample data and the sample strategy. As your pool tour guide, I will give you a few tips on how to stay afloat and show you where the emergency exits are found.

Sample data

The sample data includes 191 products which are all types of batteries.  The battery data has some interesting attributes:

 

table

 

Sample Strategy

We provided a sample strategy named All Batteries – Rule Pricing.  This pricing strategy is a rule based strategy that looks at a group of batteries and uses some rules to recommend new pricing.

Key pricing strategy elements include:

  • Price optimization: Rule based pricing
  • Products: Product group has been created called All batteries and then a filter was added based on product key that starts with 331
  • Schedule: start date of January 1, 2017 (End date is optional)
  • Approval settings: Manual approvals and based on a threshold of an hourly change more than 10%
  • Rules – Three default rules are provided. Rule 1, 2, and 5.  We added rule 3 and 4 and changed the order in which the rules are applied.

RulesLIst

Now that you know more about pricing strategies, take a peek at the recommended Prices.

Prices

 

Finally, go to Trends and see your trend data over time and see your competitor data.

Trends

Hint: Make a copy of the strategy and change some of the information and see what happens. You can add an additional filter, you could add a daily schedule, and more.

Click menu and click Duplicate strategy and you have a copy to play with.

StrategyDuplication

Today’s Hot Tip

If you need a little extra help, we created a few guided tours to help you out along the way. Click Help > Getting started. You will see a list of guided tours.  Click one and learn about the product.

GettingStarted

If you haven’t signed up for the trial, then maybe you should.   You can have a free 30-day trial. You can play with the sample data we provide, or you can upload your own data.

Go here to enroll: www.ibm.com/us-en/marketplace/dynamic-pricing

 

Information Design, Getting Started, IBM Watson Customer Engagement

More eCommerce & Merchandising stories

5 Last Minute Checkboxes for your GDPR Compliance List

The General Data Protection Regulation (GDPR) deadline is just around the corner. On May 25th, one of the most sweeping and potent data protection/privacy laws yet will go into effect, with penalties of up to four percent of annual global turnover! On the surface, the law is focused on EU citizens, but its impact will […]

Continue reading

Get the most from your Magento Commerce platform with the power of Watson AI

There is no brand loyalty in retail anymore. Omnichannel commerce is the new normal and considered as the only customer touchpoint. Today, delivering an in-context and consistent customer experience across this touchpoint is what retailers are striving to achieve. No matter which commerce platform is used to drive eCommerce sales, today retail professionals are overwhelmed […]

Continue reading

Frost & Sullivan Singles IBM out for Excellence in Order Management

I’m proud to share that IBM has won Frost & Sullivan’s Global Integrated Commerce Order Management Customer Value Leadership Award. The market research firm evaluated solution providers on their ability to deliver on the promise of a seamless omnichannel experience for shoppers and much more. As customers move from physical stores to digital channels and […]

Continue reading