April 20, 2017 | Written by: Denise C. Gary
Categorized: eCommerce & Merchandising
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[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.
The sample data includes 191 products which are all types of batteries. The battery data has some interesting attributes:
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.
Now that you know more about pricing strategies, take a peek at the recommended Prices.
Finally, go to Trends and see your trend data over time and see your competitor data.
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.
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.
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