eCommerce & Merchandising

IBM Dynamic Pricing: My favorite things

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Every day, I am constantly trying to work smarter, not harder. I am always looking for the next new tool or gadget to help me save time. Let’s just say, I am a fan of a certain TV show for home shoppers. Sometimes I get a winner, like collapsible strainers in multiple sizes.  Or sometimes, I get a loser, like a new slicer and dicer, which ends up in the bottom kitchen drawer or the donation box in the basement.

But, I do believe that if you use the Dynamic Pricing trial, you will see the benefits and you will add it to your own favorites list.

Here are my top ten favorite things about Dynamic Pricing:

  1. Run strategies immediately
  2. Automatically approve prices
  3. Download approved prices
  4. Changeable pricing rules priority
  5. Customizable and re-usable product groups
  6. Ability to see my strategies and my colleagues’ strategies
  7. Copying strategies
  8. Ability to move trends data around
  9. Multiple strategies views
  10. Different pricing views

Run strategies immediately

After I create a strategy, I like to run it immediately to see if I have any error conditions and to get a preview of the new pricing recommendations.  With a couple clicks, you can run it anytime, and then move on to reviewing your pending prices. You can run a strategy immediately from the tile view or if you have the strategy open.

Automatically approve prices

After you’ve had a chance to create some pricing rules, then you can move on to this favorite thing.  By adding some auto approvals settings, you can save time when reviewing and approving pricing recommendations. Approval settings are part of your strategy definition.

Download approved prices

After I am finished approving the prices associated with a strategy, I can easily download a copy and then provide them to the downstream system that displays your pricing.

Changing pricing rules priority

In your strategy, the order of the rules makes a difference in the pricing recommendation. Rules are applied in the order in which they appear. What I like about this feature is that you can  simply drag and drop rules to a new order and then run it immediately and then see how the rules impact pricing.

Customizable and reuseable product groups

By creating your own product groups, you can save time.  Any product groups you create can be reused in any of your strategies.  What I like to do is build a product group, then I use it as the basis to create another group.  Sometimes, I just create a temporary strategy so that I can build 3 or 4 product groups to use in upcoming strategies.  Here’s a quick video that shows how to create a simple product group.

Ability to see my strategies and my colleagues’ strategies

When you log into the system, you typically land on the All strategies view. This view contains your strategies and your colleagues’ strategies. Most of the time, I want to look just at my strategies.  Just go to the drop-down list and select the view you want to see.

Copying strategies

I always make a copy of my strategy before I change any the definition.  With one simple click on the menu, then a click on Duplicate strategy and you have a new copy.


Ability to move around trends data

Move your favorite Trends data to the top of the page!   I really like to look at my competitor data, so I always move it to the top of the page.  Simply drag and drop them to move them around.

Multiple strategies view

Most of the time, I use the tiles view for reviewing my strategies.  But sometimes, I do switch to the table view. A lot of the time, it’s just a personal preference. With a simple click, you can change the view.

Multiple pricing views

Most of the time I use the tile view for getting a quick look at pricing recommendations.  But if I have a lot of price recommendations, I switch to one of the other views, so that I can quickly scan them all.  Then, I can approve, modify, or reject several product pricings at a time.

 

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

Soon I expect you have you’ll have your own Top Ten Favorites Things about Dynamic Pricing.

Information Design, Getting Started, IBM Watson Customer Engagement

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