The major task is to optimize prices in order to increase traffic, sales margin and average purchase amount.
The technology consists of three synchronized modules: mobile application, web service, computer vision service for shelf images recognition, dynamic pricing module.
PowerPrice kills six major pains of retail chains, connected with pricing for KVIs:
- allows to quickly collect quality data on competitors’ prices;
- allows to make instant decisions based on this data;
- allows to localize competitors up to 100 meters;
- allow to give price recommendations for every store of the network based on competitive environment
- unifies, automates and makes easier the work of category managers;
- optimizes the time and effort spent on price analytics and decision making.
Offline competitors’ prices can be a real challenge: assigning monitoring staff, managing schedules and routes, collecting and quickly delivering prices into the system, minimizing errors when inputting data, monitoring speed, etc.
The approach to price intelligence that PowerPrice provides enables to set optimal monitoring schedule, set the route and quickly get competitors’ prices using computer vision.
Monitoring staff enters the competitors’ store and authorizes in the mobile application, makes 10-20 photos of shelves and sends them for recognition. All shelf images are recognized by a neural network and the information about products and prices is uploaded to the database with the competitors’ network tag, store location and the date and time of report creation.
The information about prices is used to give price recommendations in own network. If based on adjustments and rules the price for an SKU should be changed (raised or dropped), then it will change in real time.
PowerPrice - price intelligence, price optimization and price management that allows to get real, long-term strategic advantages.