IBM announced IBM Dynamic Pricing, a cloud-based offering that enables retailers to intelligently adjust prices while driving customer loyalty and product demand.
In an age of price transparency, retailers must do more than monitor competitor prices and other market conditions–they must be able to respond accordingly or risk losing customers, IBM said in a press statement.
The Dynamic Pricing combines performance data with sales, inventory and the latest competitive pricing information. Further, in real time it applies these insights to recommend the most appropriate pricing action.
“At any given moment, a retailer is no more than one click away from losing a customer online. IBM Dynamic Pricing executes real-time pricing recommendations at the scale and speed needed to ensure competitiveness in a volatile shopping environment,” saidStephen Mello, Vice President, IBM eCommerce & Merchandising.
“This intuitive and dynamic pricing system improves visibility into what’s happening in the market, allowing retailers to make decisions that are best for their businesses and customers alike.”