Retail and industry face complex challenges – and diaries – in pricing, how the difficulty in adjusting prices, the lack of precise insights into consumer behavior, dynamism of the market and the complexity of managing multiple business rules in a highly competitive market. It was from these challenges that Neogrid, specialized ecosystem in data intelligence for consumption chain management, created a feature for Predify, your pioneering solution in analysis ofpricingbased on artificial intelligence (AI). Baptism of Predify Copilot, the new module enhances the ability to build and optimize pricing dynamics and business rules, reducing the time spent on configuring and maintaining the pricing rules of the platform, what provides a significant advance to strategic pricing management.
The Predify Copilot supports the construction and optimization of pricing business rules. AI is capable of managing these rules through natural language, what makes it accessible to the user – without the need for technical specialists – and reduces errors. allowing quick and strategic adjustments based on real data.
With smart filters, the Predify Copilot enables precise segmentation by product, region or sales channel, ensuring greater control over pricing policies. Furthermore, automation reduces operational errors, providing more efficiency and assertiveness in price setting.
The Predify Copilot is available on the pricing platform, enhancing the capabilities of the platform that can price products intelligently in minutes instead of hours, considering internal variables and monitoring market variables, as commodities, identifying trends and opportunities to maximize the competitiveness and profitability of companies. Context supported by the research "Shopping Habits in Food Retail", conducted by Neogrid in partnership with Opinion Box, which reveals that 51,5% of consumers see AI as an ally in creating fairer prices.
Smart pricing is not just a matter of adjusting values, but, yes, of strategy. By directly acting on the execution of business rules, Predify Copilot anticipates situations and makes it easier for retailers and industry to react accurately to market dynamics, explain Carlos Schmiedel, Executive Manager of the Neogrid Business Unit. "Among the advantages, our analyses indicate that reductions of up to 1% in price cuts can represent increases of up to 27% in revenue, 25% in demand and up to 18% in profit.”
Based on advanced technologies, as AI, machine learningandbig data analytics, the Predify tool is capable of showing, clearly and objectively, the impact of each variable on pricing, as well as explain the reasons for the decisions made by the algorithm. The solution also offers aworkflowcomplete with record and approval of all cost changes made.
Integration with other functionalities
The new module is fully integrated into the Neogrid ecosystem enhancing pricing with advanced features. Among the additional components is theconsequent mix – that identifies, via algorithm, the next product a customer is likely to buy based on previous purchases – and aprevention ofchurn, that analyzes the propensity of non-contractual customers to return for new purchases.
The Predify Copilot can be integrated with the functionsactivity level – when classifying products asfast mover, slow mover or non moveraccording to your sales performance – and tosilent promo, that personalizes discounts via CRM, identifying the ideal product and offer for each CPF in promotional campaigns.
Solution with proven results
A retail network from São Paulo, with 13 units specialized in perishables and various products and services such as bakeries, faced challenges in market intelligence. With the adoption of the methodology ofpricingfrom Predify in the purchasing area, the company recorded significant gains: over 5% growth in margin, more than 27% in revenue and more than 28% in profit.
