Retail Analytics in Dynamic Pricing

Retail Analytics in Dynamic Pricing

Shopping trends have changed, so is the behaviour of the customers. Every shopper wants fast, cost effective and easily accessible shopping solution. Who else but online shopping sites offer them all this and lot more! How do they perform so effectively? This new phenomenon is named as Dynamic Pricing!

Overview on Dynamic Pricing

To meet the demands of today’s shopper you need to be innovative with your offerings and highly sensitive towards pricing. How can you do it? Well, there is one quick fix solution – Dynamic Pricing!

Today’s shopper is smart, well informed and vocal, hence tagged as a super-shopper. Technology has given them freedom to choose and pick the best deal within budget. There are various online sources wherein amazing offers are floated on a regular basis. Even personalised offers are mailed or messaged so that customers don’t lose interest and keep buying stuff from a particular online shopping portal. For a customer, besides cost effectiveness online shopping saves lot of time and effort. Sitting anywhere anytime you can easily shop, which is so convenient for someone who is busy. Hence, most of the online shopping portals and other ecommerce websites are adapting retails analytics for effective dynamic pricing.

If you want to earn maximum profits through your business you need to offer best prices to your customers. Whether you are running a hotel chain, a retail outlet or an airline company, the core area is pricing that directly affects your company’s profitability. And if you own an e-commerce business then you can’t do without an effective dynamic pricing solution. We have some great examples like Amazon who is doing good as they have adopted dynamic pricing model to its core.

How to design Dynamic Pricing

There are several factors that determine an effective dynamic pricing model. The key determiner is the customer’s willingness to pay. Yes, without knowing this you can’t predict a workable pricing model for your business or product. This particular aspect further depends on various internal and external factors. Retailers have to use dynamic pricing strategy taking into account external factors such as competitive products and their prices, conversion rate, traffic and demand. Internal factors include brand image, supply, goals etc. Using both these factors retailers design an optimized pricing model.

Retail analytics is one of the motivating factors that have greatly helped businesses design their winning dynamic pricing strategy. This analytics data is used by the retailers in rising or reducing their product prices – as per the situation. Some retailers use price cutting strategy in dynamic pricing whereas most of them stick to price increase strategy, which is generally considered a business boosting approach. Amazon follows price cutting model as they prefer sacrificing profits over extreme market share. But this is not a sustainable model for most of the companies; hence they prefer the second option – price rise. There are many instances where price rise helps boost your revenue. For example, if your competitor is running out of stock or there is high demand for a particular product, rising prices can considerably boost your revenue. Whichever strategy you pick, you need to be within dynamic pricing parameters. One step here or there can affect your business performance!

Importance of Dynamic Pricing

Today market is highly competitive and the customers are highly price cautious. This is very obvious as the market has a lot to offer. Moreover, they are educated, smart technology friendly buyers who know what exactly the requirement is and what the right source is and where is the best deal available. Can you fool them? Not at all!
Technology is fast and advanced and easily accessible too. With the coming of smart phone, things have greatly changed. Now, internet access is all the time and a single click gives them all the information about the shops and the prices. They can easily do price comparisons and can crack the best deal within no time. Shopping is that easy! To match up to this volatile environment your business strategy needs to be dynamic, especially pricing! You have to make yourself aware of your competitor’s pricing changes, that too, in real time. So, if you want to be in the competition and remain profitable at the same time, be real. Use dynamic pricing to find an optimal price for your products. For introducing a new product in the market, it is essential to use price elasticity strategy. It greatly impacts your product’s sales.
Use dynamic pricing strategy, a cutting-edge product pricing solution, and improve your customer retention rate in the industry. This pricing model is relevant and effective in every possible manner! Choose the best dynamic pricing strategy and be on the top.
Pricing optimally is the need of the hour – Embrace Dynamic Pricing Solution!

Retail Analytics in Supply Chain Management

Retail Analytics in Supply Chain Management

Do you think big data analytics is a new fad in the retail industry? Re-acquaint yourself with the latest in the industry else your supply chain planning and management will go haywire. These days retail analytics is a requirement in supply chain management!

By now you must have understood one thing that supply chain management is incomplete without retail analytics. It won’t be wrong if I say retail analytics is the backbone of supply chain management. Retail profitability is directly dependent on three major elements of supply chain i.e. the right product in the right quantity, in the right place and at the right time. Missing out on any of these elements means losing a customer forever. Yes, it is forever! Do you want to take such a huge risk? Why? When you have a solution!

Retail analytics as a solution

Retail analytics accurately forecast demand, manage your inventory, optimize distribution network and improve your supplier performance. But all this is possible only if Business Intelligence and Analytics is applied to the core. Analytics has the potential to transform processes of any industry type including supply chain management. With the help of analytics it is easy to track individual packages in real time and gather other important information with regard to the shipment. It is a convenient and an efficient method that helps create optimized, supple, universal, and event driven supply chain model. This greatly affects the relationship between retailers and the stakeholders.

Using retail analytics in supply chain management one can easily get optimized inventory, replenishment, and shipment costs. Many companies like Amazon, ebay uses this retail analytics to find every minute detail related to their goods and their transaction. With the use of retail analytics tool they get to know about each and every movement of their goods inside the stores and if there is something found of relevance they pass it on to the store staff and customer. A retail analytics system also updates the company about abnormalities found in a particular product by identifying and analysing the unusual patterns.

>Retail analytics and its impact on supply chain management

Traditional methods of supply chain management minus retail analytics is a complete chaos. Using a traditional method you can’t deliver end-to-end visibility across the supply chain. Moreover, this concept can’t integrate discrete online and traditional retail business units and hence service quality is not that effective. Furthermore, the demand fluctuations can’t be predicted properly, which leads to supply chain disruption. All this brings real time data analytics into forefront. Yes, we need a system that can tack and trace events across the supply chain in real time. This will help you achieve end-to-end visibility across the supply chain and also make you aware of peak requirements and sudden disruptions.

It is a very simple concept – if you are analysing data after the fact, it is certainly of no use. This will hardly offer you a chance to pinpoint your problems and make appropriate alterations whatsoever they are. But if you have real-time analytics system, you can easily make better and approachable predictions and effective decisions and improve your business acumen! So what are you thinking? Retail analytics is answer to all you worries.
If you want to keep your customer happy you need to offer them exceptional services. Retail analytics is one tool that promises effective performance – Allow it to be a part of your business and experience the magic of this amazing business enhancing technique!

Semantic search functionality (Cognitive computing) and social media data UIMA, NLP, Elasticsearch/Solr	 How to teach computers to observe, evaluate and decide.

Semantic search functionality (Cognitive computing) and social media data UIMA, NLP, Elasticsearch/Solr How to teach computers to observe, evaluate and decide.

Consider an example from our daily life. When we enter into an unfamiliar dark room, and try to turn on the light, our memory informs us the most likely place in a room a light switch can be at. This memory is created from the reminder of several repeated past incidents when we had switched on lights in darkened rooms. We reach at the place in the dark room where the switch is to be found possibly, and we almost certainly find it. Human brain is an assemblage of associational activities. The brain gathers associational attributes that connect various data entities, and then collect them into common frameworks where these associations appear.
Cognitive computing platform is built in much of the same manner. “The technology actively learns ‘patterns’ of association and then reasons based upon what it has learned from these associational patterns.”
Cognitive computing platform implements machine learning algorithms and repeatedly acquire memory from the data provided to them by mining data for information. The systems perfect the approach they try to find patterns along with the approach they process data so that they are adept in anticipating new problems and forming likely solutions.
UMAI (Unstructured Information Management Applications) is an open source framework that studies huge volume of unstructured information (e.g., text, speech) to determine knowledge that is relevant to an end user. UIMA furthermore is responsible for competencies to wrap components as network services, and can scale to very large volumes by replicating processing pipelines over a cluster of networked nodes.
Solr is very consistent, accessible and error tolerant, that provides disseminated indexing, replication and load-balanced querying, instinctive failover and recovery, central formation among others. Solr impacts the pursuit and navigation features of various major internet sites of the world. Solr is rightly open-source–community over code. Everyone can contribute to Solr. A novice Solr developer (aka committers) is chosen based on excellence. Elasticsearch is only theoretically open-source. Everybody can view the source, every may contribute to its changes, but only employees of Elasticsearch can in reality make variations to Elasticsearch.
A challenge before the approach is, human can easily comprehend fellow human’s emotion, but can a machine be trained to do so? To detect the emotion of the persons involved in the conversation, the transcript of such conversation needs to be made. Then the emotions involved should be classified under “normal or neutral” and “agitated or excited”. Then, the probability of whether the conversation as successful or not is computed.
The aim of the Natural Language Processing (NLP) algorithm is to design and build software that can be able to analyse, comprehend, and create languages that can be used by the humans naturally, in such a manner that humans will be able to communicate with the computers as though they were communicating to other humans and vice versa.

Big data Analytics using Natural Language Processing algorithms to process Social media data and present it with a simple visualization platform to the customers.

Big data Analytics using Natural Language Processing algorithms to process Social media data and present it with a simple visualization platform to the customers.

It’s said, “Simple algorithm with big data is better than complex algorithm with small data”. Computers understand structures languages known as coding. It’s ironic that natural language which is mostly unstructured is easiest for humans to learn and use, is toughest for a computer to master it.
In case of language used in social media, the data used is not only huge, but lots of abbreviations are also used such as lol, ASAP, etc. Apart from it, in language used here, is human language; it contains different words to be interpreted by the computer, along with lots of emotions, sentiments, as well as altered meaning. Further, the biggest challenge in such conversation is that, “often a lot more is told by what is not said in a sentence or conversation than what is said.”
Such case poses another major challenge such as; the narrator/communicator could deliberately skew the outcome. “For example, one may pretend to be angry, or one may also lie. Thus, there can be a many false positives involved. The primary task will be to categorize or estimate the emotions of the communicators and then compute the probability of whether the conversation as successful or not.
Thus, in these cases, the measure of quantity of data is important, but the quality of data is much more vital. The first step will be to make sense of what is communicated. To do this, a very clever algorithm will be required. The algorithm should be modern algorithm, so that, it can interpret the modern form of communicative languages used in social media. Next the task will be to detect the emotion of the persons involved in the conversation. If the form of communication in the social media is in audio format, transcript of such conversation needs to be made. Then the emotions involved should be classified under “normal or neutral” and “agitated or excited”. Then, the probability of whether the conversation as successful or not is computed.
The aim of the Natural Language Processing (NLP) algorithm is to design and build software that can be able to analyse, comprehend, and create languages that can be used by the humans naturally, in such a manner that humans will be able to communicate with the computers as though they were communicating to other humans and vice versa.
Using Natural Language Processing algorithms to process Social media data and present it with a simple visualization platform involves use of a combination of knowledge-engineered and statistical/machine-learning techniques to disambiguate and return to natural human language input. It will involve implications for applications like text critiquing, data recovery, query replying, summarization, and translation. Further, the interpreted data has to be represented in visualization platform for the users

How IBM Watson is going to change the lives of billions in healthcare and retail?

IBM Watson has truly proved that change is the law of nature. And it has changed the whole scenario of older applications and devices. Thanks to IBM for such a wonderful, unique and awesome cognitive technology!
With the help of Watson, enterprises from healthcare to retail can easily evolve their present processes and can gain advantages above and beyond their expectations. Yes, by utilizing Watson in healthcare industry, doctors or medical professionals can fetch out medical information quickly and they can diagnose best medical treatments through medical studies or clinical references. It means Watson simplifies processes between humans and computers in easy and natural manner. The reason is it is able to read and understand natural language from unstructured data that is crucial and it contains up to 80 per cent data.
So, whether you are related to healthcare or retail sectors, this ecosystem is a best solution in order to provide your customers & users with creativity with a difference. In the humdrum of hectic schedules, customers, clients or users want a safe and secure ways that is trustworthy and accurate. That is what Watson does. With its repeated usage, it becomes smarter as it tracts feedbacks & responses from its users and thus provides more accurate & precise information that is relevant and useful.
It won’t be exaggeration if entrepreneurs or enterprises say that with the advent of Watson, new era of cognitive apps has begun. There are absolute reasons for it. Watson uses programmatic computing along with three most important capabilities such as natural language processing, hypothesis generation & evaluation and a dynamic learning.
Really, Watson is a magic-wand for enterprises. If any enterprise wants a right solution for itself then there isn’t a better option than Watson. Depending upon the requirements of your organizations, you can use Watson Explorer, Watson Discovery Advisor or Watson Engagement Advisor in order to increase customer loyalty. Whether you wish unique insights, quick information for research or want to bridge the gap between you and your customers, Watson serves all purposes without letting a single stone unturned.
Moreover, through its valuable partnership, developers can build with Watson new generation apps and accelerate innovation. Watson has simply smoothened the content curation. It helps retail or healthcare enterprises go deeper into subject in order to get more relevant data that is never thought before.
Above all, Watson is a mentor for retailers, planners, doctors and government. For example, using Watson, a retailer can take proper decision of pricing and purchasing avoiding unnecessary data. Also, an oncologist can easily identify treatment options that are evidence-based like published research, cancer case history etc. In this way, doctors can personalize patients’ care while using Watson.
Thus, Watson undoubtedly excels the lives of billions in healthcare and retail industries.

Enterprise Mobile Application Development

Enterprise Mobile Application Development

In the Informational Technology age, innovators are trying their best in smoothening business processes by developing new applications. Enterprise mobile application development is one of the best examples of such innovations.
Whether you belong to a small scale business or a big enterprise, enterprise mobile application development can be an integral part of your esteemed organizations. Yes, there isn’t any doubt about it. It is a tool which simplifies business processes and simultaneously it helps increase productivity in abundance.
Enterprise mobile app development has accelerated its speed since the inception of Smartphones and tablets. And seeing a better future using these modern gadgets, enterprises have started its usage in a wide scale. They are now able to fulfill the objective of delivering task focused applications for employees in order to ease their jobs or tasks.
Thus, IT companies are getting enough benefits from enterprise mobile application development. With the help of mobile app development, businesses can reach to thousands of potential customers. The reason is there are millions of users who use Smartphones and tablets in order to purchase products, avail services or just to connect with their friends and colleagues.
By creating customized applications, companies can engage their employees as well as customers. Personalized mobile applications are today’s utmost requirement. That is why enterprise mobile application development has geared up the market with its fascinating usage and results.
Whether a user is on the way, on a beach or in the office, he/she can pay the bills, book the tickets and do much more using user-friendly mobile apps development. So, it is essential to develop such applications with clear insight and targeting the specific audiences. It should be easy to use and user-friendly. Above all, it should be compatible to the modern mobile platforms such as Android, Windows Mobile, Symbian, BREW, Web OS, Mobile Web, J2ME, and BlackBerry.
Companies and organizations which are using enterprise mobile apps development have witnessed incredible customer hype along with good revenue growth. So, this is one of the best and easiest ways to reach to the potential customers.
Because of its high demand in the market, IT companies have started building customized enterprise mobile application development for their customers and clients. Though it is expensive, developing businesses are investing in mobile app development because it provides unexpected results in terms of user engagement and profit.
But before you use any of the enterprise mobile application development, be sure that it is not flashy and complicated. Otherwise, you may suffer a heavy loss. Yes, you can lose your customers if it is not properly coded and doesn’t serve the purposes. It means it should provide the desired results or functions in the simplest and easiest ways with easy-to-navigate interface.
Above all, to get maximum benefits out of enterprise mobile application development, it should be used at a proper time and in a very secure fashion!