HyperFinity Develops New AI-Powered Price Optimization Product — Retail Tech Innovation Hub

Operating in a complex retail world is tough. The UK is on the brink of a general election, costs are rising, and consumers are minimizing discretionary purchases. Earlier in June, Barclays reported that card spending growth had hit its lowest level in three years.

“With so much change expected in the future, insight-driven pricing optimization is the logical next step,” Hill says.

“As former retail data scientists, we understand the challenges facing retailers very well. Our pricing product addresses the frustrations of those working in trading, merchandising, finance and other commercial functions, as well as analytics, data science and insights roles.”

HyperFinity says its SaaS tools provide data and insights in an easy-to-use format.

It replaces multiple spreadsheets, eliminates single points of failure, measures the impact of pricing changes, and relieves pressure on busy analytics and data science teams with a backlog of work.

Key features include:

Understand the price sensitivity of your product: Use price elasticity to identify where you can change your price without losing demand.

Create a price action: Create an AI-driven action for every product in your range, for example, increase the price.

Price impact modeling: Model commercial scenarios based on price change decisions to understand the impact on margins.

Measure sales performance: Monitor ongoing sales performance with a set of interactive BI dashboards and alerts.

HyperFinity partners with many well-known companies, including value greeting card retailer cardfactory.

Liz Lamb, Director of Insights and Customer Experience, commented: “HyperFinity has played a huge role in helping us understand the role of pricing at cardfactory.

Their use of data and AI has allowed us to make insight-driven pricing decisions that take into account our business goals and customer expectations. HyperFinity is a valuable and trusted partner for cardfactory.

They stand out for their expertise in applying data science to make better pricing, marketing and assortment decisions.”

2023 RTIH Innovation Awards

Costa Coffee wins at the 2023 RTIH Innovation Awards ceremony.

The 2023 winners were announced at a glittering ceremony at the Barbican Centre in central London on Wednesday 29 November.

Costa Coffee won the Technology Implementation of the Year (UK) award for its project working with HyperFinity to extract value from data using decision intelligence, using insights from customer data to personalise the brand's loyalty programme, Costa Club, and make intelligent operational decisions for its stores and product range.

As a result, Costas has seen a significant increase in its customer loyalty base year over year across all metrics: consumers, transactions, revenue, etc. This has resulted in a deeper understanding of consumers, a critical ability to deliver personalized offers and marketing, and better decision making.

2024 RTIH Innovation Awards

Entries are now open for the sixth edition of the RTIH Innovation Awards.

The awards are sponsored by CADS, 3D Cloud and Retail Technology Show 2025 and celebrate global technology innovation in the rapidly changing omnichannel world.

This year, we are introducing three new categories: AI Innovation, Sustainable Retail Innovation and Inclusive Technology Innovation.

Important Dates for 2024

Friday, October 25th: Prize application deadline

Tuesday, October 29: 2024 nominee list announced

October 30th to November 6th: Examination dates

Thursday 21st November: Winners will be announced at the 2024 RTIH Innovation Awards Ceremony, held at RIBA 66 Portland Place HQ in central London.

Sources 1/ https://Google.com/ 2/ https://retailtechinnovationhub.com/home/2024/7/5/retail-technology-innovation-of-the-week-hyperfinity-taps-ai-for-new-pricing-optimisation-product The mention sources can contact us to remove/changing this article

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