Price optimalization -

The Price Matters – Price Optimization for

How to succeed in the Czech e-shop market. A successful seller is competitive and provides customers with high quality goods at the best price.

After years of intuitive pricing, the first Czech internet pharmacy decided to change its strategy and set it the digital way. The goal was to create a reliable tool, which would recommend the optimal price for key products.

As the most suitable solution for this project, we choose regression model.  Such model determines the dependence of the price on its sales. The price on which the calculations were based was the lowest price for the product in the Heureka price compare engine. Several major variables such as seasonality or promotions were also included. For each product, we then calculated the sales sensitivity of sales to price change in real time. The impact on sales of other related products was also taken into account.

The result model can than simulate sales at specific price levels for a given season, even for a particular day. Based on that it is possible to determine the optimal price that is advantageous for both the customer and the seller.
Pricing tool, enabled us to increase the total profit during the testing period for 16 of the total of 20 products tested. This alone repaid the whole investment in price optimization. The price optimizer remains from then on and it is used for many products.

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