Current Situation
Retailers focus on historical data to extrapolate customer interest and sentiment in new products and to determine new product price points as products are introduced to the market.
Goals and Objectives
Establish efficient methods of data collection to capture consumer demand and competitive pricing data on new product introductions in the market.
Technology Deployed
Artificial intelligence deep learning tools and capabilities, generative AI technologies, supervised and unsupervised machine learning, reinforcement learning technologies, denoising diffusion models for AI, web scraping tools, and classification software; survey tools and customer data extraction tools; CDPs and customer analytics tools
Use Case Summary
It involves competitive and demand-based pricing intelligence leveraging AI-based product matching with historical price points for similar products; use of web scraping technologies for competitive data; use of survey techniques and data capture across segmented audiences for establishing pricing field studies.