Real time dynamic price optimisation for eCommerce retailers

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Innovate UK
Innovate UK
Innovate UK
Innovate UK
Innovate UK

£349,945

May 31, 2018

Feb. 28, 2019

Although eCommerce industry is rapidly growing, dwindling margins and conversions are the biggest challenges for online stores. Even for high street retailers like Argos and Currys, over 97% of shoppers leave without making a purchase, which leads to retailers offering lucrative vouchers and discounts to entice shoppers. Hence, Gati Automata Ltd wishes to provide a dynamic pricing solution to online retailers to price products without compromising on the margins but also prices that shoppers are more likely to pay. Dynamically priced products can be added real time on product listing, target customer segments, specific sales channels, specific period and create an optimal pricing strategy.

GAL is a fast growing machine learning startup focussed on online retail. Every week GAL ML applications power thousands of on-store marketing campaigns for retailers from various countries. GAL wishes to undertake a feasibility study project to prove key technologies and later add to its current system. Areas of research and prototyping include use of machine learning, advanced data processing, event processing, segmenting shoppers using purchase analysis to determine pricing, which is extremely innovative. The feasibility study will cost £100k and a grant of £70k is sought to undertake this highly innovative project.