What’s the right discount for your product?
Give your Shopify business a major boost by always choosing the best discounts for your store. Find the perfect balance between attracting customers, increasing sales, and growing profits. Discount Picker AI makes accurate predictions so that you make the right decisions.
Let the AI do the math!
Pricing is a tricky process that can cost you a lot of money and leave you losing business if not done correctly. Discount Picker AI’s algorithm diminishes the risk of failure by taking into account various factors like cost, margin, and consumer behavior. The AI engine examines your past sales data, forecasting how your customers would react to different discounts. By calculating the most likely outcomes of your decisions along with a projected degree of certainty for each campaign, Discount Picker AI helps you maximize results without risking profit.
Use Discount Picker AI in 3 easy steps:
- Install the Discount Picker AI app
- Hit the Run button and give the algorithm a few hours to digest the data.
- Review the discount suggestions and accept or reject them with a single click.
FAQs:
How does Discount Picker AI estimate the optimal discount?
Short answer: Math.
Long answer: In the mathematical modeling of economic systems, there is something called the price elasticity of demand. It is represented by a curve influenced by the price, consumption, and potential substitutes of a product (and many other factors). Our AI engine uses this complex formula to calculate the most profitable discount for each of your products.
What types of products are suitable for Discount Picker AI?
The algorithm will evaluate all existing SKUs and suggest a discount if it gets enough data. It works best if there are at least 100 days of sales history per product of which at least 21 days were with discounted sales on three different occasions. The app may suggest discounts even in cases where there are less sales data although with less confidence and lower reliability.
Though certainty in the projected results will obviously be lower with less information provided, the AI can most definitely work with it and gets better with time as it analyzes more and more data.
Interested? Need help? Reach out!
