Interviews

This is how Sciative makes pricing straightforward, methodical, and scaleable

Right pricing is most crucial for all organizations to achieve growth, profitability, and customer loyalty; and continues to be an area of immense interest for business leaders. In the era of modern commerce, the need for speed and accuracy in pricing right can only be addressed through automated pricing tech solutions. With its first pricing product rolled out in 2018 for one the top three brick and mortar retailers in India, Sciative has continued to innovate and transform pricing methods in newer industries. Currently, Sciative’s pricing products are powering over 3 billion pricing decisions daily across industries such as retail, eCommerce, hospitality, travel, entertainment, CPG, and TV and digital media. In fact, BRIO which is Sciative’s flagship Retail Price Optimization Solution is helping its clients execute individual customer level personalized pricing and promotions to help navigate customer engagement and maximize lifetime value. Ms. Vijeta Soni, Co-Founder & CEO, Sciative Solution share more insights on the same.

 

  1. Please tell us about your company, its speciality, and the services it provides.

The words “science” and “creative” are combined to form the word “Sciative.” At Sciative we believe that scientific theories, models, and concepts are not useful, unless they are inventively applied to solve issues in the real world or in business. We have taken a new direction by imagining, organizing, and creating next-generation AI to handle the problem of “RIGHT PRICING” that businesses deal with on a regular basis.

Our ultimate objective is to lead the dynamic pricing revolution globally and enable businesses to consistently set prices that are fair and accurate. Prices that are a result of scientific intelligence and not based on gut-feel. Companies in the retail, e-commerce, travel, and entertainment industries leak billions of dollars due to incorrect and un-timely pricing strategies.

Sciative is India’s first Pricing and Revenue Management company dedicated towards leveraging AI, automation, big data and pricing domain expertise to help businesses get the best price for every product, every market, every customer and every single transaction. Sciative manages prices at great scale with over 5 billion price optimizations daily across a variety of industries, including retail, food and beverages, e-commerce, hotels, travel, entertainment, CPG, and industrial goods.

 

  1. Please list some of the significant problems that the company has faced thus far.

The pandemic is putting a lot of strain on businesses in many sectors. The retail industry is not exempt from change. In actuality, it is among those who have encountered substantial challenges since supply chains have been significantly impacted. As a result, there is currently a great deal of pressure on costs as well as the ability of enterprises to manage risk and maintain business continuity.

Due to the widespread use of digital channels, price discipline is now more crucial than ever for cost containment. Dynamic pricing enters the picture in this case since it ensures that customers receive real-time price modifications and equips businesses to be more proactive when studying market disruptions and seasonal trends to better meet customer expectations.

Due to the widespread use of digital channels, price discipline is now more crucial than ever for cost containment. Dynamic pricing enters the picture in this case since it ensures that customers receive real-time price modifications and equips businesses to be more proactive when studying market disruptions and seasonal trends to better meet customer expectations.

 

  1. What are the company’s mission and objectives? In a nutshell, tell us about your journey since the company’s foundation.

The best pricing optimization solutions driven by self-learning computers are what we strive to offer. With the aid of a lot of historical data and current patterns, we develop automation and use cutting-edge AI and Machine Learning to assess and forecast pricing. As a result, businesses can make decisions about how much to charge for thousands of goods and services with confidence that their margins will be maximised and that their income will increase. Our goal is to enable every company to always set prices that are appropriate. We are held up and kept together by the following four pillars: Growth and profitability, ROI for capabilities, favourable client perceptions and steadfast allegiance We always work to progress our development and venture into unexplored territory since we understand the importance of a team and individuals.

 

  1. What is your company’s most distinguishing feature that sets it apart from competitors?

The features that distinguish Sciative from rivals are: unified strategy One of Sciative’s key selling advantages is its single solution for pricing, promotions, inventory planning, marketing planning, and CRM. Customers will find it easier and more cost-effective to operate with a single solution rather than numerous systems for different analytics goals. Unbiased by industry: A wide range of goods and services, including clothes, shoes, purses, food, electronics, air and bus tickets, logistical services, movie tickets, advertising slots, and financial services, are supported by our technology stack. Also, it is fully automated system where Sciative’s AI bots do all the changes and decision making, no manual intervention is needed

Self-learning AI algorithms that can be utilized to complete jobs without the price of paying data scientists are known as enhanced scientific algorithms.

Broad-based Auto-AI/ML: Over 3 billion price decisions are made using our solutions every day. Organizations have a wealth of information on consumers, competitors, suppliers, logistics, programmatic marketing, various distribution partners, and other subjects. It is challenging, expensive, and time-consuming to retrieve crucial information in such a situation. Our platform offers comprehensive insights at the touch of a button, empowering businesses to move rapidly, adapt quickly, and make data-driven decisions.

 

  1. What growth goals do you have for the upcoming year?

Throughout this fiscal year, we are very thrilled to offer products to the film, aviation, and auto industries. Although dynamic pricing is a widely accepted practice in the airline business, I want to highlight our PRICENA Cinema product. Fixed prices won’t be offered at all in movie theatres. A well-known network of Indian movie theatres is evaluating PRICENA. In the near future, AI bots will automatically adjust movie theatre ticket prices based on pertinent variables like the film’s director, star cast, social media song and trailer views and downloads, music genre, running time, catchment area nearby, historical booking patterns, competitive prices, and many more. The film industry “breathes” and “lives” in India.

 

  1. How Sciative is using bigdata, AI, and ML in their products and services?

Viaje.AI, our AI Powered dynamic pricing solution, creates an AI bot for every vehicle (train, bus, airplane) that its pricing. This bot behaves like a human wherein it forecasts the demand by looking into historical data patterns. It provides a real-time foresight into demand and supply patterns in to real-time basis by looking into 83 unique parameters like historical data, seasonality, Likability of a seat real-time market data, inventories, offers, promotion history, and relative sales performance every 15 minutes.  It performs 3 million optimizations per day.

BRIO by Sciative is the ultimate dynamic pricing platform for e-commerce and Omni channel retailers. It is a fully AI-powered platform continuously tracks and analyses multiple data sources, adjusting prices to stay profitable and competitive at the same time. It collects information from competitive landscapes, customer journeys, and demand trends.

AdPrice is our AI-based automated pricing tool for the media and entertainment industry. We are providing solutions for HGEC ad sales. It recommends pricing every 10 seconds according to changing market demand, seasonal behavior, trends, and patterns.

 

 

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