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"With AI-driven pricing rules, e-tailers can have the right price at every purchase"

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The Swedish tech company Priceindx AB starts a research project with Umeå University for further development of AI-driven dynamic pricing for the global e-commerce industry

"- The global development and transparency of e-commerce means that price becomes a decisive factor for growth. We are now forming a strong collaboration between PriceIndx and Umeå University in AI-based e-business solutions. This includes a focus on machine learning and applied AI, i.e. how to develop business models and new consumer services with AI as a core component. The exact outcome of this project is nothing we know yet. But with our joint expertise and ambition, the goals are set at ground-breaking levels, says Curt Luks, CEO and founder of Priceindx.”

Umeå University has a long history of applied research collaboration with companies such as Ericsson, Volvo, etc. which has led to the development of new products and digital innovations. Their interest in global retail trade and price dynamics is of great interest from a macro perspective and is now a focus area in global trade.

"- We are happy to collaborate with the Swedish technology company Priceindx. They have impressed us with their pioneering work in applied AI. They give us access to leading practice in applied AI and they have a very high proprietary technology. In short, we are very keen to start this collaboration and work together, says Mikael Wiberg, professor of informatics at Umeå University.

Swedish Priceindx is growing steadily and today has a large number of customers around Europe. The majority since 2006 when the company developed its first services.

"- The demand from e-retailers for time-efficient and precise control of how all products are priced against competitors is increasing, it is a decisive success factor. We develop active price rules in collaboration with our customers that enable data-driven automatic control of turnover and assortment strategies with the exact desired margin. Some of the parameters we use to optimize the result are variable pricing on different trading venues, time of purchase and stock rotation. We accelerate turnover, that is our focus. Now we are gearing up our collaborations with some of the largest consulting companies and platform owners, continues Jan Tallroth, Chief Growth Officer."

Read article at it-retail.se

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