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Setting an Initial Pricing Strategy for New Products

Setting an Initial Pricing Strategy for New Products

Revionics
Pages 2 Pages

Setting an initial pricing strategy for new products is challenging due to a lack of sales data, but AI advancements have made it more accurate and efficient. Revionics' AI platform uses techniques like transfer learning to optimize pricing for new SKUs by leveraging data from similar products. This is particularly important for private labels, where pricing can significantly impact sales and brand loyalty. The platform continuously updates with new data, helping retailers make confident, data-driven pricing decisions to maximize profits and competitive positioning.

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