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Description

Optimizing Pricing for Profit, Gaining Insights on Competitor Pricing, and Forecasting Demand are all enhanced through the use of AI and Machine Learning technologies. This approach resulted in a remarkable 14.4% increase in sales for a popular American casual apparel brand due to more effective pricing strategies. By employing Intelligent Demand Forecasting, we merge the strengths of machine learning with human expertise, taking into account various factors such as local events, holidays, back-to-school periods, school closures, community festivals, social signals, and broader economic indicators. Our services encompass Demand Forecasting, Store Ordering, Purchase Order Recommendations, and efficient Shelf Space Allocation & Optimization, all backed by Continuous Monitoring and Improvement processes. Additionally, we focus on Intelligent Pricing to achieve better sales realization and enhanced profit margins. By analyzing price elasticity based on product, location, and time, we can strategically determine appropriate mark-ups or markdowns. Our Differential Pricing Strategies are designed to prevent a downward pricing spiral, and we utilize A/B testing to validate our methods and results effectively. Ultimately, our comprehensive approach not only supports immediate sales goals but also fosters long-term growth and sustainability in the competitive market.

Description

Retailers and online merchants face a variety of shared obstacles, including excess inventory and the challenge of setting optimal prices influenced by factors like inventory worth, market competition, seasonal trends, and consumer attitudes. To address these issues, NextOrbit has created advanced technology that leverages artificial intelligence and machine learning to assist sellers in determining the best pricing strategies for their products. This innovative solution features several key elements: the NextOrbit PriceMind platform, which utilizes AI and machine learning to enhance pricing decisions, ultimately boosting both profits and sales; the NextOrbit DemFor tool, which improves demand forecasting for more efficient inventory turnover; and the NextOrbit PriceEye platform that tracks competitor pricing, providing timely alerts about their pricing strategies as frequently as desired. By integrating intelligent demand forecasting with a blend of machine learning and human insight, NextOrbit effectively merges the strengths of both approaches, while also accounting for the influence of local events on market dynamics. This comprehensive system not only optimizes pricing strategies but also enhances overall business performance by ensuring that retailers are well-equipped to respond to changing market conditions.

API Access

Has API No 

API Access

Has API No 

Screenshots View All

Screenshots View All

Integrations

No details available.

Integrations

No details available.

Pricing Details

No price information available.
Free Trial No 
Free Version No 

Pricing Details

No price information available.
Free Trial No 
Free Version No 

Deployment

Web-Based Yes 
On-Premises No 
iPhone App No 
iPad App No 
Android App No 
Windows No 
Mac No 
Linux No 
Chromebook No 

Deployment

Web-Based Yes 
On-Premises No 
iPhone App No 
iPad App No 
Android App No 
Windows No 
Mac No 
Linux No 
Chromebook No 

Customer Support

Business Hours Yes 
Live Rep (24/7) No 
Online Support Yes 

Customer Support

Business Hours Yes 
Live Rep (24/7) No 
Online Support Yes 

Types of Training

Training Docs No 
Webinars No 
Live Training (Online) No 
In Person Yes 

Types of Training

Training Docs No 
Webinars No 
Live Training (Online) Yes 
In Person No 

Vendor Details

Company Name

NextOrbit

Founded

2014

Country

India

Website

www.nextorbit.com/en/

Vendor Details

Company Name

NextOrbit

Founded

2014

Country

India

Website

www.nextorbit.com/en/

Product Features

Demand Planning

Capacity Planning Yes 
Data Visualization Yes 
Historical Reporting Yes 
Inventory Optimization Yes 
Planned vs Actual Tracking Yes 
Product Introduction Planning Yes 
Promotions Management No 
Replenishment Management Yes 
Sales Forecasting Yes 
Supply Forecasting Yes 

Product Features

Pricing Optimization

Channel Analysis No 
Competing Product Analysis No 
Forecasting Yes 
Market Analysis Yes 
Multi-Store Management No 
Price List Management Yes 
Price Optimization Automation No 
Pricing Analytics Yes 
Profitability Analysis Yes 
Scenario Planning No 

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