Eversight: AI-Based Price Optimization and Promotion

Eversight: AI-Based Price Optimization and Promotion

Anis Hadj-Taieb, SVP of Retail Partnerships, EversightAnis Hadj-Taieb, SVP of Retail Partnerships
In the age of digitalization and eCommerce, shoppers are inclined toward retailers offering convenience and competitive prices, forcing brick and mortar retailers to change their approach to focus on dynamic and transparent pricing. To keep their head above water in today’s cut-throat market, retailers and consumer packaged goods (CPG) companies must keep themselves abreast of the pricing and promotion trends in the market. As the legacy method of regression for price optimization and promotion proves to be obsolete due to the use of stale data, leading brands and retailers are turning toward more effective means to uncover price-points and promotions. Eversight is an innovative company delivering solutions to relieve retailers of their pricing maladies. Leveraging artificial intelligence (AI) and experimentation, Eversight provides smart, dynamic pricing and targeted promotions. “We uncover price points and promotions which are counterintuitive, helping retailers and CPG companies to strategize their investments in resources and pricing,” says Anis Hadj-Taieb, SVP, Retail and Customer Success at Eversight.

Eversight leverages AI and Experimentation to deliver higher value to both retailers and their customers. Based on this unique strategy, Eversight’s solution provides effective price optimization results through a continuous cycle of experimenting, learning, and adjusting the price. The solution works by grouping subsets of stores into clusters, where each cluster is assigned a different pricing pattern— higher or lower—for various items. AI built into the solution analyzes customer reactions to pricing change, making it easy to evaluate the performance of the individual items in each cluster. This experiment is repeated by rotating the pricing pattern between the clusters to attain an unbiased outcome, allowing Eversight to create its own data to recommend the optimum price.

We use AI and experimentation to uncover price-points and promotions which are counterintuitive, helping retailers and CPG companies know where to best invest

Founded in 2013, Eversight has evolved from transforming promotion optimization techniques to empowering retailers with front-line pricing and yield management solutions. Leveraging the experience and expertise attained over the years, Eversight helps CPG companies and retailers with both mass and segmented promotions. While most price optimization and promotion software companies in the arena may project several years for the ROI, Eversight assures faster ROI through easy installation and quick execution.

The service rendered to a regional grocer by Eversight is a potent illustration of their value proposition. The customer was unable to strategize the pricing for the store items with their existing price management system. During the first two months of working with Eversight, stores were segmented into equally-sized test groups with the prices in each group changing weekly, to attain the optimal prices. With a strong understanding of the elasticity and cross elasticity of the items at the store and moving majority of the store items into the optimal price range, the customer was able to provide competitive prices while maintaining their sales and margin objectives.

Hadj-Taieb reveals a solid investment plan in North America and Europe in the year ahead. Eversight is working with a set of selected customers comprising of retailer and CPG companies to enhance loyalty and personalization capabilities while guiding them to shift investment plans from mass promotions to customized promotions. “It is imperative to understand where the pricing investment should go to drive the highest value for the brick and mortar stores and its consumers,” sums up Hadj-Taieb.