LOS ANGELES—Vendo reports its dynamic pricing is making an impact. The company released its first case study featuring Grooby to the public on their website today.
The dynamic pricing tool is introducing a new concept to the industry, according to Vendo. It has been used by airlines, hotels and online retailers such as Amazon for years. Dynamic pricing gives companies the flexibility to adjust prices for each individual shopper. Vendo’s platform uses artificial intelligence to decide on each the millions of prices it sets. The AI learns from the results each price has on conversion and lifetime value and constantly improves.
Steven Gallon of Grooby has seen the effectiveness of dynamic pricing for his business, remarking, “Dynamic pricing should be a no brainer. Potential individual customers have so many different variables that offering a dynamic price based on the AI that we've gathered though past sales makes perfect sense. Vendo implemented it and we saw immediate results which has delivered a 8 percent increase on the sales it's been offered on. We make more revenue and our affiliate partners make more revenue. I wish we'd had this available to us years ago but I welcome the difference it's making now.”
Vendo began testing its artificially intelligent dynamic pricing three years ago. They consider the success of Grooby a big win.
Managing Director Thierry Arrondo said, “We are really happy to be working with Steven and seeing his results. We know it helps him be more competitive and run a better business. Dynamic Pricing has the potential to widen profit margins considerably for those companies that can implement it effectively.”
For more information on dynamic pricing and how it works visit vendoservices.com.
