Profitmind
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About
Profitmind is an AI-powered platform designed to help retailers make more profitable decisions. It provides actionable insights and recommendations across various areas such as pricing, inventory, assortment, and marketing. The platform aims to improve top and bottom lines by offering a new level of transparency in business operations. Profitmind's capabilities include competitive pricing optimization, competitive assortment analysis, whitespace analysis to identify market gaps, price optimization for individual SKUs, inventory analysis for stock level optimization, clickstream analysis for conversion opportunities, marketing analysis to uncover product discoverability issues, and comprehensive Monday reporting. The platform is designed to be user-friendly and integrates with existing business systems, allowing for one-click execution of recommended actions.
Platform
Task
Features
• price optimization
• competitive pricing
• inventory analysis
• marketing analysis
• monday reporting
• clickstream analysis
• whitespace analysis
• competitive assortment
FAQs
Can you capture competition for private label / owned brands?
Yes, we can accurately match any type of product. Our AI matching technology looks at products the way a customer does by looking at the product image(s), the description, the specifications (size, weight, fabrication, upc/ean, etc), and the price. The business team can quickly and easily give feedback to the AI, and it will soon learn to match competitive products specific to your business needs.
How much data is needed?
Technically, we don’t need any data to get going. We can capture your catalog and your competitors directly from the web. However, we prefer to get a product data feed (product_id, ticket_price, selling_price, inventory_onhand, product_title, product_description, product_image) to get started. We can re-use whatever data feed you are using for your eCommerce site. For price optimization, we need two years of historical data (sales, inventory, discounts, by SKU). Ultimately, we would also like to get a daily or weekly feed of this data.
How do you measure the benefits?
Profitmind learns to predict your business by predicting your results while excluding the actual data from its models. This allows Profitmind to fine-tune and develop the most predictive models that it can. Profitmind learns continuously and tracks accuracy over time. We can also support A/B testing to ensure that the predictions are accurate for your business.
How long does Profitmind take to implement?
Typically, we can get up and running in 4 weeks. This is specifically for competitive, assortment, and inventory analysis. Price optimization usually takes an additional 2-4 weeks. So, your business will start seeing benefits and impact in about one month.
How much does Profitmind cost?
It will depend a little on the complexity of your business needs, but generally, we charge the typical cost associated with a full-time senior business analyst. We may need multiple Profitmind analysts to cover many different geographies and brands, but we also offer volume discounts.
Can Profitmind help me plan for Black Friday and other events?
Yes, Profitmind allows you to plan pricing strategies for future events. Profitmind even includes the ability to prepare for inflationary impacts. Planning can be done by date range, by discrete events, or catalog drops. This planning capability allows you to set ticket and selling prices based on expected prices and promotions by competitors.
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