Perfect Price Unveils AI Pricing Platform To Make Revenue Management Effortless; Secures $5.8 Million Seed Financing
– Perfect Price, the company using powerful AI to make pricing and revenue management effortless for businesses worldwide, today announced the public availability of its flagship dynamic pricing platform. The Perfect Price platform, previously in beta, uses a combination of machine learning and big data analysis to anticipate the prices consumers are willing to pay for specific goods and services at any given moment in time — taking into account a wide variety of marketplace conditions and consumer behaviors that affect supply and demand — and automatically optimizes prices accordingly in real time to maximize a company’s revenue performance.
Building on top of early success with consumer name brands, the company also announced that it has secured $5.8 million in seed funding to date and will use the capital to open a new Oakland, California headquarters and scale its engineering, operations, and go-to-market teams. The company anticipates quadrupling in size by the end of 2019. Investors include leaders in enterprise SaaS technology including Steven Tamm, EVP of engineering at Salesforce; Erik Eccles, CEO of UrbanDoor and former CEO and founder of Versly (acquired by Cisco); Dustin Robertson, CMO at Drip.com and founding CMO of Backcountry.com; and others.
“Since graduating from Alchemist Accelerator, Perfect Price has established itself as an enterprise AI pioneer and is setting the stage for mainstream adoption of dynamic pricing at large brands,” said Ravi Belani, Managing Director at Alchemist Accelerator. “The Perfect Price team has deep AI domain expertise and has engineered a powerful platform that delivers tangible results quickly.”
Effortless Pricing: Leveraging AI to Achieve the Perfect Price
Dynamic pricing and price optimization represent a radical departure from the traditional method for setting prices, which relies on large teams conducting painstaking manual analysis to understand the prices that consumers will pay for products or services and setting prices or business rules accordingly. The explosion of digital commerce, and the massive amounts of data it produces makes traditional methods untenable. Every unsold or sold out hotel, flight, or rental car counter stands as testament to the inadequacy of legacy approaches in a rapidly-changing omnichannel marketplace.
Dynamic pricing involves processing multiple streams of data derived from any number of product, supply, location, customer, and external data points and adjusting to these changes in real time to reflect the perfect price for the given marketplace at that moment. Dynamic pricing is unique because it learns from data rather than relying on legacy pricing rules, linear programming, or other less scalable methods. Instead, users simply set key parameters and the dynamic pricing AI will develop and implement complex strategies on its own, continuously adjusting prices by the millions across any number of products.
“Today’s enterprises can no longer remain competitive if they ignore the role that AI plays in driving customer value,” said Steven Tamm, EVP Engineering at Salesforce. “Perfect Price’s value proposition was clear to me from the beginning: dynamic pricing is a new AI frontier within business operations, providing the same powerful data-driven automation and forecasting that other areas of business have already been leveraging with great success. I’m very excited that Perfect Price is leading the way.”
Perfect Price empowers companies to:
- Effortlessly manage prices and meet or exceed revenue goals — Revenue managers simply set Perfect Price to meet a certain revenue goal and the dynamic pricing AI does the rest: digesting millions or billions of marketplace data points to accurately predict and set the perfect price to meet those goals. The Perfect Price platform is the first of its kind to incorporate internal historical sales data, inventory availability, and a number of external marketplace inputs to offer a complete and precise picture of demand.
- Gain competitive advantage — Perfect Price arms businesses with previously unattainable visibility into competitor pricing and marketplace data, in real time, enabling them to better anticipate competitor moves.
- Create accurate, data-driven forecasts and simulations — The Perfect Price platform continuously learns and improves from transactional data. By using the latest simulation methodologies, the AI can predict not only consumer actions but also competitor pricing moves and availability, enabling businesses to make better decisions.
“Today’s on-demand digital consumers expect availability and a competitive price for products and services at the moment they want it. To compete in today’s environment, innovators in all industries must catch up with giants like Amazon and Uber, which are already leveraging AI and automation across vast parts of their business—especially price,” said Alex Sharsis, Co-founder and CEO of Perfect Price. “Until now, automating pricing and revenue management has been too expensive or cumbersome at scale; Perfect Price solves this by harnessing the power of real time AI in a fundamentally new way. Further, this new funding will enable us to continue to deliver on our vision of making pricing effortless for businesses around the world.”
To learn more about Perfect Price or to speak with a representative about how dynamic pricing may fit within your organization, please visit www.perfectprice.com.
About Perfect Price
Perfect Price makes pricing effortless. The only cloud-based AI platform built for pricing and revenue management, Perfect Price uses powerful artificial intelligence to analyze inventory, historical sales data, competitor pricing, consumer demand, and other externalities in order to adjust prices in real-time. Designed for enterprises in dynamic industries, Perfect Price ensures a reliable data-driven approach to pricing that delivers immediate value while eliminating the guesswork, complexity, and cost associated with traditional pricing methods. Founded in 2014 and headquartered in Oakland, California, Perfect Price is backed by leading technology investors. Businesses around the world rely on Perfect Price to maximize revenue, profitability, and growth. For more information please visit www.perfectprice.com.