The prudsys RDE automatically adapts the prices for over 400,000 size variants of 24,000 items to any relevant contextual condition. In real time the AI solution incorporates things like demand, clearance, brand and clicks per size in the online shop. In addition, the prudsys RDE also takes into account the different phases of the product life cycle by using different pricing methods. Compared to manual pricing, 11teamsports has been able to increase margins and sales while simultaneously raising the order rate by 3 %. Thanks to automatic pricing, category management is now left with more time to devote to strategic product range decisions and price management tasks.
The pricing solution calculates the prices of the product range strategically: At the beginning of the life cycle the AI solution optimizes the prices for all items, primarily when it comes to margin and revenue. As it nears the end of the life cycle, the sell-off method takes effect, focussing on gross profit absorption.
The particular challenge: Some products are only part of the range for a few months, other items up to three years. The combination of the two pricing methods allows prudsys to manage the balancing act between targeted sales and attaining the KPIs set by 11teamsports.
Category management specifies which different parameters are incorporated into price calculation. It decides, for example, the range in which the prudsys RDE can calculate prices by setting variable price limits according to product age. The company sees intelligent price control as an important way to keep improving on financial results, remain competitive and solidify its market leadership.
With over 1.5 million customers, 11teamsports is the largest retailer for sporting goods, lifestyle products and team gear in the German-speaking area. The company was founded in 2007 and grows by approximately 20 % every year. The sporting goods retailer sells its products in its online shop as well as in 17 bricks and mortar shops in Germany, Austria and Switzerland.
prudsys AG is the leading provider of agile AI technologies for omnichannel retail. The prudsys Realtime Decisioning Engine (prudsys RDE for short) automates personalization and pricing processes across the entire value chain. This allows retailers to offer customers a seamless shopping experience of the utmost personal relevance at every sales channel while simultaneously maximizing customer loyalty and earnings.
prudsys AG has been on the market since 1998. As a pioneer in the fields of real-time personalization and automated pricing, the Chemnitz-based company has been actively working to shape the development of omnichannel business from the start. prudsys AG customers include companies such as Conrad, COOP, Douglas, OBI, Thalia and Würth.
prudsys AG is considered a best-of-breed provider. Its in-house research department works tirelessly to further develop intelligent algorithms and test innovative methods for omnichannel business. The company is the holder of numerous patents and places great importance on cooperation with renowned scientific institutions.
prudsys AG has hosted the DATA MINING CUP since 2000. Every year, over one hundred universities and thousands of students take part in the internationally renowned competition for intelligent data analytics and forecasting. prudsys AG has thus been successfully bridging the gap between theory and practice.
prudsys AG is part of the GK Software Group, one of the world’s leading providers of complete store solutions.
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