HOW AI PRICE OPTIMIZATION CAN PLAY A SIGNIFICANT ROLE IN BOTH BUSINESS GROWTH AND CUSTOMER EXPERIENCE 2
Introdution / Executive Summary
It's been a long year for business. A global pandemic forced many
companies to shift their business models almost overnight. The
digital marketplace, which was already steadily growing pre-
pandemic, exploded and many B2B organizations had to fully
rely on digital sales channels. According to a report on digital
commerce, 62 percent of companies saw eCommerce sales
increase by at least 25 percent last year. 12 percent of companies
saw sales increase by more than 75 percent. With a huge increase
like that, many B2B organizations had to create new omnichannel
commerce strategies that would improve customer experience
and drive growth — but this has not been without complications.
Even before coronavirus wrought havoc on the global
marketplace, creating commerce and pricing strategies was not
easy. Organizations need a way to connect data from multiple
places into one central repository that would enable seamless
collaboration across departments and enable them to predict
demand response to a price based on historical behavior. The
problem: most businesses didn't have the right technology
or workflows that would allow this. Having this ability is a
gamechanger post-pandemic where buying cycles and vendor
preferences have changed.
We are living in complex times. Our business customers are
expecting more and more from us in terms of not just product
quality, but also customer experience. A large part of customer
experience is providing a compelling product offering in a way
that is fast, consistent, easy, and transparent, and offering realistic
prices to make the ordering process an efficient, hassle free one.
That's a lot to ask at the end of a global pandemic. The good
news is that smart technology solutions exist that can help, which
is what we are going to take a look at in this brief.
