Ugam unveils new pricing engine

New York – Analytics solutions provider Ugam is enhancing its pricing intelligence solution with a new pricing engine that delivers real-time, on-demand pricing data for millions of products. The pricing engine monitors online retail prices and consumer signals, and combines that information with proprietary and third-party data to enable retailers to dynamically price items.

“It’s critical for retailers to have real-time data in order to make timely pricing decisions that make an impact on their business,” said Ugam CTO, Sridhar Sharma. “If price data isn’t current, retailers may be perceived as not being competitive, which can be especially damaging on high-volume traffic days like Black Friday. Ugam is the only company delivering real-time pricing intelligence. Our competitors are pulling dated information from static databases.”

Ugam’s pricing intelligence solution delivers intelligent recommendations based on self-learning rules that help retailers identify opportunities to make pricing changes that align with their business. The solution’s intuitive dashboard and configurable rules logic enable retailers to create complex pricing rules in plain English based on multiple parameters, including price, margins, revenue, inventory levels, price elasticity, product categories, zones and more. Ugam also provides a library of default rules that help retailers optimize for multiple variables. Rules-based pricing actions can be automated or can trigger alerts that require additional oversight from a pricing manager, providing granular pricing control.

“True on-demand, real-time data is no easy task,” said Ugam co-founder and CIO Mihir Kittur. Pulling pricing data and consumer signals about millions of products within seconds is definitely a challenge, but this is the information that retailers need to know to remain competitive. They need to be able to see what’s happening from both a competitor and consumer standpoint in real-time and leverage historic data to take action that can positively impact their business. This is the benefit we deliver to our customers.”

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