WishYourPrice utilizes a machine learning platform to gather real-time willingness-to-pay data from individual shoppers, enabling e-retailers to offer personalized pricing and discounts. This approach addresses the $1.4 trillion annual revenue loss retailers face due to ineffective flat pricing strategies.
Funding
$20K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BBFounders
Product
Problem
E-retailers struggle with ineffective flat pricing strategies, leading to significant revenue loss due to missed opportunities for personalized pricing and discounts. Many promotions are offered to shoppers who would have paid full price, while others abandon carts due to perceived high prices.
Solution
WishYourPrice provides a machine learning platform that gathers real-time willingness-to-pay data directly from individual shoppers, enabling e-retailers to offer optimized prices and discounts. The platform captures how much customers are willing to pay at the time of purchase and uses this data to personalize pricing in real time. By understanding the demand and value shoppers place on merchandise, retailers can cut down inventory costs and improve retargeting campaigns. This approach helps retailers avoid losing potential revenue through flat discounting or incorrect promotion and pricing.
Target Audience
The primary customers are e-retailers and merchants looking to optimize pricing strategies, reduce revenue loss, and personalize the shopping experience for their customers.
Features
- Machine learning platform for gathering real-time willingness-to-pay data from shoppers.
- Personalized pricing and discount optimization based on individual shopper data.
- Active demand gathering to understand the value shoppers place on merchandise.
- Purchase intent analysis to improve retargeting campaigns and reduce customer acquisition costs.
- Two-click integration for easy personalization of promotions and shopping experiences.