Sciative, a Dynamic Pricing company offering AI powered automated dynamic price optimization systems has seen a growth of over 85% since January 2020. The company has tripled its customer base and expanded its suite of specialised pricing solutions for the Retail sector. Sciative also aims to expand its global presence with offshore operations in USA, Europe and South Asian countries. The company specialises in enabling businesses to optimize pricing and; highly accurate and scalable re-pricing techniques with ease.
Sciative has been working with the leading organizations across industries such as retail, ecommerce, hospitality, travel, entertainment, technology services and CPG helping them plug value leaks and build loyalty with their customers through scientific holistic value based pricing. The company in the last one year has signed in leading D2C and consumer electronics brands helping them with scientific price optimization solutions for yield maximization.
Commenting on the growth, Dr. Anshu Jalora, Founder and MD of the Mumbai-based company said, “The pandemic-induced growth especially in our Retail and Ecommerce segments, has been purposeful as we had anticipated that the demand would surge. In line with our annual growth plan we also doubled our team size and significantly invested in our R&D on home-grown Machine Learning power-ups and marketing to ride the wave.” He further added, “The pandemic has benefited the company as demand ‘breaks through the roof.’ The reason being that the industry became more acceptable to leverage automated solutions that leverages on Value, Velocity and Variety to sail through the sudden changes brought by Pandemic. The quick transition and ever changing consumer behaviour gave way to surge in demand for competitive pricing, need for effective promotions and customized solutions for effective decision-making, specially in the retail sector. Our AI model, which has the capability of carrying over 3 billion pricing decisions daily, helps brands increase their revenue by 30% post implementation.”
Adding to the company’s growth trajectory plans, Ms. Vijeta Soni, Co-Founder & CEO, Sciative said, “We take pride in onboarding some of the top brands and retailers in India. Collectively our clients contribute Rs. 25K Crores to the Indian retail revenues. Our dynamic price optimization and price support solutions are being extensively used in consumer electronics, fashion, beauty, arts and crafts, packaged foods, and jewellery industries. Given the agility of BRIO with Artificial Intelligence, the tool learns and re-learns at very high speeds and therefore becomes agnostic to any retail/brand segment. In 2021-22 Sciative will be on an aggressive growth trajectory into international markets with BRIO for retail. Our futuristic technology keeps account of the trends in the market and customer’s reaction to various price points in order to provide growth and pricing assistance to our clients.”
In addition to retail, the company currently enjoys a lead market share of dynamic pricing in the luxury bus travel industry with its tool called Viaje.ai, which powers over 25% of the inter-city private luxury bus tickets market in India.