How this company's AI-based solution making price determination easy for brands

Since its incorporation in 2015, Sciative Solutions has been a pioneer in assisting businesses in determining the best prices for each individual product, market, client, and transaction. With its highly acclaimed machine learning and artificial intelligence-driven technological tools, the company is driving the dynamic pricing revolution. Across businesses including retail, e-commerce, hotel, travel, entertainment, technological services, CPG, and industrial items, Sciative powers the price optimization of over three billion prices globally.

Sciative's solutions' success is largely dependent on their cutting-edge technical prowess and clever AI intelligence, "which takes 112 parameters into account at once to optimise price and promotion quickly," says Vijeta Soni, Co-Founder & CEO, Sciative in an exclusive interview with Bizz Buzz.

Please give some details about your business, its area of expertise, and the services it offers.

The word 'Sciative' is a compound of the words 'science and 'creative.' At Sciative, we firmly believe that scientific theories, models, and concepts are worthless unless they are creatively used to address problems in the real world or in business.

By envisioning, planning, and developing next-generation AI to address the issue of 'right pricing' that businesses face on a daily basis, we have started down a new path. Our ultimate goal is to pioneer the dynamic pricing revolution and empower all companies to set prices that are appropriate every time. Businesses in the retail, e-commerce, travel, railway, f&b, aviation and entertainment sectors use our 'right price' products. We had the concept for an AI-powered pricing tool when we saw how much money is lost because of erroneous pricing.

What were the goals and missions of the business when it was established?

Our goal is to provide the most effective pricing optimization tools that are powered by self-learning machines. We develop automation, employ cutting-edge AI and Machine Learning to analyze and predict prices with help of large amounts of historical data and current patterns. As a result companies can take faster decisions to price thousands of products/services and be assured towards their margin maximization and revenue growth. Our mission is to make it possible for every firm to price correctly every time. We are supported and kept together by four pillars: Development & profitability, ROI for capabilities, Positive customer attitudes and loyalty We recognise the value of a team, and individuals, and we constantly strive to advance our development and expand into uncharted terrain.

Please describe some of the main difficulties that the business has so far encountered.

Companies across industries are under a lot of strain as a result of the pandemic. The retail sector has not been immune to change. In reality, it is one of the ones that has faced significant difficulties as supply chains have been significantly affected. This led to a volatile climate that today exerts enormous pressure on prices as well as organizations' capacity to manage risk and ensure business continuity.

Pricing discipline is now more important than ever to keep costs down as a result of the adoption of digital channels. Dynamic pricing comes into play in this situation because it guarantees that customers receive real-time price adjustments and empowers businesses to be more proactive when examining market disruptions and seasonal trends to satisfy customer expectations in a much more effective way.

With the appropriate technologies and a single platform for data ingestion, analytics, and ML deployment, this type of pricing optimization can be effectively managed. In order to modernize their decision-making process, retailers must now more than ever maintain competitive pricing, design and implement successful promotions, and modify store-level selection.

What is your key point of differentiation from competitors?

The characteristics that set Sciative apart from competitors are:

Unified approach: One solution for pricing, promotions, inventory planning, marketing planning, and CRM is one of Sciative's unique selling points. Operating with a single solution rather than many systems for various analytics purposes will be simpler and more affordable for customers.

Industry unbiased: Our tech stack is used to power a wide range of products and services, including apparel, footwear, handbags, groceries, electronics, air and bus tickets, logistics services, movie tickets, advertising slots, and financial services.

Enhanced scientific algorithm: Self-learning AI algorithms that can be used to accomplish and carry out tasks without the expense of hiring data scientists.

Wide scale auto-AI/ML: Every day, our products are used to make more than 3 billion price decisions. Data regarding customers, rivals, supplies, logistics, programmatic marketing, different distribution partners, and other topics are in abundance within organizations. In such a setting, it is difficult, expensive, and time-consuming to extract essential information. Our platform enables businesses to move quickly, adjust swiftly, and make data-driven choices by providing thorough insights at the touch of a button.

On which industry segments are you presently focusing? And for the same, what is your market entry strategy?

Sciative works across a range of industries, including fashion, direct to consumer, food and beverage, travel, media, and retail. Sciative primarily offers three SaaS products: BRIO for retail, Viaje.ai for travel, and AdPrice, an AI- and automation-powered solution for the media and entertainment sector. The dynamic solutions offered by BRIO by Sciative let merchants set prices that are optimal while also supporting them in reducing expenses and boosting profitability.

For travel, try Viaje.ai. Our machine-learning algorithms analyze market behavior, seating arrangements, and travel routes in real-time to identify the best price, maximizing your overall revenues.

Adprice - At every level of the process, from initial pricing and automatic data feeds to monitoring budgets and providing weekly performance reports, AdPrice for media and entertainment sector solutions provides ongoing strategic improvements and guidance.

New technology will revolutionize the game. Which cutting-edge technologies have you used?

Our solutions' success is largely dependent on our cutting-edge technical prowess and clever AI intelligence, which takes 112 parameters into account at once to optimise price and promotion quickly. Every day, our machines handle over 3 billion price optimisations for more than 200 brands and companies. With our revolutionary technology applied across industries, we leverage:

1. Big Data - Managing billions data points for daily pricing optimizations.

2. Automation - Complete automation is altering how organizations set their prices.

3. Artificial intelligence - Self-learning machines that identify trends from past events, present market and inventory situations, and ongoing demand trends, and estimate and prescribe the appropriate educated prices in real time.

4. Pricing Domain Expertise - Over 20 years of experience in dynamic pricing and revenue management in a variety of industries, including retail, e-commerce, casinos, hotels, television, movies, airlines, cabs, cruise ships, theme parks, and more! We are dedicated to offering the best pricing to encourage purchasing!

5. BRIO - Our ground-breaking SaaS solutions powered by AI and automation include BRIO (our retail SaaS product) and Viaje.ai (our travel SaaS product). By providing observable increases in revenues and requiring less time and human effort to make precise price decisions, these tried-and-true products are revolutionizing business performance.

How do you want to grow over the next year?

We are very excited to provide items in the film, aviation and auto industries throughout this fiscal year. Although dynamic pricing in the airline industry is a widely recognised standard, I would like to emphasize our PRICENA Cinema product. In the movie theaters, fixed pricing will not be available at all. A prominent Indian movie theater chain is testing PRICENA. In the near future, AI bots will automatically adjust movie theater ticket prices based on relevant factors like the film's director, star cast, social media views and downloads of songs and trailers, music genre, running time, catchment area around the hall, historical booking patterns, competitive prices, and many more. India is a country that 'breathes' and 'lives' film.