Pricient is Internet's Elastic Pricing engine.

Until now, only big tech companies like Uber, Lyft, Amazon, Airbnb, etc. and large industries like Airlines, Hotels, and others have had the technology and opportunity to build frequent pricing updates for their products.

Our cloud based engine democratizes that power and allows anyone to price their products or services smartly via a simple one-click integration.

Elastic pricing is a pricing strategy to vary prices continuously based on the current demand.

Think of it as a combination of happy hours and early bird discounts when prices are lowered to increase demand, and premium pricing where prices are raised when demand for services is higher than usual but supply is limited.

The Pricient Elastic Pricing engine continuously varies prices to maximize demand and sales volume. This means the prices of items can both increase and decrease. For example, if you are the owner of a cafe and usually sell coffee for $5, the engine could change it to different prices like $4.30 or $6.75 depending on current sales, busy times in the week, weather, and many other factors.

The main goal of the engine is to maximize revenue.

Since it can both discount or increase prices, it increases revenue by either increasing the average transactional value of the orders, or decreasing it to increase the total orders.

However, the engine can also be configured to maximize sales despite lower revenue, which can be useful to introduce new products or services to customers.

The Pricient engine is built using similar ideas as used by companies like Uber, Lyft, Instacart, Amazon and others to do demand based Elastic Pricing.

It uses sophisticated Machine Learning Algorithms with hundreds of signals to price every incoming product request. It takes into account many factors such as the cost of producing the product, characteristics of your product such as it's value, weight, competitive and general market prices for similar products, willingess of the customers to pay a certain price for your product depending on the time of day, day of the week or year, holidays, and many others.

Additionally, it uses advanced experimentation technology to continuously test, refresh, and optimize prices based on the constantly changing market conditions.

Currently, Pricient can be used by any service or product provider to price products that are sold in a point-of-sale fashion. Some common examples are using it to calculate prices of food items in a restaurant menu, of any services rendered like haircuts, massages, entries for bowling alleys, or clubs, grocery items in a store, and many others where prices are static.

It is not currently built for scenarios where the products are sold on a recurring revenue basis, such as for subscription or membership services.

You will need to provide access to your past sales data going back a few years that we will ingest into the algorithm to train it. The more data you can provide, the better as it will help the algorithm learn faster and increse the accuracy of it's future pricing predictions. You will also need to allow our engine to update your prices.