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“PriceHawk
- An eye on your market”
I have always wondered why big companies (such as Uber, Airbnb, and Amazon) are constantly upskilling their game, while small ones struggle.
The big companies have already been using dynamic pricing in the backend to attract customers/sales each time an opportunity comes by.
The problem:
Unfortunately, small businesses don’t have access to these tools. They either charge too high or too low because they guess prices instead of optimizing them or they remain silent with their original pricing which in turn is hindering its growth.
My idea:
So, what PriceHawk does is takes in the seller's input
Their product/service worth
Competitors data
demand trends (such as if it's a holiday, weekend, or events)
customer groups
The locality where the customer lives.
Using Game Theory [auction theory, Nash equilibrium algorithms] we predict our competitors' pricing ranges and ML to analyze the past events, demands, and customer willingness to pay.
We create a “DYNAMIC PRICING ENGINE” that suggests the "best price in REAL TIME” while anticipating their competitors’ moves.
What's unique and why is it even required?
For instance, Uber already uses complex algorithms to maximize their profits in a crazy strategic way, which is quite fascinating tbh!
We here make the same power accessible to small ones in
→easy to use
→affordable
and in →real time
The result?
Even small businesses can maximize their sales, adapt to demands and keep them going without any hassle just like the other big ones in the market.
