Min-Jee Hwang is the Marketing Director at Wiser, a business that empowers brands and retailers to compete in the ever-changing retail industry with data-driven pricing and merchandising solutions. Long story short, Wiser helps other companies fix suitable prices for their products and services. Min-Jee has given Newsgento some insights from the pricing system that is Wiser.
What is the most important aspect of an online store?
Your store’s features are puzzle pieces that help put together the big picture; you can’t lose focus on one and expect the same result. They’re all of equal importance, especially when you run an independent webstore. Taking a holistic view and approaching all aspects of your business with a data-driven mindset, whether it be your pricing or your inventory decisions, is the root of succeeding in eCommerce.
Wiser uses a machine learning algorithm that takes multiple factors into account to find the right price for retailers. It tests different price points against competitor prices, and analyzes the results of each price change to continuously optimize for profit and revenue. We also use historical information to identify how price sensitive consumers are to different brands and products. We then take that data and perform a statistical analysis that figures out the optimal price point and tests it against competitive pressures.
Quality From The WiseGuys
I can say with the utmost certainty that our team is made up of the smartest, most creative people in the industry. Our teams are extremely attentive to their individual tasks, but never lose the overall vision of the company. Every day they bring fresh ideas to the table, and we always listen. We make sure to invest heavily into employees to make sure we can all carry our service to the highest degree. Wiser was made by retailers, for retailers. Our founding team is composed of eCommerce experts that were involved in all facets of the eCommerce space. We know what it’s like to be on the other side of the table, and have the advantage of having both the technological expertise and the understanding of the merchandising and marketing space. Therefore, we are able to build the Wiser suite with optimal functionality to accommodate retailers’ needs.
No one’s algorithm has been developed as extensively as ours. We also go beyond pricing, because as I mentioned before, every aspect of your store is important. There’s so much more that should go into your pricing than competitor prices, that’s why we take seasonality and elasticity into account. We also are one of the few multi-channel platforms, meaning you could sell on eBay, Amazon, and an independent webstore and use Wiser for all three. We also have competitive advantages for our brand monitoring software, as well as our product assortment optimization tool. Our brand monitoring software provides manufacturers with unprecedented views of their reseller network, notifying them of MAP violations in real time. Our product assortment optimization tool is the first of its kind, helping retailers choose the best products to sell at a competitive, profitable price. We have a lot of breakthrough ideas brewing at Wiser, and we’re looking forward to carving our own niche into the market.
Arie, our founder and Executive Chairman, had a clothing company and was having a hard time pricing against huge retail giants like Amazon. He then thought of a way to automatically collect competitor prices and change his own based on them. The vision was to give retailers the “wisdom of Amazon”, which is the ability to make data-driven decisions that will help them compete at the highest caliber possible.
We’ve already begun moving beyond just pricing and will continue to develop a full suite of merchandising solutions to tackle retailers’ and brands’ greatest pain points. We’re shooting for a more international presence and to onboard more enterprise clients in the coming year. We won’t be losing site of our domestic, mid market clients, though. We believe our services will be the first to appear in the eCommerce industry, and we’re looking forward to revealing them over the course of the year.
Coming up with the best price might prove to be rather difficult, but as hard as this sounds, it is one of the most important processes of any business. The price is the linking element between a company and its clients. Also, the price is many times essential in the income department, as it is the last barrier between the client and the acquisition.
As Min-Jee has pointed, Wiser is a useful tool for all businesses, be they small, medium or big. Therefore, we recommend all retailers to give it a try in pricing their products as we are positive that the results will surely satisfy them.
How do you feel about Wiser? Let us know in the comments section!