{"id":10976,"date":"2014-05-24T09:00:01","date_gmt":"2014-05-24T13:00:01","guid":{"rendered":"http:\/\/www.Centives.net\/S\/?p=10976"},"modified":"2014-05-23T22:37:18","modified_gmt":"2014-05-24T02:37:18","slug":"how-software-prices-your-groceries","status":"publish","type":"post","link":"http:\/\/www.Centives.net\/S\/2014\/how-software-prices-your-groceries\/","title":{"rendered":"How Software Prices Your Groceries"},"content":{"rendered":"<p><a href=\"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2014\/05\/052414_0226_HowSoftware1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-10975\" src=\"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2014\/05\/052414_0226_HowSoftware1.jpg\" alt=\"052414_0226_HowSoftware1.jpg\" width=\"562\" height=\"410\" srcset=\"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2014\/05\/052414_0226_HowSoftware1.jpg 885w, http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2014\/05\/052414_0226_HowSoftware1-300x218.jpg 300w\" sizes=\"auto, (max-width: 562px) 100vw, 562px\" \/><\/a><\/p>\n<p>Vlad Savov took a look at how supermarkets price their wares:<\/p>\n<ul>\n<li>In the era of big data supermarkets are using information from loyalty card programs to figure out how much customers are willing to pay for items.<\/li>\n<li>This data allows them to build complex and surprisingly accurate models that show what a change in pricing strategy will mean for profits.<\/li>\n<li>The software can predict at what price point an individual will switch brands, and what incentives are required to make the customer switch to the bigger product.<\/li>\n<li>The model has identified some quirky trends. An eight packs&#8217; price affects the sales of four packs more strongly than the price of four packs affects eight packs.<\/li>\n<li>Buy one get one free is a more profitable offer than a fifty percent price cut since customers will sometimes forget to get their one free product.<\/li>\n<li>The software\u00a0also evaluates how the price of one good affects the sales of another.<\/li>\n<\/ul>\n<p>Read more about the system and how it works over <a href=\"http:\/\/www.theverge.com\/2014\/5\/2\/5667606\/supermarket-price-optimization\">here<\/a>.<\/p>\n<p>Source: <a href=\"http:\/\/www.theverge.com\/2014\/5\/2\/5667606\/supermarket-price-optimization\">The Verge<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vlad Savov took a look at how supermarkets price their wares: In the era of big data supermarkets are using information from loyalty card programs to figure out how much customers are willing to pay for items. This data allows them to build complex and surprisingly accurate models that show what a change in pricing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-bulletin"],"jetpack_featured_media_url":"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2014\/05\/052414_0226_HowSoftware1.jpg","_links":{"self":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/10976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/comments?post=10976"}],"version-history":[{"count":6,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/10976\/revisions"}],"predecessor-version":[{"id":10983,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/10976\/revisions\/10983"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media\/10975"}],"wp:attachment":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media?parent=10976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/categories?post=10976"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/tags?post=10976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}