IBM Launches Dynamic Pricing, Acquires IRIS Analytics

IBM announced Friday a cloud-based predictive platform that recommends product pricing and promotional discounts.

IBM Dynamic Pricing adds automated pricing recommendations based on data and market conditions to IBM’s portfolio. Online retailers can now leverage predictive intelligence to adjust their prices to boost customer loyalty and product demand.

The IBM Dynamic Pricing model is based on a real-time combination of performance data, such as cart abandonment or browsing history, sales statistics, inventory and pricing in the competitive landscape. Retailers then receive recommendations on the most appropriate pricing action based on these insights.

For example, an email marketer could incorporate IBM’s Dynamic Pricing insights to evaluate the exact promotional discount that will most likely drive customer demand. The price would then automatically be updated online.

“At any given moment, a retailer is no more than one click away from losing a customer online,” states Stephen Mello, vice president at IBM eCommerce & Merchandising. “IBM Dynamic Pricing executes real-time pricing recommendations at the scale and speed needed to ensure competitiveness in a volatile shopping environment.”

In addition to the launch of IBM Dynamic Pricing, IBM also announced the acquisition of IRIS Analytics today. IRIS analytics is a banking and credit card fraud detection firm that leverage machine learning to detect banking and credit card fraud.

The exact details of the business transaction were not available by the time of writing.

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