Health & Wellness Product Price Optimization
Ecommerce company selling 9 different variations/offerings of their health and wellness products. They had three years of sales data, through their website and on Amazon, but were unsure of how to appropriately price the different variations and offerings of their products.
- The ISEA TEK team utilized advanced analytics to identify trends based upon – geographic region, time of year, and gender.
- The ISEA TEK team uncovered subtle correlations and inverse correlations between some of the products. This knowledge was then used to derive pricing strategies for each product variation.
- Based on new pricing strategies, net profit forecasted to increase by 75% over previous year. Actual net profit increase was 82%.