{"id":20374,"date":"2024-11-05T16:01:06","date_gmt":"2024-11-05T15:01:06","guid":{"rendered":"https:\/\/retail-optimiser.de\/tom-tailor-optimises-prices-with-7learnings\/"},"modified":"2024-11-05T16:02:29","modified_gmt":"2024-11-05T15:02:29","slug":"tom-tailor-optimises-prices-with-7learnings","status":"publish","type":"post","link":"https:\/\/retail-optimiser.de\/en\/tom-tailor-optimises-prices-with-7learnings\/","title":{"rendered":"Tom Tailor optimises prices with 7Learnings"},"content":{"rendered":"\t\t
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Tom Tailor is using 7Learnings’ AI-based solution to optimise pricing, initially in its online store. The project was presented today at the EHI Technology Days in Bonn by Fabian Bode, Analytics Manager at Tom Tailor, and Eike van Hettinga, Founder and CCO of 7Learnings.<\/p>\n

By implementing the predictive pricing system, the fashion retailer aims to make its pricing strategy more dynamic based on data analysis and AI. The solution analyses product data, transaction history and external factors such as competitive behaviour and seasonal influences to calculate optimised prices for products.<\/p>\n

\u201cWith the new solution, we can make our pricing more efficient and data-driven,\u201d explains Fabian Bode. \u201cThe system helps us to make quick and informed decisions to increase sales and margins.\u201d<\/p>\n

From manual processes to automated pricing<\/strong><\/h3>\n

Previously, Tom Tailor relied on manual price calculations, mostly done in Excel. However, this method was time-consuming and error-prone. Especially during and after the lockdown, when excess stock had to be sold, the need for an automated solution became clear. 7Learnings’ AI-based solution provides automated price optimisation, which now enables quick adjustments in real time.<\/p>\n

In a proof of concept test based on sales on the German Tom Tailor website, the predictive pricing system was applied to around 20,000 items. Initial results show a 14 per cent increase in sales and a 5 per cent improvement in contribution margin, the margin after fulfilment costs.<\/p>\n

Outlook and further integration<\/strong><\/h3>\n

Following the successful test on the German website, Tom Tailor plans to extend the solution to international markets and integrate marketplaces such as Zalando into the system. In the future, the platform will also be linked to other data sources to provide even more accurate price forecasts.<\/p>\n

\u201cWe want to extend the solution further and link it to other factors such as marketing costs and price trends to provide even more accurate price forecasts,\u201d says Fabian Bode.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Tom Tailor is using 7Learnings’ AI-based solution to optimise pricing, initially in its online store. 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Retail Optimiser\" \/>\n<meta property=\"og:description\" content=\"Tom Tailor optimises the pricing of its online retailing in real time with the AI-based solution from 7Learnings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/retail-optimiser.de\/en\/tom-tailor-optimises-prices-with-7learnings\/\" \/>\n<meta property=\"og:site_name\" content=\"Retail Optimiser\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-05T15:01:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-05T15:02:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/retail-optimiser.de\/wp-content\/uploads\/2024\/11\/Tom_Tailor_storefront.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bj\u00f6rn Weber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RetailOptimiser\" \/>\n<meta name=\"twitter:site\" content=\"@RetailOptimiser\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bj\u00f6rn Weber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/\"},\"author\":{\"name\":\"Bj\u00f6rn Weber\",\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/#\\\/schema\\\/person\\\/a004ef09e22c10b412f1a73e39b9a1ee\"},\"headline\":\"Tom Tailor optimises prices with 7Learnings\",\"datePublished\":\"2024-11-05T15:01:06+00:00\",\"dateModified\":\"2024-11-05T15:02:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/\"},\"wordCount\":315,\"image\":{\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/retail-optimiser.de\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Tom_Tailor_storefront.jpg\",\"keywords\":[\"7Learnings\",\"EHI Retail Institute\",\"Tom Tailor\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/\",\"url\":\"https:\\\/\\\/retail-optimiser.de\\\/en\\\/tom-tailor-optimises-prices-with-7learnings\\\/\",\"name\":\"Tom Tailor optimises prices with 7Learnings - 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