[Exclusive Interview] This Is How Pricing Is Being Made Simple, Scientific & Scalable By Sciative
Recently we interacted with Ms. Vijeta Soni, Co-Founder & CEO, Sciative, and asked her about her organization’s mission and vision, and how they are helping businesses to price their products/services optimally.
1. What fundamental idea underpins Sciative Solutions?
The words “science” and “creative” are combined to form the word “Sciative.” At Sciative we believe that scientific theories, models, and concepts are not useful, unless they are inventively applied to solve issues in the real world or in business. We have taken a new direction by imagining, organising, and creating next-generation AI to handle the problem of “RIGHT PRICING” that businesses deal with on a regular basis.
Our ultimate objective is to lead the dynamic pricing revolution globally and enable businesses to consistently set prices that are fair and accurate. Prices that are a result of scientific intelligence and not based on gut-feel. Companies in the retail, e-commerce, travel, and entertainment industries leak billions of dollars due to incorrect and un-timely pricing strategies.
Sciative is India’s first Pricing and Revenue Management company dedicated towards leveraging AI, automation, big data and pricing domain expertise to help businesses get the best price for every product, every market, every customer and every single transaction. Sciative manages prices at great scale with over 5 billion price optimizations daily across a variety of industries, including retail, e-commerce, hotels, travel, entertainment, CPG, and industrial goods.
2. India still has a significant poverty rate and most people find pricing to be quite sensitive. How can a dynamic, technologically driven pricing module fit into this important framework?
E-commerce is currently being swept by dynamic pricing, which enables businesses to boost profits in the face of intensifying competition. Dynamic pricing is not about just increasing prices, it has to be reasonable and logical.
As many dynamic pricing strategies exist as there are market firms. For a strategy to be successful, it must be customized for the specific organization. A price-adjustment algorithm that changes prices periodically offers only little economic value. Every industry has different demands, different customer segments, and different factors to affect pricing. With the changing market behavior, periodic price change is not an effective strategy. Volatile market demands rapid price changes. It can be challenging to specify even industry-specific advice; for instance, dynamic pricing methods that boost sales in the tourism sector might have the opposite effect in the fashion sector.
Regardless of the adjustments required for proper implementation, there are several essential requirements for efficient dynamic pricing techniques in e-commerce and elsewhere.
3. How have you performed or been received in the Iranian business ecosystem since you first arrived roughly 7 years ago?
We had a modest beginning, but in a short period of time, we were able to quickly expand to a significant market share. Our initial product is Viaje.ai, which is a travel service. We began with the bus industry, which makes up a sizable portion of India’s travel sector. At that time, the bus business in India was the only one using dynamic pricing. We had about 200 buses at first for the price.
When COVID struck, The dynamics of how the market works have changed. We overcame COVID, and today we are managing the largest bus companies in India. Our products are performing better than ever in the retail, media, and entertainment sectors at the same time. We have a tonne of new stuff planned, and we’ll be announcing more advancements soon.
4. What exactly do you mean by “pricing correctly”? Customer loyalty is a result of the economic system, and the average person may not be able to afford the proper price. Comment!
Between the appropriate price and a high price, there is a fine line. We don’t work on expensive product pricing. Dynamic pricing is thought to be uneconomical for the average person. The consumer is the fundamental component of price. Consumers won’t be willing to pay if prices are unexpectedly high. Therefore, it’s crucial to set the proper pricing for the right customer. We must consider the product’s viability and profitability simultaneously as we determine the right price. Before predicting the price, we consider the state of the market, the demand for the product, its value, and a number of other aspects.
Dynamic pricing therefore encompasses both high and appropriate prices.
5. How have you found dealing with companies from various industries? Can you provide an example?
Sciative works in a variety of sectors, including direct-to-consumer marketing, retail, travel, media, food and beverage, and fashion, among others. The three SaaS products that Sciative principally provides are BRIO for retail, Viaje.ai for travel, and AdPrice, an AI-powered tool for the media and entertainment sectors.
BRIO by Sciative is a collection of dynamic solutions that supports merchants in lowering costs and maximising profits while guiding them toward optimal pricing.
Use Viaje.ai for travel. In order to calculate the best price and maximise your overall earnings, our machine-learning algorithms look at real-time travel routes, market activity, and seating arrangements.
At every stage of the process, from initial pricing and automatic data inputs to budget monitoring and weekly performance, AdPrice for media and entertainment industry solutions offers continuing strategic enhancements and assistance. Made for TV networks, AdPrice is our solution for HGEC ad sales. This dynamic pricing pattern is based on the changing market demand, seasonable behavior, trends, and pattern identified by deep tech
6. Please describe the operation of Sciative Solutions.
With data analytics, pricing optimization, and real-time market insights, Sciative Solutions maintains your pricing and keeps you one step ahead of the competition. Sciative’s AI-powered solutions offer deep insights at a click of a button, empowering organizations with a speed of action, agility, and data-driven decision processes.
7. What is Sciative Solutions’ projected growth trajectory?
This fiscal year, we are excited to offer products to the aviation and film industries. While the airline industry makes widespread use of dynamic pricing, I’d like to bring attention to our PRICENA Cinema offering. Fixed prices will no longer exist in the film industry. A large Indian theatre chain is putting PRICENA to the test. Future artificial intelligence (AI) bots will adjust movie theatre ticket prices automatically based on relevant elements like the director, cast, social media views, song and trailer downloads, music genre, running time, catchment area nearby, historical booking patterns, competitive prices, and more. Going to the cinema is a wonderful experience. We aim to disrupt the movie theatre industry by changing and expanding the TG for this sector through “right pricing.” Soon, a group of college-bound teenagers will have affordable access to an opulent theatre. Additionally, we have had exponential growth over the previous few quarters, and we are confident that our revenue will surpass that of FY 2022–23. On a national and international scale, we are also using AI and analytics to expand our customer base in the retail, e-commerce, direct-to-consumer, and travel verticals. We are confident that throughout the coming years, both our team and the features of our products will expand.