Benefits of custom-built dynamic pricing solutions:
- Dynamically adjust prices based on supply, demand, time, customer behavior, and market conditions
- In-house development offers unmatched customization, integrated workflows, proprietary competitive advantage, and increased data security, leading to cost-effectiveness and opportunities to drive greater profits
- Adapt quickly to market changes, offering a competitive edge while enhancing customer engagement and boosting sales
But developing in-house dynamic pricing solutions is hard:
- Overcome the challenges of limited expertise—precise feature engineering is crucial yet complex. Dynamic pricing solutions are commonly a combination of ML models and hand-written rules
- Manage real-time updates and maintain data pipelines for batch, streaming, and real-time sources
- Ensure offline/online data consistency for reliable model training and real-time pricing
- Maintain extensive data infrastructure for large data volumes and intricate feature engineering
- Balance collaboration and feature reusability while maintaining data security and compliance
- Manage resources to address cost and resource limitations
- Ensure seamless fusion with existing systems
Streamline in-house dynamic pricing with Tecton to:
- Empower data teams to iterate and refine predictive pipelines in complex production environments, and improve existing or incorporate new features into pricing strategies
- Foster feature reusability & team collaboration, and maintain feature consistency online and offline
- Enable seamless testing of diverse features for strategic pricing algorithms via notebook-driven development
- Enhance real-time data processing, ensuring informed pricing decisions both online and offline
- Simplify the complex feature engineering workflow and efficiently manage real-time data, allowing teams to focus on building robust data pipelines rather than maintaining infrastructure
