Many companies are still using legacy tools such as price elasticities for important pricing decisions. These concepts are rooted in a paper-and-pencil era, and they are primarily designed to facilitate manual computations. The simplicity comes at the expense of a lack of precision that often result in suboptimal decisions. For example, a product’s sales changes resulting from price changes (own and by competitors) are poorly approximated by a single number (i.e., the price elasticity).
New digital technologies are setting the stage for the next generation of customer insights solutions. Buynomics has developed the Virtual Customers technology to replicate the purchasing behavior of real customers. It can be used to precisely simulate the effects of pricing, portfolio changes, and promotions on sales, revenue, or profits – and thus help companies optimize their top and/or bottom line.
In this webinar, we discuss the Virtual Customers technology together with its applications and benefits.