Pricify

Inspiration

Pricing and marketing a product can become difficult. If the price is too high, customers are less likely to buy it. conversely, if it is too low then the profits may become unfeasible. This problem has often felt daunting to newcomers to the global market. We wanted to try and help solve this problem.

What it does

We have implemented a machine learning AI that will be able to predict pricing, and target demographic of the product. useful for small businesses to start off on a smaller scale. The AI will make use of techniques like regression and decision trees in order to find the best profit margin while still ensuring the product sells. The product will be presented in an app, which will let the user fill out details like the name, brand, product subcategories, and what they think is the best audience for this product. The AI will then present a plot of the pricing of the product, along with the best recommended price, and improvements (if any) to the target audience/area. The app could also be monetized with advertisements and/or be made paid on a subscription basis. The app can scale with lots of different categories of products and a lot of demographics data. but the prototype will start with a small subset of the overall e-commerce market. The app could also recommend platforms that are used most by the intended audience, to ensure maximum sales and might develop the ability to suggest discounts at a later stage.

Challenges we faced

None of us had a lot of experience working with data. So some of us had to learn how to make models using tensorflow and how to pre-process datasets and let the AI train. On the other hand, the designers on our team had a difficult time getting a good idea of how the front end application would look. We learned a lot of skills that will definitely come in handy in future projects.

Built With

• html
• python