Online retail is a competitive business, and every little advantage can make the difference. Artificial intelligence can provide the edge, as Berlin start-up Aristander AI is hoping clients will agree.
The fledgling firm, which was founded in 2018 and is self-financing, has come up with a self-learning algorithm that can tell online shops how customers negotiated their website, for instance when they decide to purchase items and when they hesitate.
On the basis of customers’ willingness to buy, the software also calculates the perfect price for goods – all the while taking into account variables like the weather or the timing of school holidays.
The system was inspired by the intelligent, dynamic pricing of corporate giants like Amazon, but the founders of Aristander AI say they’re pitching their services at medium-sized online shops. Nonetheless, they’re still thinking big, aiming in the next five years to have their software integrated in every new Internet retailer in Europe and the US.