Fetcherr has developed a groundbreaking real-time AI-based dynamic pricing intelligence engine using proprietary algorithms to predict the price that the customers will transact at a specific time—optimizing profits, market share growth, and creating a competitive advantage for high-profile companies in traditional sectors.
The platform differs from traditional pricing mechanisms that are based primarily on human analysis of very limited information of past transactions. Fetcherr uses deep price neural network (DPNN) technology to gather and analyze enormous amounts of raw data points from various verticals of industry, including things like supply, pricing, sales, competitor price, political events, and even the Covid-19.
Fetcherr, who I collaborate with, is product agnostic, meaning it may forecast and recommend the optimum price of anything, from toasters to car insurance. The company validated the system successfully in e-commerce, predicting over 1.5 million product prices on Amazon, and in the airline industry by accurately forecasting demand and optimizing the price of each seat individually in thousands of flights. The company is currently onboarding major airlines in LATAM and Europe.
“We are bringing new deep learning technologies to traditional markets. We do not believe in adding AI layers to an existing model that are based on historical data. Our unique engine, exactly like in the financial markets or autonomous driving, is based on real-time data. Also, We see the benefit of one centralized system based on sophisticated AI that has separated functionalities within the organization, rather than apply cross-sale and up-sale of independent products” said Roy Cohen, Co-Founder & CEO of Fetcherr.
Fetcherr's AI Tech Differentiation:
Transparency - White Box AI:
A significant and well-known problem in AI systems in general, and in Deep Learning architectures in particular, is the ability of the system to explain itself in human terms. Fetcherr's system is one of the first commercial systems that have full explainability for every recommendation. The combination of explanatory elements is done at the foundation of the system development so that the product is self-explanatory and not a black box.
Tactical Pricing - A proactive and non-reactive strategy:
In the current situation, most of the organizations' actions are done at the reactive level, which means that they respond to changes in the market. Fetcherr's product allows organizations to be proactive, take charge, and manipulate competitors, as in Tactical Pricing.
Central, Shelf product AI system:
Usually, AI solutions will be solutions that are "tailor-made" as a project for a specific problem and customer or as generic algorithms that someone needs to tailor to the particular issue. In Fetcherr's case, the AI resides on a central "brain" fed continuously with raw data from various markets. That central system studies the dynamics of the markets, finding correlations impossible to be found by humans, and provides services to various organizations based on the knowledge and understanding it has accumulated.
Agnostic system for predicting future prices based on a central AI system and DPNN:
A major advantage of Fetcherr is the fact that the system is agnostic, designed to absorb any type of data from any market, and able to cross-reference and make predictions in various markets. This improves the reliability of the system predictions on the one hand, and on the other hand, makes it easier for it to understand and enter new markets.
Fetcherr was founded in 2019 and now has 27 employees. The company is working on pilots with major airlines and has raised $6.5 million.
The Future Of AI in Traditional Industries
Artificial Intelligence is quickly becoming a standard in many traditional industries because it enables businesses to be more efficient and profitable. Furthermore, Artificial Intelligence offers very high accuracy rates, allowing firms to provide better and personalized services that result in delighted customers and greater earnings.
Traditional industries will have to utilize AI solutions in order to survive, especially since there has been a lot of news about future Metaverse sector developments. I believe that Artificial Intelligence will eventually become a standard feature in nearly every industry. It will be up to specific organizations and companies to trust and deploy new AI-based products and services in order to compete and improve their customers' experience.
Artificial intelligence is set to transform a number of traditional industries—and it could do so even faster than we think.
Artificial intelligence is already seeping into the travel, banking, and hospitality sectors and will continue to improve in its ability over time - allowing business owners to automate more of their processes without human intervention.
This is a tremendous opportunity for startups and established businesses alike since technology may significantly enhance their effectiveness while still increasing the quality levels of their products or service performance.
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