The office supplies company relied on traditional Excel formula-based logic to generate daily SKU prices. As business needs grew, it wanted to leverage statistical analytics and machine learning algorithms to decode the historical price vs. profit trend.
Synoptek set up a central database to sync data from different digital marketplaces and conducted exploratory data analysis to uncover trends between price and profit for all SKUs. By structuring and cleaning data and developing missing data points for training the analytical model, Synoptek’s machine learning services help the client:
- Reduce manual efforts of extracting data from different digital marketplace portals.
- Increase overall SKU-wise profit in month-on-month results.
- Easily view results in Excel format with supporting price vs. profit graphs for each SKU.
We have enjoyed working with Synoptek the past several months and we appreciate the hard work put into this pricing algorithm solution and the hours spent. The automated solution helps us save approximately 3 hours every day and allows our analysts to set optimum prices to maximize profit for each SKU.”
- Sr. Business Analyst
Customer: A privately labeled office supplies company
Profile: The customer sells office supplies via digital channels & online 3rd party marketplaces to customers in a variety of industries across the US.
Industry: Retail office equipment
Services: Machine Learning
