How Machine Learning and AI Can Help You Make Efficient Pricing Decisions with Alex Galkin

<p><strong>Alex Galkin</strong> is the Co-Founder and CEO of Competera, a pricing optimization SaaS company converting technologies into ready-to-use products for enterprise retailers worldwide. Alex has been a mentor at his startups for several years, and he’s a Ukrainian who left four days before the war started.</p> <p>In this episode, Alex helps us understand the pricing and ML work that they do at Competera as he talks about the three models they always put into use.</p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Understand why you should treat pricing as a process</li> <li>Find out how Competera helps their clients in making pricing decisions</li> <li>Discover three models that Competera puts into use as MLs look for reasonable factors to make a price adjustment</li> </ul> <p> </p> <p><strong>“Pricing is a process, and you need to continuously improve as any other process in your organization.”</strong></p> <p>– <em>Alex Galkin</em></p> <p> </p> <p><strong>Topics Covered:</strong></p> <p>01:04 – How Alex got into pricing</p> <p>03:07 – The work that Competera does in relation to pricing, and how they do it</p> <p>08:28 – Using ML-driven price recommendations: Competera creating a ‘gray box’</p> <p>12:35 – Talking about the portfolio-wide pricing/portfolio optimization</p> <p>14:12 – An ML example of the decoy effect</p> <p>17:20 – Alex explains how their smart product segmentation works; a product bringing more people in the store</p> <p>23:09 – Alex’s pricing advice</p> <p>23:49 – Connect with Alex<br />  <br />  <br /> <strong>Key Takeaways:</strong></p> <p>“ML is not a human. He’s not trying to play with the price; he's changing only if he sees the reasonable factor to make this price adjustment.” – <em>Alex Galkin</em></p> <p> </p> <p><strong>People / Resources Mentioned:</strong></p> <ul> <li>Competera: <a href= "https://competera.net/">https://competera.net/</a></li> </ul> <p> </p> <p><strong>Connect with Alex Galkin:</strong></p> <ul> <li>Email: <a href= "mai