#eCommerce, #Web Development

WooCommerce Dynamic Pricing & Discounts with AI: Leverage the Power of Modern AI-Driven Solutions

October 25, 2021

There’s been a lot of talk about the Dynamic Pricing & Discounts with AI plugin for WooCommerce recently, and if you’re reading this, then you’re probably wondering if it makes sense to integrate that one into your current WooCommerce store. The answer, as usual with most WooCommerce plugins, can vary depending on the specific circumstances of your store. But it’s definitely a viable option for a large number of stores on the current market, and looking at the work the developers of the plugin have been putting into it, it will likely stay that way for a while. If you’re looking to optimize your WooCommerce store as much as possible, look no further.

Why AI?

Artificial intelligence is the main driving force behind various advanced developments in the tech sector right now. The technology has proven useful for a number of tasks, but it shines the most wherever you need to identify patterns in complex data sets. And running a store pretty much means that you’re generating a lot of data with potentially interesting connections all the time.

Unfortunately, it’s practically impossible for a human to identify some of those patterns, especially as you dig deeper into more complex relationships between different points. That’s why leveraging an AI-driven solution can produce some amazing results nowadays, and it’s something everyone should be doing given the opportunity.

Basics of Dynamic Pricing

WooCommerce Dynamic Pricing is a separate solution which this one somewhat builds on top of. It’s a subscription-based addon which can provide you with a lot of fine control over your product pricing and spontaneous adjustments. However, it relies heavily on direct user interaction in order to define its triggers and everything else correctly.

It’s something that can fit into the structure of many different stores, and it’s not difficult to lay down the initial groundwork for that. With the help of dynamic pricing, you can for example set up automated discounts when customers start purchasing large amounts of a certain product. Alternatively, you can target products that have been dormant for a while, and add discounts to them in an attempt to revive interest. The Dynamic Pricing plugin can also help you set unique discounts for customers buying specific items, allowing them to get related accessories at a lower price for example.

There are many possibilities, and it’s a good idea to play around with the different settings of Dynamic Pricing and see how you can integrate it into your own store. But keep in mind that you’re going to have to do lots of manual adjustments in the beginning, as we mentioned above.

Dynamic Pricing vs Dynamic Pricing & Discounts with AI

The main difference between Dynamic Pricing and Dynamic Pricing & Discounts with AI, as the name implies, is that the latter uses AI to drive many of its solutions. This can result in a much more interesting dynamic behavior, including changes that you would normally not think of implementing yourself. Another benefit to using Dynamic Pricing & Discounts with AI is that it requires very little direct user interaction comparatively. Once you’ve set up the initial conditions, you can leave the plugin to do its thing. And it will often identify some connections that will surprise you.

The initial setup for the AI-driven plugin can take a while, admittedly, but that’s more than offset by its semi-automated workflow in the long run. The developers also seem to be putting a lot of work into making the plugin even more autonomous, so you’ll have to contribute very little input yourself as you keep using it.

How to Get the Most Out of the Plugin

You should get as detailed as possible when creating your rules and conditions. Don’t be afraid to target individual customers if you can think of something relevant to their experience. Make use of restrictions to ensure that only the right information is displayed in any given context. Dynamic Pricing & Discounts with AI offers lots of tools out of the box to facilitate a very precise configuration, allowing you to really narrow down your targeting and conditions.

Pay attention to how the plugin is performing during the first couple of weeks. You’ll likely have to do some additional adjustments to maximize your performance. Certain extra features, like coupon suggestions, can be very useful for specific types of stores. Pay attention to the data you’re generating with the use of the plugin, and run it through additional analytical tools whenever that’s an option. You’ll occasionally come across some interesting discoveries that way.

Considerations Before Buying

There’s a lite version of the plugin available, and it’s a good idea to check it out before moving on with the full one. This is one of the less expensive plugins on the WooCommerce market, but you should still carefully assess how it will impact your business before committing to a full purchase. Keep in mind that not all features will be available during your trial, so you might have to do some additional research to find out how they work.

You should take a look at the update history of the plugin as well. It’s gone through various iterations over time, and you might be interested to know how it’s evolved in some specific areas related to the operation of your own store. The developers have a reputation for being open and communicative, so don’t hesitate to get in touch with them if you want to verify certain aspects of the plugin’s operation as well.

Dynamic Pricing & Discounts with AI is one of the better plugins you can get if your goal is to improve your store’s performance without having to put in a lot of manual work yourself. It can take some time and effort to get things up and running in the beginning, and the plugin has a somewhat steep learning curve at first. But once you’re over that initial barrier, you’re going to get lots of benefits out of using it, especially if you keep fine-tuning its performance with the help of new findings that come up along the way.

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