Price Recommendation is a panel through which supplier can identify the best price for their product which can help them in getting higher order growth.
Idea being, underprice the product and you offer too much on the table, overprice it and you can’t sell. You certainly can’t enter a price war with your competitors but also can’t make a guess. Businesses don’t work anymore on guesses, they work on data.
Meesho was faced with a similar challenge and tried to leverage data and modern technology as a solution.
To help supplier to keep competitive prices for their product which can help them to increase their sales and orders growth, Meesho launched price recommendation for all products.
How does it helps suppliers
If the supplier lists the product at the wrong price, then it will not sell enough which is ultimately not good for Meesho as a platform. For sure the supplier will not be successful but also the demand will be left unfulfilled.
How does it helps business
Meesho goal is to become a platform where product will be listed at lowest price as compared to other E-commerce giants. As according to our metrics its clearly seen lesser prices leads to more orders. So through lowest prices we want to increase our overall orders growth.
Meesho invested in a price recommendation algorithm, that looks at the history of Meesho and product sales to suggest a price to the supplier. It tries to understand the product, maps it to certain similar products, and then understands what price works best for the product.
After launching price recommendation, close to 90% of the suppliers have tried and are using this to list their products at the best price.
I was Senior product designer with a content Designer Mrirani biswas and PM NIkita Kodnani.
Let’s try to understand what we want to solve in this: