As we live in an increasingly digitally-integrated world, our user data is more valuable than ever to businesses, informing their business decisions and helping them to better understand their customers.
ShyftLabs builds customized data-driven solutions to help companies collect and act on insights based on first-party data, providing real-time answers to questions such as pricing or product promotions, by helping e-commerce businesses better understand their customers.
Working primarily in the retail domain with global enterprise companies such as Evernote, Walmart, and Petco, the company solves problems in the space of pricing, assortment and marketing.
Fintech.ca sat down with ShyftLabs’ CEO Shobhit Khandelwal to learn more about dynamic pricing and data, the innovation economy in Canada and the opportunities ahead for e-commerce companies.
What is “Dynamic Pricing” and why should e-commerce companies employ it?
SK: Dynamic pricing is where businesses set flexible prices for products based on current market demands. Currently, we’re living at a time that truly exemplifies the need for dynamic pricing. With consumer demand shifts, soaring inflation, and persistent supply chain troubles, maintaining margins has become a daunting task. Dynamic pricing that is driven by cost and logistical/inventory data, as well as historical price elasticity, can help retailers keep track of their OKRs and stay one step ahead in a competitive market.
What type of data does ShyftLabs collect and work with?
SK: ShyftLabs realizes the importance of collecting and harmonizing data from all aspects of a modern retail business. Our approach begins with analyzing the customer journey with data from marketing and product analytics. We then combine it with operational data such as financials, competitor pricing, and inventory analytics to provide end-to-end visibility and to maximize our client’s potential.
What is the biggest opportunity you see for e-commerce companies in 2022?
SK: I see two large opportunities for e-commerce companies in 2022. One is that businesses will focus on existing customers, by either engaging them in new ways, or finding other relevant problems to solve for them and creating products around their needs. The second is an increased focus on getting goods stocked in mainstream retailers. Both of these, done in conjunction, can vastly improve an e-commerce brand’s recognition and growth.
How do you think Canada’s innovation ecosystem is providing value to global companies?
SK: Canada’s innovation ecosystem provides value to global companies by offering great talent and amazing incentives for innovative R&D. Global companies are attracted to this, and it shows as technology companies are opening offices in major hubs across Canada.
What led you to starting your own business in Canada?
SK: The universities and associated innovation ecosystems are producing well rounded, world class talent. The country itself is a great stable place for employees. Knowing this enables me to plan farther into the future, knowing that we can hire the best and grant them a great work-life balance.