FAQ

Frequently Asked Questions

Find answers to common questions about Optifi here. If you have a question not covered here, please contact us.

What’s the difference between Optifi and other pricing tools?

Most other pricing tools use competitor-based price syncing. These tools can work well for some products and brands with very low differentiation because they compete primarily on price, but this isn't the case for most retailers. Small differences between stores such as warranties, brand image, shipping thresholds etc can have a big impact on how customers respond to product pricing. To get pricing right, you need to tailor pricing to your store, not your competitors' - this is where Optifi comes in.

How does Optifi find the best pricing for my catalog?

Optifi will take any existing data in your store and combine it with small-scale pricing experiments to find the best price for each product. Optifi uses a sophisticated statistical machine learning algorithm that identifies the next price to test that is expected to have the greatest improvement from the current best price. This allows the algorithm to rapidly explore the range of possible prices to arrive at the optimal price for a product very quickly.

Is there a minimum number of sales I need to make to work with Optifi?

Not really. Unlike other machine learning algorithms, Optifi is built on a type of machine learning called "Bayesian ML" that is highly efficient. This means you don't need to make many sales for the algorithm to work well, this is an important benefit of Optifi's approach. The bottom line is that you can start using Optifi even if you only make a handful of sales. That said, the more sales you make, the faster the optimal price will be found.

Is my data safe with Optifi?

Yes! At Optifi we take security very seriously and employ rigorous internal security practices. Your data are encrypted at rest using AES-256 and in transit via TLS.

Can Optifi help with discounts, coupons, offers, shipping thresholds, etc?

Yes! By default Optifi works with pricing optimization, but if you're interested in an alternative use case like deciding what discounts to offer or setting shipping thresholds, please get in touch. We're working on new solutions all the time and would love to talk to you.

Will experimentation affect my profits?

Optifi is designed to maximize your profits and keep them optimal over time. While the algorithm is learning you may temporarily experience lower profits on some days, but this is quickly outweighed by improvements to pricing and profitability. Our technology is specifically designed to minimize reduced profits during experimentation and achieve much higher long-term profitability within days or weeks.

Our algorithms are mathematically proven to achieve the best profitability in the least time, so you can trust Optifi to find the best pricing strategies for your business.

Will experimentation confuse my customers?

To avoid confusing customers over pricing we use a statistical technique to apply the experimental prices to only a small subset of customers and keep other customers on the original pricing. This avoids confusing the customer base with rapidly changing pricing while still allowing effective optimization of pricing. Once an optimal product price has been found, the new price will be made available for all customers.

Can I set minimum, maximum, or recommended pricing?

Yes! Optifi allows users to specify lower and upper pricing limits and also recommend prices (such as manufacturer recommended pricing). This helps both guide the algorithm and sets failsafes so you can trust that Optifi will achieve the best profitability for your store.

How much extra profit can I expect using Optifi?

Profit improvements can vary widely depending on the specific store, with profits usually increasing by between 10% & 70%, averaging around 30%. For example, if your store currently generates $1m in profits per year, using Optifi could result in a $300k profit uplift (an ROI of >30x).

Will Optifi work with my store?

Optifi will work with most e-commerce platforms and systems. We currently primarily support Shopify but we can also provide integrations to other systems under the enterprise plan. In terms of profit increases, Optifi will work well with most stores, but if sales are very low per product it might take some time to tune the pricing. We offer a 30 day money back guarantee, so if Optifi isn't meeting your expectations, we'll offer a full refund - no questions asked!

Frequently Asked Questions

Maximize Profitability with Optifi