NIVOGO’S SMART PRICING TECHNOLOGY

In recent years, we have observed how innovations and new technologies have fundamentally changed business practices in almost every sector. From our perspective, these developments present significant opportunities for initiatives that will accelerate the necessary sustainable transformation in fashion. 

Talking about the future of fashion without sustainable and circular systems is no longer possible. We give brands a second chance by renewing their products destined to be disposed of and provide a starting point for brands wishing to take a step towards circular fashion. Alongside our expert team and operational power, another aspect of our working system in which we have great confidence is our proprietary smart pricing technology, which we use when repricing the renewed products. 

What is Smart Pricing Technology? 

We can briefly define Smart Pricing Technology as an artificial intelligence application that re-evaluates renewed products in detail based on both pre- and post-product conditions, using an algorithm we have developed ourselves. Through extensive research and development, we have succeeded in creating a unique technology that can evaluate meaningful data from a vast data pool to make fair pricing decisions.

How does Smart Pricing Technology work? 

The process begins with us collecting various systemic information from the brands we work with to create the aforementioned data pool. We gather valuable information such as when the products were manufactured, their brand, cost, initial selling price, current selling price, discounted selling price, sales performance, and more. 

Next, our expert team meticulously inspects each product at the Renewal Center, entering information about the product’s condition upon arrival into the system. After details about the processes the product went through, such as tailoring, polishing, dry cleaning, etc., and how it was ultimately rated are entered, the system begins its work. Artificial intelligence evaluates each product based on its unique story, the condition it arrived in, the processes it went through, and many other criteria we mentioned above. 

In conclusion, we gather all the necessary data and enter it into the system after painstaking and detailed work. Then, a complex algorithm works, and the product is repriced based on intricate combinations and calculations that only artificial intelligence can decipher. 

If you also want to renew your unsold products rather than disposing of them and take a step towards circular fashion, you can contact us.