Introduction:
A renowned jewelry brand in India, has always strived to provide its customers with the finest quality products.
With the fluctuating prices of precious metals like gold, silver, platinum, etc. and maintaining accurate pricing for their products becomes crucial.
To ensure transparency and accuracy in pricing, the brand embarked on a journey to automate the process of updating gold prices for their products, leveraging technology and automation.
Challenge:
1. Managing Gold Price Dynamics
The primary challenge faced by the brand was the dynamic nature of gold prices in the market.
Manual updates of product prices were not only time-consuming but also prone to errors.
Additionally, frequent fluctuations in gold prices demanded a more agile and responsive approach to pricing updates.
2. Enhanced Customer Experience:
Additionally, the brand aimed to provide a hassle-free experience for customers by introducing a user-friendly calculator on their website.
This tool allows clients to easily calculate the total price they'll pay for a certain jewelry item which is derived from the quantity of grams, making charges, and applicable GST.
This initiative simplifies the buying process and ensures customers can make informed decisions effortlessly.
Solution:
1. Automating Gold Price Updates: Using Python Scripting and APIs
To address this challenge, our team developed an automated system utilizing Python scripting and APIs to streamline the process of updating gold prices for their products.
Here's how we have achieved it:
Integration with MetalpriceAPI:
We integrated the brand’s system with MetalpriceAPI, a reliable source for fetching real-time gold prices.
Through this API, the latest price of gold is retrieved automatically, ensuring accuracy and timeliness in pricing updates.
Calculation of Market Price:
Once the latest gold price is obtained from MetalpriceAPI, the brand’s automation script calculates the market price of 1 gram of gold in Indian Rupees.
This calculation includes applicable taxes such as GST and making charges, providing a comprehensive view of the market price.
Determining Product Price:
Using the calculated market price of gold, The system then determines the updated price for the specific product, such as a golden bangle.
This price computation considers various factors like gold quality ( carats), the weight of gold in grams of the product, and any additional charges associated with craftsmanship.
Integration with Shopify API:
Finally, leveraging the Shopify API, we ensure that the price of the product is updated on their online platform every hour, this can be further scheduled as required by business.
For example, some other businesses may want to work with a single price of commodity for the day.
This integration enables seamless synchronization between the automated pricing system and the online storefront, eliminating the need for manual intervention in price updates.
2. Building a calculator
To address the challenge of enhancing customer experience, the brand is developing a user-friendly calculator for customers.
This calculator allows customers to input the desired amount of gold, and it calculates the total price based on the current gold price, GST, and making charges.
This tool simplifies the purchasing process for customers, empowering them to make informed decisions with ease.
Results:
By automating the process of updating gold prices for their products, the brand has achieved significant improvements in efficiency, accuracy, and customer satisfaction.
The automation script ensures that product prices reflect real-time market fluctuations, enhancing transparency and trust among customers.
And the user-friendly gold price calculator, the brand has further enhanced the customer experience, making it easier for customers to make informed purchasing decisions.
Moreover, by leveraging technology, the brand has freed up valuable resources that can now be redirected toward other strategic initiatives, further bolstering its competitive edge in the jewelry market.
Conclusion:
The brand's move to automate gold price updates shows its dedication to innovation and keeping customers happy.
By embracing technology and automation, the brand has optimized its operational processes, enhanced pricing transparency, and elevated the overall customer experience.
This solution not only benefits jewelry brands but also offers versatility for various industries dealing with dynamic pricing scenarios, setting a benchmark for excellence in the market.
Experience the solution firsthand at our demo store: Simplify Pricing Updates Password: "spu".