For this Company Spotlight, we interviewed PriceEasy’s Founder and Chief Executive Officer (Raj Golecha). PriceEasy combines the power of data science, human ingenuity, and machine learning to help fuel retailers strategize and execute their fuel pricing decisions using artificial intelligence to identify key pricing opportunities in their market. For more information on PriceEasy, please visit www.priceeasy.ai.

Background: Before founding PriceEasy, Raj Golecha worked in the downstream and retail fuel sectors. During that time, he discovered that corporations were not leveraging external data nearly as much as they should have been, especially around their pricing strategies. Further, he found that the few tools available to automate the pricing decision workflow for retail fuel locations were too complex to implement and/or too expensive for small to mid-sized operators. After successfully raising venture capital to develop a digital pricing strategy platform and devoting a few years to R&D, PriceEasy launched commercially in 2020.

Value Proposition: PriceEasy’s digital pricing strategy platform provides its customers the following unique features and benefits:

Accurate Competitor Prices: PriceEasy automatically gathers near real-time fuel pricing from competing locations, which eliminates the need to do price surveys manually (person driving to each location and communicating via email/messaging).
Dynamic Pricing & Rules: PriceEasy’s platform enables its users to create dynamic pricing rules that automatically optimize daily/hourly strategy (e.g., higher prices around typical work commute hours vs. lower prices on weekends).
Connected Directly to POS: Since it is directly connected to each location’s point of sale (“POS”) and price signage systems, PriceEasy’s customers can update fuel prices from anywhere (SaaS dashboard or mobile app).
AI-Driven Insights & Predictions: Artificial intelligence and machine learning analyzes historical data to predict competitors’ pricing behavior and makes pricing recommendations. Further, PriceEasy’s AI technology also analyzes the impact of fuel pricing on non-fuel sales (e.g., beverages, snacks, car wash, etc.) to recommend revenue maximizing pricing strategies.
Site Selection & Investment Analysis: Further leveraging its vast external data sources (e.g., cell phone usage data, traffic flow, weather, etc.), PriceEasy’s AI analyzes the external factors at millions of locations to identify regions where a new location or expansion of an existing location could generate the highest ROI.

Closing Thoughts: In under three years since commercialization, PriceEasy has been adopted by over 15,000 retail fuel locations globally. There are numerous other industries that would benefit from pricing tools like PriceEasy’s. We are looking forward to following the company as it continues to gain market share not only in the retail fuel sector but also other consumer-facing product industries, such as supermarkets.

Company Spotlights

July 2023