The global leader in retail pricing, promotions, and markdown technology, DemandTec has unveiled the “Autonomous Pricing on Demand” service for retailers. The new service enables retailers to compete with tech-savvy companies by enabling retailers to quickly respond according to the market and consumer behavior by making use of artificial intelligence (AI)-powered price optimization. The service eliminates conventional cost, training, and resource obstacles while enhancing pricing perception to increase revenue by up to 3% and margins by up to 5%.
Anis Hadj-Taieb, General Manager for DemandTec, stated, “According to the March 2022 study on retail pricing from Retail Systems Research, about sixty percent of small to mid-sized retailers do not use data-driven solutions to manage pricing. “Competing in today’s economy — riddled with record-breaking inflation, growing consumer price sensitivity, and continuing supply-chain challenges — is increasingly difficult. Retailers of all sizes need access to AI-powered capabilities to rapidly respond to changes in the market and consumer demand with intelligent pricing.”
Initially, retailers faced difficulties in entering the price optimization market as they faced several challenges like lack of IT resources, expenses incurred due to expert pricing teams, and lack of changes in management programs to adopt changes. These challenges are now eliminated as the service of Autonomous Pricing on Demand service has been made available.
The application offers intelligent pricing optimization across zones using AI-powered pricing optimization. Based on retailer strategy and data feeds, weekly pricing recommendations are provided. Pricing recommendations and pricing performance are provided through the pricing team. Enterprise-grade optimization access based on subscriptions is delivered that requires no training, change management, or IT resources.
Anis Hadj-Taieb also added, “A class of retailers was underserved by the retail pricing optimization market that’s been dominated by larger retailers. By offering key elements of our Unify by DemandTec platform ‘as a service,’ more retailers gain access to advanced data science and AI to power precision pricing and better meet the changing needs of their customers.”