Competera, an AI-driven platform for enterprise retailers, has launched an intelligent service that provides retailers with an estimate of the possible returns from an advanced pricing optimization system. A retail business can now get a precise estimate of the profit it could have reaped by using a pricing solution.
Changing the long-established approaches to strategy and process management has become essential since retail entered a new era of artificial intelligence (AI) and advanced technologies.
Yulia Beregovaya, Lead Pricing Solutions Architect at Competera, commented, “We have developed the profit calculator driven by the goal to provide retailers with a general view of the economic impact that an advanced pricing solution can generate for retail. By entering an industry, annual turnover rate, average margin level of the business, and assortment on rule-based repricing, users can get an accurate estimation of the additional profit that can be seized with the power of AI algorithms. We fueled the service with our expertise received after many clients’ success stories and hope that it will make retailers more proactive in shifting towards new approaches in managing prices.”
Despite multiple use cases showing that AI-powered solutions are effective across all industry verticals, retailers are indecisive about moving beyond simply prospecting towards adoption. There are many reasons for this, such as the lack of in-house technology teams to implement and maintain products, the unpreparedness of data storage and systems, or the lack of self-confidence in advanced algorithms. The common denominator is that they all run the risk of losing a good portion of their tech investments.