Gartner’s new market guide features IA’s PriceSmart for retail lifecycle pricing planning.
It’s no secret that today’s retail reality is a fast-paced, dynamic environment. While shoppers’ demands for price transparency continue to skyrocket, their brand loyalties are subjected to endless options from the competition. Despite the increasing importance of pricing on a retailer’s top and bottom lines, product lifecycle pricing decisions aren’t always made in the most strategic or centralized manner – especially as inflation continues at its highest levels in decades along with recession fears.
With an AI-powered price optimization model, retailers can efficiently compute a myriad of Key Value Items (KVIs) and quickly adapt as demand shifts. This results in greater value generation, seamless forecasting capabilities, optimization of price as per localized demands, and leveraging trends to drive profitable demand.
PriceSmart, the most advanced solution in the market today, enables retailers and brands to:
- Automate dynamic pricing recommendations, driven by artificial intelligence
- Implement location-based pricing across products through advanced predictive analytics to yield optimal result
- Build pricing and competitive pricing strategies and eliminate “What-If” scenarios with a unified lifecycle pricing solution