Is Pricing Optimization Solution Worth The Investment? Competera Launches a Service to Answer the Question
Competera, an AI-powered platform for enterprise retailers, has released an intelligent service to provide retail business owners with the forecast of potential financial performance that an advanced pricing optimization solution can bring. From now on, businesses can get a pinpoint estimation of the foregone profit that a retail business could have received using a pricing solution.
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Ever since retail entered into a new era where AI and advanced technologies are getting close to people who manage daily processes and strategy, rethinking the long-established approaches to process management and strategizing has become a matter of business vitality.
Although multiple use cases demonstrate the effectiveness of AI-powered solutions in all industry domains, retailers feel indecisive about moving from simply prospecting to adopting a solution by their organizations. Reasons may differ: lack of in-house IT teams to implement thesolution and maintain its successful operation, the ill-preparedness of systems and data storage, lack of trust in advanced algorithms. But what they all have in common is the risk of pouring a good share of tech investment down the drain.
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“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 client success stories and hope that it will make retailers more proactive in shifting towards new approaches in managing prices”, commented on the initiative Yulia Beregovaya,
Lead Pricing Solutions Architect at Competera.
The service is now available to pricing experts and retail business owners willing to evaluate if the optimization solution is worth the investment.
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