Report by Coresight Research
The Future of Pricing – How AI Is Transforming Retail Pricing
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Manik Bhatia
Head of Custom Research
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Steven Winnick
Vice President - Innovator Services
Coresight Research surveyed 150 retail decision-makers in the US to analyze the current landscape and advantages of AI pricing. This report highlights the obstacles encountered when adopting AI pricing and proposes strategies to mitigate these challenges.
Here is what retailers are saying
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92%
use AI-based tools
for pricing -
70%
report seeing highly beneficial outcomes when using AI pricing tools, and 26% report at least moderate benefits
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3
The top-three reported benefits: reduced repricing times, increased margins, and improved customer loyalty
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97%
of respondents plan to increase investment in AI-powered pricing technology in 2024.
Our analysis of data from key AI-based pricing software providers, including Competera, reveals that, with an AI-based pricing solution, retailers across different verticals can increase annual revenues by 10%, on average, and improve margins by as much as 5%
About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by leading global retail analyst Deborah Weinswig, the firm is headquartered in New York, with offices in London, Lagos, Hong Kong, Shanghai and Mangalore (India). The firm provides data-driven analysis and strategic advisory to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being renowned for its breadth and depth of research, Coresight Research is known for its expertise in the China market, helping clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, consisting of a vast network of technology entrepreneurs that it actively cultivates through events, mentorship, and regularly updated report coverage. For more information, visit www.coresight.com
About Competera
Competera is an AI-driven pricing solution company that empowers retailers to set and maintain optimal prices with speed, precision and simplicity. Our pricing platform harnesses next-generation deep learning technology to continuously calculate billions of price combinations, considering 20+ contextual factors beyond elasticity — from real-time competitive data to hyper-local product behavior. By combining intelligence and automation, we help our customers increase profits an average of 6%, reduce repricing times by 90% and strengthen customer loyalty.