Competera, a leader in AI-driven pricing optimization solutions, has been listed for three consecutive years as a "Representative Vendor" in Gartner Market Guide for Retail Unified Price, Promotion, and Markdown Optimization Applications – Short Life Cycle. According to the market guide, “Retail CIOs can use this research to understand why AI-driven, unified price optimization solutions are required for strategic pricing in unified retail commerce and to identify providers of solutions that manage short life cycle products.”1
Competera's Pricing Platform offers a suite of AI-powered price optimization solutions for all retail scenarios, including initial, promotional and markdown pricing. The platform harnesses next-generation deep learning technology to continuously calculate billions of optimal price recommendations with 95% accuracy. Trained on more than 10 billion transactions and 9 million products, its algorithms exceed the capabilities of traditional elasticity-based models, considering 20+ context-dependent factors influencing customer purchasing decisions, such as hyper-local product behavior, global category trends inflation, seasonality, competitor behavior and promotional impact. By combining real-time competitive data, artificial intelligence and pricing automation, the platform helps retailers to recover 6% of profits on average, reduce repricing times by 90% and align KPIs across product categories.
“We believe that recognition as a Representative Vendor by Gartner confirms the effectiveness of our pricing solutions, particularly for retailers with short life cycle products facing rapid and unpredictable market changes,” said Alex Galkin, Founder and CEO of Competera. “In today’s competitive retail environment, optimal pricing is essential. Our platform uses advanced analytics to adapt pricing strategies based on real-time market data and consumer behavior, helping retailers make informed, effective pricing decisions.”
By leveraging pricing optimization platforms like Competera’s, retailers can ensure price alignment across all channels, greatly enhancing strategic positioning and operational efficiency.
1 Gartner, Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Short Life Cycle, By Jonathan Kutner, 22 April 2024.
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