Competera, a pioneer in AI-driven pricing solutions that empower retailers to set and maintain optimal prices their customers trust, has once again been named the Best Retail Insights Solution at the 2024 VIP Awards. Competera first won this award at the 2023 VIP Awards, hosted during the National Retail Federation’s (NRF) annual Retail's BIG Show in New York City. The VIP Awards recognize exceptional solution providers who are instrumental in transforming today’s retail landscape through impactful and collaborative solutions and partnerships with their clients.
Competera’s recognition as The Best Retail Insights Solution for a second consecutive year underscores the company’s continued excellence in delivering value to global retailers by providing actionable insights and analytics that uplift margins, increase market share, and foster strong brand loyalty.
Competera has delivered more than 1.1 billion data points annually and optimized more than $60 billion in total revenue for 50 customers across 20 retail sectors in 18 countries. With more than 162 million price recommendations accepted by clients each year, Competera has helped leading retailers recover on average 6% in gross profit, while reducing pricing times by 50% and saving brands millions of dollars per year in consulting fees and operational costs.
The company’s flagship solution, the Competera Pricing Platform, provides retailers with direct access to real-time market data and multi-purpose price recommendation engines. Its algorithm, trained on 10B+ real-world transactions, analyzes more than 20 real-time factors beyond elasticity, including inflation, seasonality, price elasticity, competitor behavior, and promotional impact, to compute thousands of possible price combinations and recommend optimal prices that improve both top and bottom line metrics.
Alex Galkin, CEO and Co-Founder of Competera, expressed his gratitude and pride: “Being acknowledged once again at the VIP Awards is a remarkable honor for us at Competera. This recognition reaffirms our dedication to crafting superior products that not only navigate but also thrive in today’s challenging and competitive retail environment. Our team is committed to continuously innovating and enhancing our solutions to drive the success metrics of our clients.”
