Sustainability-focused German retailer tegut… gute Lebensmittel GmbH & Co. KG and Competera, an AI-powered pricing solution for omnichannel retailers, have entered into a pricing solution provision agreement, as a part of the retailer's initiative to develop an end-to-end AI-based process for pricing, as well as shelf and space planning. Competera, an industry-recognized winner of NRF’s Vendor in Partnerships Awards, will be implemented to support price optimization for the assortment of over 23,000 items.
Integrating Competera will support the retailer’s sustainability goals through balancing demand and price offerings at every point of sale. Competera Pricing Platform enables the grocery retailer with 1000+ stores to introduce the most impactful and comprehensive pricing decisions by simulating different pricing scenarios and forecasting their effect on the bottom line. The precision of forecast and simulations is enabled by taking into account cannibalization and affinity effects while choosing the optimal price point out of billions of possible price combinations.
Competera will also substantially reduce the cost, and time spent by tegut… gute Lebensmittel GmbH & Co. KG’s merchants and pricing team by unifying different business units with a trusted single source for all pricing concerns. Competera’s AI Pricing Platform will allow the merchants and pricing experts to set, maintain and track their results in real-time, supporting their products throughout the entire pricing life cycle; from initial, shelf to markdown, and promo price.
‘Integrating AI-based pricing solution and switching to elasticity-based pricing is a paradigm changer that brings us closer to the future and corresponds with our bigger goal of sustainable processes at every level of business operations. And Competera Pricing Platform is fully aligned with our vision of integrating sustainable forecasting and planning.’ - Thomas Gutberlet, CEO of tegut… gute Lebensmittel GmbH & Co. KG
“It's our great responsibility and honor to support tegut… gute Lebensmittel GmbH & Co. KG in their AI pricing initiative, bringing them closer to the goal of responsible operations on both business and consumer side, while making their business more resilient”, - Alex Galkin, CEO and founder of Competera.
The project is a joint effort with Wysupp, a leading global system integrator specializing in supply chain and price optimization integration, and Relex, who will be providing their replenishment and planning solution, which automatically integrates into the Competer’s neural network.
