Determining profits and shaping market positioning for retail businesses
In today’s dynamic market, traditional retailers are not only competing with brick-and-mortar stores but getting squeezed in by e-commerce marketplaces with their faster ability to do dynamic pricing. Retail and CPG companies are losing millions of dollars every year due to various reasons such as manual processes restraining to price of products actively, competitive intelligence is not used as it should be, slow re-pricing processes, etc. To remain competitive, opting for AI-driven price optimization is no longer a choice but a business reality across brick-and-mortar stores, omnichannel, and e-commerce to drive revenue and margin growth.
JK Tech’s AI Pricing & Promotion recommendation solution provides optimal pricing based on Demand Forecast, competitive market prices, price elasticity, and target margins using deep learning techniques to capture the maximum value of products in the market. With JK Tech’s solution, every SKU is continuously offered at an optimal price at each stage of the pricing lifecycle, based on 20+ pricing and non-pricing factors.