The New Kid on The Business Block
On April 25th Competera turns five years old. Although this is not an anniversary, that age is pretty solid for the startup world. Therefore, to honor our birthday, we decided to give the stage to the person who is able to sum up our journey and shed some light on what awaits Competera in the future. Without further ado, Alexander Galkin, our CEO.
Whether you are Competera’s employee, partner, future or present client, or our competitor – hello!
The title of this article was not an accidental choice. This is probably how you could describe Competera five years ago in a single sentence. We created a company in a difficult time for Ukraine; we had no experience in building an international business or working with international formats. Moreover, we didn’t realize what kind of uncharted territory we’re moving into.
What can I say after these five years?
Today Competera covers 26 countries, has more than 100 clients and a variety of excellent products which help all our customers to achieve extra growth and enhance their business strategies. Moreover, our company is working in sync with our vision: be better humans with Competera. In all fields of everyday life including business. This is the main victory of the five-year plan.
Our international recognition, as well as experience in all major retail areas and clients from all over the world, are a stellar proof of these words.
Is it a success story? I believe it is. However, it wouldn't have happened without the challenges and the blockers we overcame. Today, and every day, we’re building the industry standard for pricing in retail. Let me explain: five years ago we started out as a tool aimed at helping any retailer with price positioning anywhere in the world. And now we've grown into a platform capable to respond on major retail needs – how to maximize revenue without losing the margin; how to boost sales of fast moving products; shall we mimic the moves of competitors; and hundreds of other complex decision that retail teams face every day.
Last year we launched the Price Optimization, which is already available to customers in 2019. Therefore, Competera can fill in all the gaps and close any client’s pricing journey comprehensively. We can help with the most complex industry challenges– from enhancing personal efficiency to recommending the optimal price level for the entire assortment portfolio, based on a million parameters. That opens an absolutely new way of doing retail business.
Now’s the perfect moment to brag about some of our customers’ real numbers.
Together with Competera retailers:
Increased sales by 60% in just two months
Lowered operations cost by ten times
Increased time of making re-pricing decisions by 14 times
Saved up to 70% of the internal IT budget
Increased the net margin by up to 8% and a lot more.
Every great company has great ambition. Ours is to fix the broken pricing world with the help of our customers,partners and power of the technology assistance. And guess what: Competera already knows how to make that dream come true. I can confidently say that we won’t be throwing ourselves at all the problems associated with retailing. The retail market proved to be quite fragmented and I’m proud that over the past five years, we’ve helped different industry present on it, while equipping a lot of retail players with heavy math, ML and right engineering.
In conclusion, I want to admit that one of the fundamental values of Competera is to bring growth and profit to our clients. With our products, on average, we can return $7-8 per $1 invested in our solution. With Competera, every retailer is able to stop overdemand on pricing and competition and start to focus on their customers. Even in spite of the competitive race, everyone needs a chance to build marketing and price positioning that will make every customer happy. And we’ll help to create this healthy balance!
Thank you, dear reader, and many thanks to our customers, employees and everyone I mentioned at the beginning of this article. There are many of you, and thanks to all of you Competera has become the company I know. And the company I am proud of.
Stay tuned; we’re just getting started!