London, UK – 12 January 2021: Competera, an AI-powered platform helping retailers to set optimal prices, was included as a Representative Vendor in the Gartner Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications¹. Competera focuses on regular price optimization and it is suited for different retail industry segments, including Apparel, Beauty, Consumer Electronics, Convenience, Grocery, Home Improvement, Music, and other subsegments.
According to Gartner, "An algorithmic retailing approach must be widely implemented throughout the organization and supported by a strong foundation of quality data. As such, it's imperative that retailers continue to invest in UPPMO² technologies to support deeper segmentation capability and preperiod planning, develop more consistent and comprehensive pricing policies, improve customer loyalty and prepare for real-time pricing."
Competera platform covers a full range of retailers' needs to build successful pricing strategies. On the one side, Price Optimization from Competera offers elasticity-based price setting driven by demand patterns, products cross-impact, and more than 20 pricing and non-pricing factors. This approach has a clear business impact, hits business goals via portfolio pricing approach, and generates extra margin from the long-tail assortment. On the other side, Competitive Data and Pricing Automation products complement the customer's pricing system with a flexible mix of tools in addition to AI-driven solutions.
"We believe our inclusion as a Representative Vendor in this Gartner Market Guide proves once again that our development is moving in the right direction," says Alexander Galkin, CEO, and co-founder of Competera. "Today, pricing is one of the most critical leverages of retailers' business growth. Moreover, the results our clients get year after year is another proof that AI-driven solutions that work in combination with traditional pricing approaches will become a necessity for any business that wants to move at the market's pace”.
1. Gartner, “Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications”, Robert Hetu, 6 January 2021.
2. Acronym for Unified Price, Promotion and Markdown Optimization
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