Flaconi, a Germany-based online beauty retailer, will enhance its pricing strategy with Competera. The cooperation marks a first step on the company's pricing journey to AI-fueled price optimization.
Flaconi is the leading online beauty retailer in Germany, offering a large selection of perfumes, care products, make-up, hair care tools, and accessories. The company's product range covers all segments, from medical supplies to natural cosmetics and premium beauty products. Founded in 2011, the company now operates with over 850 brands and 55,000 products.
In order to introduce a balanced approach to cross-channel pricing on the portfolio level and ensure sustainable margin growth, Competera covers the following scope of work as a part of its partnership with Flaconi:
Identifying true KVIs
Finding potential for margin growth
Making pricing decisions flexible, transparent, and controllable
Releasing from high promo pressure
To cope with the retailer's requirements, Competera offers a unified and transparent smart rules-based solution that allows seeing the logic behind the pricing rules and forecast pricing scenarios. By employing its AI-based engine, Competera will define true KVIs based on big data. Using the optimized approach backed by consultancy from Competera, the company will be able to optimize prices in a consistent, smart, and sustainable way.
Following the standards of pricing, Competera will enhance Flaconi's competitive advantage by setting up Competera's Competitive Data cabinet and dashboards. In addition, the introduction of the demand and rule-based platform will establish coherent, fast, and flexible pricing with defined workflows and a transparent cause & effect analysis of every price change.
Competera will introduce a flexible and high-tech solution that will accelerate Flaconi's transition to price automation and portfolio-level optimization, landing at a markdown and promo optimization.
"We are very honored to partner with such a progressive brand as Flaconi and aid them in the transition from 'today' to 'future' pricing environment with a balanced approach to cross-channel pricing on portfolio level," states Alexander Galkin, CEO and co-founder of Competera Pricing Platform.