Competera, an AI-powered pricing platform helping retailers set and maintain optimal price positions, was recognized as a Representative Vendor in the Gartner Short and Long Lifecycle Market Guides for Retail Unified Price, Promotion and Markdown Optimization Applications this year.
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 UPPMO¹ technologies to support deeper segmentation capability and preperiod planning, develop more consistent and comprehensive pricing policies, improve customer loyalty and prepare for real-time pricing².
Competera pricing platform offers retailers with both short product lifecycle and long cycle replenishment products a full set of tools to develop a successful pricing strategy. Price optimization by Competera provides elasticity-based price setting driven by demand patterns, products cross-impact and more than 20 pricing and non-pricing factors. This approach helps hit retailers' business goals via portfolio pricing approach empowered with cutting-edge ML technologies, therefore protecting and generating extra margin. In addition, Price Automation and Competitive Data products supercharge retailers' pricing approaches with a flexible, transparent and coherent mix of tools in addition to AI-driven solutions.
"It is my belief that our recognition as a Representative Vendor in this year's Gartner Long and Short Lifecycle Market Guides proves once again that we develop in the right direction and bring value to the industry enabling retailers to combat growing inflation and market volatility," says Alexander Galkin, CEO of Competera. "Today, pricing is one of the most critical leverages behind retailers' business growth and resilience. Moreover, the long-term results our clients get year over year prove once again that deep learning solutions can tackle and adapt fast to changing environment and become a necessity for any business that wants to stay strong and keep up with the market's pace".
*Until 2021 both the Long-Life Cycle and Short Cycle Life Cycle were clubbed and titled Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications.
¹ Acronym for Unified Price, Promotion and Markdown Optimization.
² Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Long Life Cycle”, Jonathan Kutner, 28 July 2022.
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