London, UK – September 26, 2023 – Competera, the trailblazing AI-driven pricing solution empowering retailers and brands to enhance customer trust through real-time pricing optimization, has proudly received the prestigious title of Best Breakthrough Technology Solution at the VIP Awards Europe, presented in collaboration with the National Retail Federation (NRF).
The VIP Awards Europe ceremony, held on Tuesday in London, celebrated innovation and excellence in the retail industry. These awards recognize not only the cutting-edge solutions that drive the retail ecosystem but also the solution providers who foster impactful, value-centric partnerships with their retail clients.
The Best Breakthrough Technology Solution Award honors visionary technologies that have evolved from unknown concepts into targeted solutions with well-defined objectives. This accolade is bestowed upon technologies like AI, AR, Robotics, Blockchain, Voice, and other pioneering innovations that have become essential components of retail success.
Competera clinched this award for its AI-powered pricing optimization solution, which empowers clients to fine-tune prices for more than half a million SKUs while gaining a comprehensive understanding of competitors, customer behavior, and market dynamics. By transitioning from manual repricing to Competera's machine learning-based demand engine, clients have slashed repricing time by over 50%.
Alex Galkin, CEO and founder of Competera, expressed his gratitude, saying, "We at Competera are deeply honored to receive the 2023 VIP Awards Europe, especially in the nomination like Best Breakthrough Technology Solution showcasing the power of AI. There is no doubt that AI is THE future of retail, and as retailers are looking for ways to recover and grow margins, receiving this recognition reaffirms that AI-powered pricing is the most direct leverage of increasing retailers' bottom-line metrics and will soon become an inevitable part of retail operation."
Competera's achievement as the Best Breakthrough Technology Solution underscores its commitment to advancing the retail industry through innovative AI-driven solutions. With a focus on price optimization, Competera continues to empower retailers and brands to thrive in the dynamic retail landscape.