Atlanta-based DemandTec by Acoustic, a leader in retail pricing, promotions and markdown technology, has launched its “Autonomous Pricing On Demand” service.
The service delivers enterprise-grade, AI-powered price optimization for retailers of all sizes to quickly respond to market and consumer behavior changes so they can compete with larger, tech-savvy competitors.
A first for the retail pricing technology market, the service eliminates cost, training and resource barriers traditionally required, while improving price perception to grow revenue up to 3 percent and margins up to 5 percent.
According to the March 2022 study on retail pricing from Retail Systems Research, about 60 percent of small to mid-sized retailers do not use data-driven solutions to manage pricing.
“Competing in today’s economy – riddled with record-breaking inflation, growing consumer price sensitivity and continuing supply-chain challenges – is increasingly difficult,” said Anis Hadj-Taieb, general manager for DemandTec. “Retailers of all sizes need access to AI-powered capabilities to rapidly respond to changes in the market and consumer demand with intelligent pricing.”
Removing barriers to entry
Many retailers face barriers to entering the price optimization market, including the need for IT resources, costs of dedicated pricing teams and change management programs to drive adoption.
DemandTec’s “Autonomous Pricing On Demand” service offers:
- AI-powered price optimization to apply intelligent pricing across zones and categories – down to the item level – enabling retailers to quickly respond to consumer demand and market changes, at scale;
- Weekly price optimization recommendations – based on retailer strategy and data feeds – with accurate consumer demand and competitive insights;
- Dedicated pricing team discusses recommendations and pricing performance, with value-added consulting to discover and share insights, including anonymized collective insights, across volumes of historical shopping data;
- Rapid time-to-value in just four to six weeks (after receipt of data) with Quick Start implementation and Pricing Strategy Health Check diagnostic; and
- Minimal commitment with annual subscription-based pricing that enables retailers of all sizes access to enterprise-grade price optimization. It is simple to use with no need for training, change management or IT resources.
“A class of retailers was underserved by the retail pricing optimization market that’s been dominated by larger retailers. By offering key elements of our Unify by DemandTec platform ‘as a service,’ more retailers gain access to advanced data science and AI to power precision pricing and better meet the changing needs of their customers,” Hadj-Taieb said.
Autonomous Pricing On Demand is now available to fast-moving consumer goods retailers, wholesalers and distributors.
For more information, visit demandtec.com/autonomous-pricing-on-demand.