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The Dawn of AI-Driven Price Management | RIS News

Want to devastate your financial performance? Simple. Get pricing wrong. And yet, 42% of retailers still primarily use spreadsheets for pricing and 34% use internally built software.

What’s the problem with these traditional tools? For starters, both are incapable of supporting big data, machine learning and artificial intelligence (AI). You know, science.

Which is a shame because one of the beautiful things about price management in retailing is that it is a numbers game, meaning it is governed by hard facts and data-driven insights. As a result, pricing is a perfect candidate in the retailer’s org chart for algorithm-driven processes based on a scientific approach. In fact, industry leaders like Amazon and Walmart have embraced automated and algorithm-based pricing to deliver hyper-fast price changes, i.e. dynamic pricing.

In the Targeted Research Report “Raising Your Price Strategy IQ” RIS examines the role of data-driven pricing, challenges that hold retailers back, and the introduction of artificial intelligence (AI) and machine learning into next-generation tools.

Read complete article here:

The Dawn of AI-Driven Price Management | RIS News.

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