In today’s rapidly evolving retail landscape, staying ahead of the curve requires innovative approaches to pricing strategies. With the advent of artificial intelligence (AI), retailers are finding new avenues to optimise pricing, streamline operations, and enhance customer satisfaction.
In an exclusive interview with Matt Pavich, Senior Director of Innovation and Strategy at Revionics, we explore the transformative potential of the newly launched GenAI chatbot and its profound implications for pricing strategies within the retail sector.
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Pavich highlights the fundamental importance of GenAI’s foundation in driving its utility. He asserts, “The most important thing to understand about GenAI… is that it is only as useful as the foundation it sits upon.”
GenAI promises instant access to best practices and transparent insights into pricing recommendations. Pavich explains, “Our GenAI initiatives will… help merchants and pricing teams identify new pricing opportunities.”
Navigating complex retail terrain
Pavich acknowledges the complexities of pricing across different retail categories. He notes, “It’s a lot more challenging to price categories with more extreme demand patterns, less data, and more variables to consider.”
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However, he underscores Revionics’ commitment to addressing these challenges through substantial investments in scientific approaches and platforms.
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By GlobalDataDriving collaboration and positive outcomes
Discussing the momentum behind dynamic pricing and Electronic Shelf Labels (ESLs) adoption, Pavich emphasises the advantage of swift pricing adjustments. He cites REMA 1000 as an example, stating, “REMA 1000 delivers optimised prices to their stores throughout the day to maintain their price leadership.”
Pavich elucidates the role of advanced AI pricing platforms in predicting consumer reactions and providing insights for effective negotiation with suppliers.
He explains, “The most advanced AI pricing platforms… can provide insights into how outcomes may differ by store, region, channel, or customer segment.”
This collaborative approach, Pavich contends, leads to mutually beneficial outcomes for retailers and suppliers, ultimately benefiting consumers.
AI-powered pricing solutions are reshaping the retail landscape, empowering retailers to navigate complexities, drive profitability, and foster meaningful partnerships.
As the industry continues to embrace technological innovations, the future of retail pricing promises to be dynamic, data-driven, and customer-centric.
Revionics is at the forefront of this transformation, striving for retailers to confidently embrace AI to unlock new opportunities and drive sustainable growth in an increasingly competitive marketplace.
