Artificial Intelligence

Relex Introduces AI-Driven Price Optimization for Retailers

Retail planning solutions firm Relex debuted artificial intelligence-driven price optimization capabilities.

“Designed to empower retailers in setting pricing rules, optimizing pricing strategies, and making informed pricing decisions, this solution aims to bolster sales, margins and competitive advantage,” the Finnish company said in a Wednesday (Dec. 13) news release.

The new capabilities are unified with Relex promotion planning capabilities, giving retailers a “comprehensive and unified” decision-making solution, according to the release.

Included in the offering is scenario testing, letting users get insights on the impact of price changes on sales, margins and competitive positioning. It also lets merchants customize pricing strategies for objectives such as maintaining margins or driving traffic.

“Pricing is a complex yet critical process that demands precision and balance,” Relex Head of Commercial and Price Optimization Lauri Loikkanen said in the release. “Successful planners understand the need to set the right prices for products to be competitive while maintaining margins. Yet, as retail faces challenges such as volatile inflation, resource constraints, and rising costs of goods, providing correct prices becomes increasingly difficult. Our new pricing optimization capabilities address today’s dynamic retail landscape, with one, unified solution to plan pricing that also takes into account promotions.”

Meanwhile, more than three-quarters of retailers rank generative AI as the most impactive emerging technology, PYMNTS reported last week.

“Retailers leverage generative AI to help rework operations, from customer service to inventory management,” per the report. “These companies, ranging from incumbents to startups, effectively deploy AI, improving personalized shopping experiences and optimizing supply chains. As they embrace these technologies, they attract significant investments and form strategic partnerships.”

However, integrating generative AI into retail technology goes beyond automation and involves shaping the customer experience.

For example, Barcelona-based Style DNA employs AI through its “pocket stylist” tool to assist users with finding colors, patterns and fabrics that best suit them. Meanwhile, London-based Ometria leverages AI for customer data analysis to offer highly targeted marketing campaigns.

While many businesses have used generative AI for personalization purposes and to boost repeat buyers, studies have found that just 51% of consumers trust brands with their data.

“This disconnect underscores the need for transparency in how retailers, among others, use AI to personalize experiences for their customers,” PYMNTS wrote.

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