As Shoptalk says on their event website, it’s where “retail’s community of innovators hear and be heard.” We’re proud of the incredibly innovative retail community that makes up Revionics’ customer base, so we’re excited to participate yet again in Shoptalk with a focus on how retailers can apply AI in the real world of retail price optimization for powerful, proven business results. This year the event is March 3-6 at the Venetian.
The implications are critical at this juncture in the retail industry. A February 11 article in the Dallas Morning News by Maria Halkias notes that a recent BDO survey of big box, department stores, discount stores and specialty retailers found that “More than half, or 54 percent, of traditional retailers say their businesses are just surviving as they head into 2019.” But the study also finds retailers broken into two camps: “’survivors,’ who report being stable and breaking even, and ‘thrivers,’ who identify as profitable and say they are experiencing robust growth.”
It’s no secret that innovators are best positioned to be among the thrivers, and AI can give innovators the competitive edge they need. What’s perhaps most exciting about AI-based price and promotion optimization is its ability to deliver the elusive win-win of pricing: providing carefully crafted, competitive prices to shoppers on the items they care most about, while strategically recouping margin elsewhere to structure your retail business for long-term success.
Even better, with flexible adoption models, retailers can take an incremental adoption approach that utilizes the increased revenues from one phase to finance subsequent phases, effectively providing a self-funding model.
Even back in 2018 at Shoptalk, Artificial Intelligence (AI) and Machine Learning took center stage, though at that point many retailers were in exploration mode and not yet quite certain how to apply these technologies profitably in their own businesses. At Revionics we have been pioneering and advancing AI and machine learning in retail for more than a decade for some of the most elite retailers, and today we are seeing retailers step up and put AI to work for fast results where the low-hanging fruit lies: in retail price optimization.
I’d like to invite you to set a private meeting at Shoptalk with Revionics experts to explore how you can begin transforming your retail business today with AI-based price optimization. And we’ll see you at Shoptalk!
Why AI Pricing Now