DemandTec by Acoustic, a pioneer in retail price, promotions, and markdown optimization technology, today announced its AI-powered retail pricing application, DemandTec Autonomous Pricing, has been named to the Constellation ShortList™ for Price Optimization Solutions for the second year in a row. Each year, Constellation Research evaluates 40 vendor solutions categorized in this market. This Constellation ShortList for Price Optimization Solutions was published in February 2022, and is determined by client inquiries, partner conversations, customer references, vendor selection projects, market share and internal research.
“The speed of retail is accelerating due to challenging market conditions and changing consumer behavior. Retailers of all sizes seek the power of AI and autonomous technology to deliver the right pricing for their customers, and thrive in today’s tumultuous retail landscape,” said R “Ray” Wang, Principal Analyst and Founder, Constellation Research, Inc.
DemandTec Autonomous Pricing enables retailers to improve price perception and drive profitable revenue growth, with demand forecasting accuracy over 95%. The ability to execute smarter pricing decisions based on unified merchandising systems and a holistic view of shopper behavior can improve margins up to 5%. Coupled with automated recommendations, retailers can deliver strategic pricing decisions at the speed required to succeed in today’s market conditions.
Key capabilities include:
- Price optimization and recommendations. Retailers can optimize pricing with AI-powered data science to achieve profitable revenue growth. Leverage proactive recommendations for fast evaluation and execution of these prices.
- Rules-based pricing. By applying rules to define pricing boundaries per business needs, retailers can ensure the optimal pricing recommendations to match specific pricing strategy.
- Real-time capabilities. Retailers can optimize and/or automate real-time price updates based on their strategy, goals, and changes in the market, across all channels or separately per channel.
- KVI Insights. Obtain valuable insights and AI-based suggestions on KVIs and KVCs, through competitive analysis and demand prediction.
- Autonomous approvals and recommendations. AI-powered autonomous decisioning increases productivity across categories, channels, and geographies. Autonomy improves efficiency, enabling increased focus on goals and objectives, ensuring the highest efficiency, productivity, and speed.
“We are in an extremely precarious period of rising costs and high inflation that is squeezing both retailers and consumers alike. Unlike forty years ago when we were last gripped by a similar crisis period, retailers can ease the pain for themselves and their customers using DemandTec’s AI-powered Autonomous Pricing,” said Todd P. Michaud, President and CEO of DemandTec by Acoustic. “We are extremely gratified to be recognized by Constellation Research for our price optimization solution.”
DemandTec Autonomous Pricing is available as a standalone application or as part of the Unify by DemandTec™ platform. With Unify by DemandTec™, retailers gain a 360-degree view of shopper demand across all channels to elevate AI-powered pricing, promotions, and markdowns and maximize profitable revenue growth.
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