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In this kind of shopping environment, how should retailers align their promotions and markdowns for the greatest impact? Where can AI and data-driven pricing solutions help reshape a retailer’s outmoded pricing structure and deliver pricing that fits today’s consumer?
The retail sector has undergone massive changes in recent years thanks to advancements in artificial intelligence (AI) and automation. Retailers are using AI in various ways to improve customerexperiences, streamline operations, and gain valuable insights from data. This improves productivity and reduces costs.
As consumers faced higher prices at the gas pump, grocery stores and other places, many cut back on their spending, increasing the competition among retailers. This was especially evident on Black Friday, when many merchants offered steep markdowns to compete. ATO attacks cost retailers millions of dollars each year.
Still, real-world retail operations persist. This is because today’s competitive advantage in retailing can often come down to the customerexperience. Plus, going into a retail store significantly reduces the potential for returns and increases upsell opportunities. – Price management & optimization.
Still, real-world retail operations persist. This is because today’s competitive advantage in retailing can often come down to the customerexperience. Plus, going into a retail store significantly reduces the potential for returns and increases upsell opportunities. – Price management & optimization.
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