First of its kind managed service for retail price optimization delivers value in just four to six weeks versus industry average of 12 months
DemandTec by Acoustic, a pioneering leader in retail pricing, promotions, and markdown technology, today announced the launch of Autonomous Pricing On Demand. The new service delivers enterprise-grade, AI-powered price optimization for retailers of all sizes to quickly respond to market and consumer behavior changes so they can compete with larger and more tech-savvy competitors. A first for the retail pricing technology market, the service eliminates cost, training, and resource barriers traditionally required, while improving price perception to grow revenue up to three percent and margins up to five percent.
According to the March 2022 study on retail pricing from Retail Systems Research, about sixty percent of small to mid-sized retailers do not use data-driven solutions to manage pricing. “Competing in today’s economy — riddled with record-breaking inflation, growing consumer price sensitivity, and continuing supply-chain challenges — is increasingly difficult,” said Anis Hadj-Taieb, General Manager for DemandTec. “Retailers of all sizes need access to AI-powered capabilities to rapidly respond to changes in the market and consumer demand with intelligent pricing.”
Removing Barriers to Entry
Many retailers face barriers to entering the price optimization market, including the need for IT resources, costs of dedicated pricing teams, and change management programs to drive adoption.
Now, retailers of all sizes can get the key benefits of the DemandTec Autonomous Pricing application with DemandTec’s Autonomous Pricing On Demand service that offers:
- AI-powered price optimization to apply intelligent pricing across zones and categories — down to the item level — enabling retailers to quickly respond to consumer demand and market changes, at scale
- Weekly price optimization recommendations — based on retailer strategy and data feeds — with highly accurate consumer demand and competitive insights
- Dedicated pricing team discusses recommendations and pricing performance, with value-added consulting to discover and share insights, including anonymized collective insights, across volumes of historical shopping data
- Rapid time-to-value in just four to six weeks (after receipt of data) with Quick Start implementation and Pricing Strategy Health Check diagnostic
- Minimal commitment with annual subscription-based pricing that enables retailers of all sizes access to enterprise-grade price optimization, it is simple to use with no need for training, change management, or hefty IT resources
“A class of retailers was underserved by the retail pricing optimization market that’s been dominated by larger retailers. By offering key elements of our Unify by DemandTec platform ‘as a service,’ more retailers gain access to advanced data science and AI to power precision pricing and better meet the changing needs of their customers,” said Hadj-Taieb.
Autonomous Pricing On Demand is now available to fast-moving consumer goods (FMCG) retailers, wholesalers, and distributors. Additional On Demand offerings will be available later this year.
To learn more or request pricing to get started, please visit www.demandtec.com/autonomous-pricing-on-demand.
For Retail Technology Show (RTS) attendees in London on April 26-27, visit the DemandTec booth (6C88) to learn more.
About DemandTec by Acoustic
A pioneering leader in retail pricing technology for decades, DemandTec is ushering in the new era of unified autonomous commerce.With the Unify by DemandTec™ platform — the industry’s first — retailers can unite their data, systems, internal teams, and collaborate with suppliers to generate profitable revenue growth with the power of AI.
From food to fashion, DemandTec partners with more than 600 customers around the globe. Current and past retail partners include Acosta, Carrefour, Cencosud, Exito, Farmacias Cruz Azul, The Very Group, and W.H. Smith, among others.
DemandTec is a strategic business unit of Acoustic, along with Acoustic Marketing Cloud; an open, multi-channel customer engagement platform; and Tealeaf by Acoustic, a digital customer experience insights solution.