GK Software today announced that it was named a Representative Vendor in the 2021 Gartner Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications (Gartner subscription required). Gartner’s report notes, “Retail CIOs can use this research to understand why AI-driven, unified price optimization solutions are required to strategically price for unified retail commerce as well as to help them identify providers in this market.”
According to Gartner, “Dynamic pricing algorithms for B2C organizations help maximize revenue from services, experiences and related products by identifying the optimal price, based on real-time supply and demand, promotional cadence, competitors’ pricing and customers’ behavioral profiles. Pricing for services, experiences and related products is dynamic as it leverages availability as a key element to maximize capacity. Done correctly, dynamic pricing can provide value to both an organization and a customer.”
GK was selected as a vendor for its Dynamic Pricing by GK solution, an AI-enabled solution that allows retailers to optimize their omnichannel pricing strategies in real time and at scale, based on the full scope of their available customer and market data. Dynamic Pricing by GK seamlessly integrates with emerging and established technologies that make real-time in-store price updates and personalized pricing a reality. It allows for faster, more accurate pricing optimization by proactively adjusting pricing for every customer, on every channel, based on the unique context of every emerging interaction, in real time.
“It is a daunting and highly intensive process for retailers to keep track of thousands of prices and how best to optimize their pricing strategy and execution,” said Michael Jaszczyk, CEO, GK Software USA. “That’s why dynamic pricing is key to make real-time in-store price updates and personalized pricing a reality. We believe that Dynamic Pricing by GK was recognized by Gartner because the solution allows retailers to support pricing optimization strategies and enable analysis and price-setting automation consistently with every customer, building revenue growth that protects brand value and margins.”
View the Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications here (Gartner subscription required).
Gartner, Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications, Robert Hetu, 6 January 2021.
