Raleigh, NC – May 7, 2019 – GK Software, the international market leader for store solutions, today announced the global availability of Dynamic Pricing by GK, 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. Also available through GK Software’s exclusive vendor agreement with SAP, Dynamic Pricing by GK is an independent solution that can integrate with any enterprise platform to ensure that retailers avoid a race to the bottom and that price becomes a strategic advantage that protects brand value and margins.
“Until retailers introduce artificial intelligence as a core element of their dynamic pricing strategy, managing data and learning from the resulting insights will be a highly intensive and deliberate process,” said Michael Jaszczyk, CEO, GK Software USA. “Solutions like Dynamic Pricing by GK will be critical for identifying and capitalizing on unique opportunities to leverage price as a competitive advantage in non-digital environments with every customer. We fully expect that leveraging price at a one-to-one level will be critical for producing intended behavior outcomes and profitable growth.
Faster, more accurate pricing optimization
Dynamic Pricing by GK directly addresses the limitations of responsive omnichannel product pricing, especially in the store. Traditionally, this process has relied upon rules-based algorithms that require significant manual oversight, wherein automation tools are confined to rigidly established parameters and are not capable of real-time optimization. In contrast, artificial intelligence enables Dynamic Pricing by GK to proactively adjust pricing for every customer, on every channel, based on the unique context of every emerging interaction, in real time.
Dynamic Pricing by GK can also help retailers increase profitability by optimizing products with strong affinity. By gathering data on products that are sold together, retailers can detect cross-sell opportunities and markdown on one product while driving sales of other related products at full price. Through linking multiple items, retailers can lower prices of certain products while still increasing the bottom line.
Pricing optimization for every customer on every channel
Until now, true dynamic pricing models were primarily restricted to ecommerce platforms. Dynamic Pricing by GK seamlessly integrates with emerging and established technologies that make real-time in-store price updates and personalized pricing a reality. For example, using electronic shelf labels (ESLs), retailers can make price changes to one or every product at any point within a given day based on competitor price changes and evolving business context. Similarly, the retailer can share personalized discounts and offers with a customer through retailer branded apps, integrating Mobile Consumer Assistant by GK.
SAP Exclusive Vendor Agreement
The solution is also sold as SAP Dynamic Pricing by GK through GK Software’s long-established exclusive vendor agreement with SAP. Through this agreement, SAP incorporates a wide variety of GK’s industry-leading solutions into its ecommerce platform. Dynamic Pricing by GK can be deployed independently of other GK solutions or in combination with GK’s OmniPOS platform, Mobile Consumer Assistant, Mobile Merchandise Management, and many other solutions.
