Tech Mahindra and Competera have announced a strategic partnership aimed at delivering AI-powered price optimization solutions to retailers worldwide. This collaboration is set to provide retail customers with advanced tools for setting and maintaining optimal pricing, ultimately aiming to improve gross margin and revenue.
- Partnership combines Tech Mahindra’s business engineering services with Competera’s AI pricing platform.
- Solution targets a revenue and gross margin increase by an average of 8% and 6%, respectively.
- Competera’s platform leverages deep learning algorithms for real-time pricing adjustments.
- Tech Mahindra will facilitate seamless integration and support for these solutions.
Lakshmanan Chidambaram of Tech Mahindra emphasized the role of optimized pricing in helping retailers navigate a fluctuating market, citing the combination of Tech Mahindra’s technology expertise and Competera’s advanced AI solutions as a means to enhance revenue and customer loyalty.
Competera’s technology utilizes deep learning to analyze billions of price combinations, taking into account various factors such as competitor prices, market demand, and seasonality. This enables retailers to implement data-driven pricing strategies that can significantly impact their profitability.
Alex Galkin, CEO of Competera, highlighted the anticipated benefits of the partnership, including increased agility, efficiency, and customer loyalty for retailers. The alliance marks a significant advancement in the use of AI for retail pricing optimization, with both companies expressing optimism about the future of retail innovation.