LONDON, Sept. 12, 2023: JK Tech, a global provider of next-generation Digital and Business Consulting Services has announced a global partnership with Competera, an AI pricing solution company that aids retailers and brands to set and maintain optimal pricing on a real-time basis. This collaboration will strengthen JK Tech’s portfolio of Retail and CPG technology solutions by providing a full-cycle service approach to the Pricing & Promotion recommendation solution.
Optimal pricing is key for customer retention and profitability. There is a need for sophisticated, AI-powered software to assist retailers and brands in analysing extensive datasets and considering numerous pricing and non-pricing factors to ensure the optimal pricing of products. The adoption of operational intelligence helps retailers achieve increased profit margins through the implementation of ideal pricing strategies.
In a statement, Raj Basu, Vice President – Retail & CPG Solutions at JK Tech says, “We are pleased to partner with Competera. This collaboration will assist us in offering our clients a holistic pricing solution backed by Competera’s proven AI technology and JK Tech’s expertise in understanding the unique needs of retail and CPG brands and tailoring customised solutions to them. We are confident that this association will empower businesses and brands with a pricing solution that doesn’t just adapt to change but sets the pace for the future.”
Alex Galkin, Founder and CEO, of Competera added, “Being a front-runner in AI/ML technologies, Competera has strived to offer technology that enables clients to improve gross margin by assessing various possible price combinations. Together with JK Tech, we will embark on a journey to combine cutting-edge technology with business strategy. With our technological expertise and JK Tech’s industry knowledge, we are confident that this partnership will set a new benchmark for intelligent pricing solutions in our industry.”
About JK Tech
JK Tech is a next-generation Digital and Business Consulting provider enabling clients globally to navigate their Digital Transformation. The organization stands by its vision of being ‘committed to a superior experience’ with its customers, its people, and its social environment. JK Tech offers specialised capabilities across Healthcare, Retail & Consumer products, and Insurance with its niche Hyperautomation solutions leveraging Data and Analytics that help improve their performance and create lasting value across its enterprises. To learn more, visit www.jktech.com. Find JK Tech on Twitter, LinkedIn.
About Competera
Competera Pricing platform enables retailers and brands across all retail industries and markets to increase customer trust by setting and maintaining optimal AI-generated price positions. By continuously calculating and re-quantifying billions of possible price combinations, the platform’s deep learning algorithms minimize the enterprise clients’ financial losses, rebounding on average 6% of gross margin. The optimal price recommendations across the entire pricing life cycle from initial, shelf to markdown and promo price are based on 20+ pricing and non-pricing factors combined with real-time competitive data.
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