Leading digital transformation solutions company UST has partnered with price optimisation platform Quicklizard o provide artificial intelligence (AI)-guided and data-infused pricing at scale to global brands and retailers. This will facilitate improved operations, experiences, and profitability to UST’s clients across retail value chains, a company spokesperson said here. This will also help harness the Quicklizard platform as a core part of UST’s retail solutions.
Wrap-around services
UST and Quicklizard are now positioned to provide consulting capabilities and wrap-around services to our joint clients, including dynamic pricing solutions, project management, delivery management, and business analysis, the spokesperson said.
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In the advanced retail market, pricing managers must still engage in the time-consuming task of manually analysing a wide range of data sources to inform their pricing choices. This limits ability to optimise prices to just 5-15 per cent of product catalog. Quicklizard’s AI-powered dynamic pricing platform enables pricing managers to optimise decisions for 100 per cent.
Leveraging AI, ML skills
The two partners have leveraged AI and machine learning (ML) skills to develop an innovative platform that adeptly covers all aspects of pricing for retailers and accelerates digital transformation, the spokesperson said. It enables retailers to design bespoke pricing strategies across a wide range of business models, the spokesperson said.
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It also features a pricing engine with pre-defined rules and conditions, automation and management tools, AI capabilities, analytics, and an open interface that allows clients to develop pricing strategies without integrating additional tools. “This contrasts with standard price monitoring tools with focus on tracking competitors’ prices and making pricing decisions based on this data alone. In fact, our joint solution provides the ability to adjust prices in real time,” the spokesperson said..
Mapping and matching
These advanced solutions are complemented and enhanced by UST’s AI-powered ‘VERA’ engine designed by UST Evolve, a global digital business transformation group of strategists, designers, technologists, and domain experts. This will support mapping and matching of own-brand products across multiple categories, the spokesperson pointed out.
Pini Mandel, Co-Founder and CEO, Quicklizard, said integration of its platform with UST solutions will enable the partnership to offer coordination, discipline, market intelligence, and rigour needed to maintain profitability and a competitive edge. John Taylor, UK Retail Lead, UST, said Quicklizard is a great fit for the UST culture and its emphasis on client-intimacy and retail solutions.
Published on September 5, 2023
