Price and product are defining pillars in retail, because they are essential to every transaction. Getting price and product right are mandatory. Nothing matters more.
Despite years of software development, optimization algorithms, and the incorporation of machine learning and AI, pricing teams are still reliant on imperfectly informed estimated guesses.
In this RIS News Targeted Research Report co-authored by Revionics, we examine the role of data-driven pricing strategies, the many challenges that hold some retailers back, and the introduction of artificial intelligence (AI) and machine learning in next generation tools.