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In this blog, we’ll explore the concept of price elasticity, arguably the most important concept when it comes to AI-enabled price optimization. What does price elasticity do? There is no other approach that works as efficiently, economically and sustainably as price elasticity. What is particularly remarkable is that it…
Clearly defining the construct of artificial intelligence is difficult, if only because the term intelligence alone can hardly be clearly defined. That's why AI is frequently used as a buzzword. However, there are some very decisive technological nuances that make the difference, especially in economic terms. Machine Learning is the…
One of the more common, traditional approaches to establishing price differentiation comes in the form of rule-based systems, or rule engines. They implement predefined pricing rules in a prescribed pattern. These systems often set item prices exclusively based on competitor prices, which the system’s rules are set to exceed or…
Dynamic Pricing is the proven “corner store” principle – rethought for the digital age. Small corner stores always used a somewhat volatile pricing policy based on experience and gut feeling. For example, close to closing, they generally offered bread or fresh products at a discount in order for the retailer…
Given the current situation with the COVID-19 outbreak, it’s important to us that you know we have taken numerous measures to ensure your health, the health of our employees and the smooth operation of our customers' stores. We are diligently following the recommendations of global government and health authorities in…
What shoppers are looking for when they step foot in a convenience store is in the name: convenience. They’re looking for an easy, quick experience – whether that’s filling up their tank, grabbing a few items they need, or both. But if shoppers head into a store and see a…
As legendary online brands like Warby Parker and Amazon expand into physical retail, they face a highly complex process of integrating their established online infrastructure with their emerging in-store infrastructure. And for other smaller retailers who are expanding to physical stores and looking to implement click-and-collect, they require a system…
We recently heard from a leading retailer that the next point of sale software they invest in will likely be their last. Why? Because they expect it to deliver every functionality they need today, at a fair cost, and grow with them and evolve alongside their needs. With the emergence…
Recent headlines show that more and more retailers are implementing new checkout concepts in the store. Cashierless checkout technologies behind store concepts like Amazon Go are quickly gaining popularity in an effort to meet consumers’ expectations. Mobile POS, associate mobile devices and smart carts are also helping retailers take away…
We all know that a personalized shopping experience supports long-term customer loyalty – its what customers expect, and they reward those who provide it. In fact, 44 percent of consumers say they will repeat a purchase after a personalized shopping experience. By building up trust and a deeper relationship with…
Cell phones have become a fundamental companion for in-store in store shoppers, as they rely on them to research product information and reviews, conduct price comparisons, hunt for coupons, build recipes, and much more. But mobile devices must be made a complementary part of the brand experience, and not a…
AI has become a well-discussed term in recent years, finally moving from sci-fi pipe dream to real-deal opportunity for businesses to improve efficiency and service. As everyday shoppers, we experience the effect of AI as recipients of personalized advertising and product recommendations. That’s not all it can do, though, as…
AI has become a well-discussed term in recent years, finally moving from sci-fi pipe dream to real-deal opportunity for businesses to improve efficiency and service. As everyday shoppers, we experience the effect of AI as recipients of personalized advertising and product recommendations. That’s not all it can do, though, as…
The concept of the grocery store hasn’t changed all that much over the last few decades. Yes, we’ve seen mega-chains add grocery to their one-stop-shop approach and the emergence of online grocery has upended some traditional perceptions of how people choose to shop. But today, we’re facing a more fundamental…
Today, the use of technology such as mobile devices and touchscreens is pervasive, with the vast majority of Americans owning smartphones. Because of this, customers are starting to accept and embrace technology into their shopping routine. As scan-as-you-shop technology gains popularity, we will see personal applications become the standard (as…
