We're excited to share that GK continues to be an award-winning provider of AI technology for the retail industry. Most recently, GK won the RetailTech AI Solution of the Year award from RetailTech BREAKTHROUGH. This awards program highlights top retail technology companies, solutions and services around the world following a comprehensive evaluation of some of the best and brightest global innovators.
Let's dig into how GK has been a leader in implementing AI-driven solutions for over 25 years.
What Sets GK AIR Apart?
GK's leading AI solutions are housed within the cloud-based platform, GK's Artificial Intelligence for Retail (GK AIR). When GK AIR was introduced over two decades ago, it was the first AI-based solution portfolio to offer retail-only applications.
The platform contains AI applications that support retailers across every touchpoint including personalization, dynamic pricing, fraud detection and item recognition. These AI applications are customizable and instantly deployable. They are designed to quickly turn data into business value with self-learning algorithms that are easily integrated into existing interfaces for POS, merchandising, ERP and CRM systems.
What Results Can Retailers Achieve with GK AIR?
Each of the AI applications within GK AIR provides unique benefits for retailers.
First, GK AIR personalization helps retailers increase click rates, revenue and margins by offering customers individualized shopping experiences. This initiative fosters stronger customer relationships that help the retailer stand out within the crowded landscape. For example, fashion retailers earn 2-3% higher average revenue with GK AIR personalization.
Second, GK AIR offers a dynamic pricing solution that automatically recommends the optimal price to help retailers maximize profitability without deterring shoppers. The solution compares internal and external marketplace factors like costs, stock levels, sales forecasts, competition and price elasticity. The solution also tracks the performance of these pricing decisions and adjusts based on sales, revenue or margin goals. Retailers using GK AIR dynamic pricing earn on average 3-5% higher revenue.
The third solution within GK AIR is for fraud detection. This application relies on AI to identify and detect inadvertent or deliberate fraud at the point of sale (POS), without requiring unnecessary rescans for loyal customers. Additional benefits of this GK AIR fraud detection include an increase in the accuracy of suspected fraud cases, automatic adoption of new rules and policies and proactive preparation against fraudulent patterns.
How Has GK AIR Been Received By Industry Experts?
The award from RetailTech BREAKTHROUGH is the latest addition in GK AIR's ongoing list of prestigious industry recognition. In 2023, GK was listed as a major player in the IDC MarketScape for Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment due to its GK AIR dynamic pricing application.
What's more, due to its entire portfolio of industry-leading technology, including GK AIR, GK was ranked as the #1 for customer satisfaction for large vendors and targeted solution vendors as well as #2 for software reliability and overall performance in the RIS Software LeaderBoard 2024.
How Can You Implement GK AIR?
GK AIR provides real-time insights and recommendations, so retailers can immediately react to ever-changing consumer expectations and market trends. With GK AIR, innovative retailers are always one step ahead of industry disruption. That's why GK AIR has stood the test of time as a major player in the AI space for over 25 years.
To see how GK AIR can transform your business and prepare it for the future, contact us to schedule a demo.
