prudsys AG will be presenting its new product Dynamic Pricing by GK at DMEXCO 2019 in Cologne on September 11th and 12th. In addition to intelligent price optimization, the AI specialist presents exciting personalization solutions and shows how retailers can use them to inspire their customer across all channels.
Personal product recommendations based on image similarities and intelligent markdown optimization with dynamic pricing – prudsys AG will be presenting these and other innovative applications for the use of artificial intelligence in retail on September 11th and 12th at booth E010 in Hall 7.
Intelligent markdown pricing instead of sell-out
Whether it’s the limited shelf life of food or the rapid depreciation of seasonal articles, the sell-off strategy plays a central role when it comes to maximizing the earnings potential of each pruduct. On the fashion-example visitiors will see why intelligent markdown pricing is significantly better than agressive reductions or leaving pricing up to a gut feeling. As part of the GK Software Group, prudsys is offering the retail sector a new AI-based solution for dynamic pricing which is also distributed by SAP under the name SAP Dynamic Pricing by GK. The intelligent pricing software calculates the fair market price for each product in the range in real time. The prerequisite for the best price is a clear goal: In addition to markdown pricing, retailers can also define other pricing strategies such as sales or earnings increases or promotion pricing.
Product recommendations based on image similarities
Desired product is sold out in the online shop? No problem – the recommendation of alternative products with the same look means that retailers can reduce the number of purchase cancellations while simultaneously increasing their conversion rate and customer satisfaction. At their booth, prudsys AG demonstrates its use case for product image similarities and shows how jewelry retailers, for example, can recommend a matching bracelet for the new earrings. With other use cases visitors discover how to excite their customers with personal recommendations across all channels – whether it’s in the online shop, the newsletter, in a bricks and mortar store or on a smartphone.
DMEXCO is community and central meeting point for all of the major decision makers in the digital economy, marketing and innovation. Under this year’s motto “Trust in you”, attention should be drawn to the important role that trust plays in the further development of the digital economy. Book your appointment with prudsys at DMEXCO 2019 at https://prudsys.de/en/about-us/events/dmexco/.