GK Software SE
- WKN: 757142
- ISIN: DE0007571424
- Land: Deutschland
Nachricht vom 09.07.2019 | 14:17
New solution by GK Software: Automated price optimization based on artificial intelligence
GK Software offers retailers a new dynamic pricing solution based on artificial intelligence (AI). The solution is also available through SAP under the name of SAP Dynamic Pricing by GK. The solution, which is based on GK's own Artificial Intelligence for Retail (AIR) platform, enables retailers to utilize the available customer and market data to optimize their omni-channel pricing strategies in real time. The AIR platform is based on an artificial intelligence process such as reinforcement learning which facilitates the provision of customized processes for retailers. Besides dynamic pricing, other solutions include personalization and fraud detection, for example.
The new dynamic pricing solution calculates the competitive market price for each product in the range in real time. This information enables retailers to automate the continuous adjustment of their pricing in line with the ever-changing market situation and other influencing factors. The solution makes it possible to deploy a variety of pricing strategies, such as sales-oriented or profit-oriented pricing, promotional pricing or minimizing obsolete stock. Hence, dynamic pricing can actively help to reduce food waste when the optimal pricing strategy is applied in order to offer discounts on the right products at the right time. The solution also supports long-term pricing strategies for selling off seasonal items (e.g. in the fashion sector) in order to minimize losses or huge price reductions. Retailers simply define which pricing strategy should be applied at which time, and then the self-learning AI-based pricing algorithms automatically optimize the prices, thus relieving the pricing burden on those concerned and increasing their efficiency.
Automated self-learning price optimization based on a clear strategy offers considerable benefits compared with the traditional experience-based and rules-based pricing approach. The AI algorithms not only take account of numerous factors affecting the price in near real time, but they are also suitable for large product ranges. Meanwhile, the solution offers retailers significantly more flexibility and enables them to continuously measure their dynamic pricing performance against the pre-defined goals.
About GK Software SE
The company employs 1,223 members of staff (figures for 31 March 2019) across its headquarters in Schöneck (Germany) and other business locations in Germany, Czech Republic, Switzerland, South Africa, Russia, Ukraine and the USA. GK Software SE's customers include many well-known retailers from both Germany and beyond, including Galeria Kaufhof, Parfümerie Douglas, Coop (Switzerland), EDEKA, Hornbach, JYSK Nordic, Lidl, Loblaw, Migros, Netto Marken-Discount and Tchibo. The software is currently being used at 297,000 installations across approximately 55,000 stores in 58 countries. The company has grown rapidly in recent years and its sales revenues totaled EUR 106.2 million in 2018. Since launching the company in 1990, the two founders Rainer Gläß (CEO) and Stephan Kronmüller (deputy board member), together with the experienced management team, have shaped GK Software into a profitable company exhibiting strong growth.
Further information about the company: http://www.gk-software.com
GK Software SE
End of Media Release
Issuer: GK Software SE
Key word(s): Information technology
|Company:||GK Software SE|
|Phone:||+49 (0)3 74 64 84 - 0|
|Fax:||+49 (0)3 74 64 84 - 15|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||838569|
|End of News||DGAP Media|
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