Itim, software solution provider to the multichannel retailer, is set to launch the new cloud-based pricing and promotions software in 2019.
This innovation is in response to the retailers’ need of more target promotions and increased pressure to improve margins and optimize category results.
The system works by identifying and planning the best promotion that will meet the retailers’ objective and minimize unnecessary discounting by being able to sift through vast amounts of data – including reacting to competitor price adjustments, social media trends, or even the weather – and recommending prices across thousands of products and hundreds of stores on a daily basis.
“Predictive analytics is less prone to human error and much better at identifying which products will sell really well and drive traffic to stores. With profit margins under increasing pressure from the onslaught of e-commerce and discounters, retailers are looking at new ways of staying competitive. With effective pricing and promotions strategies supported by advances in artificial intelligence, we’re able to merge the art and science in retailing.” – Sandra Ribeiro, International CEO, Itim
Over 20 retailers including Marko and Eroski supermarket have already implemented the software. A margin increase of up to ten per cent have been noticed with the use of the technology.
Itim offers complete set of retail software solutions including Multi Channel Sales and Service, Enterprise order management, Price and Stock Optimization and Supplier management. The company delivers stand alone applications that work with existing IT investments or a modern, flexible and lower cost alternative to the retail ERP system.
