Tech Mahindra has unveiled a strategic alliance with Competera, an innovator in AI-driven pricing solutions, revolutionizing retail pricing dynamics. This collaboration aims to expedite the implementation of cutting-edge price optimization technologies, empowering retailers to swiftly and effectively manage pricing strategies in real time. By leveraging Competera's expertise, retail clients can enhance bottom-line performance and cultivate enduring customer loyalty.
The partnership highlights Tech Mahindra's commitment to delivering seamless and impactful solutions to the retail sector, enabling businesses to navigate the evolving market landscape with agility and precision. Together, Tech Mahindra and Competera pave the way for retailers to harness the power of AI-driven pricing tools, unlocking new avenues for growth and competitiveness in the dynamic retail ecosystem.
Competera and Tech Mahindra have joined forces to offer real-time pricing solutions that cater to the unique business needs of retail customers. The partnership will combine Competera's AI pricing platform with Tech Mahindra's comprehensive end-to-end business engineering services, including consulting, integration, customization, and product support.
By leveraging their technical expertise and deep industry knowledge, Tech Mahindra and Competera will provide bespoke pricing solutions that seamlessly integrate into the existing tech stacks of retail customers.
Lakshmanan Chidambaram, President – Americas Strategic Verticals, Tech Mahindra, said, “Retailers are seeking every opportunity to optimize pricing as a pivotal tool to thrive in a shifting marketplace. The partnership leverages Tech Mahindra's technology prowess and Competera's AI-driven pricing solutions to offer a high-performing real-time pricing product. Together, we aim to provide retailers and consumer packaged goods (CPG) brands with the capabilities needed to maximize share of wallet, bolster revenue, and foster long-lasting brand loyalty through next-generation technologies.”
Competera's pricing platform employs deep learning algorithms that continuously calculate and analyze billions of possible price combinations based on over 20 internal and external factors. These factors include competitor behavior, elasticity, seasonality, and promotional impact. The platform assists retailers in generating optimal price recommendations that increase gross margin and revenue by an average of 6% and 8% respectively.
The platform offers advanced features such as real-time competitive insights, automated workflows, and AI-driven recommendation engines. These features are managed by a user-friendly dashboard to ensure that pricing experts are always informed and able to make informed decisions. In partnership with Tech Mahindra, this platform will provide hassle-free integration, implementation, and support, enabling customers to tackle and overcome evolving retail challenges.
Alex Galkin, Founder and CEO, of Competera, said, “We are excited to join forces with Tech Mahindra to help retailers optimize their pricing strategies by applying the power of AI to set and maintain prices that deliver predictable business results. With Tech Mahindra's support, the Competera Pricing Platform will enable retailers to unlock new levels of agility, efficiency, and customer loyalty. We’re looking forward to a dynamic future together, where our combined strengths propel retailers to take the lead in a rapidly evolving, highly competitive industry.”