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/.
prudsys AG is the leading provider of agile AI technologies for omnichannel retail. The prudsys Realtime Decisioning Engine (prudsys RDE for short) automates personalization and pricing processes across the entire value chain. This allows retailers to offer customers a seamless shopping experience of the utmost personal relevance at every sales channel while simultaneously maximizing customer loyalty and earnings.
prudsys AG has been on the market since 1998. As a pioneer in the fields of real-time personalization and automated pricing, the Chemnitz-based company has been actively working to shape the development of omnichannel business from the start. prudsys AG customers include companies such as babywalz, bonprix, C&A, Coop, Douglas, Klingel, Obi, Sanicare, Thalia and Würth.
prudsys AG is considered a best-of-breed provider. Its in-house research department works tirelessly to further develop intelligent algorithms and test innovative methods for omnichannel business. The company is the holder of numerous patents and places great importance on cooperation with renowned scientific institutions.
prudsys AG has hosted the DATA MINING CUP since 2000. Every year, over one hundred universities and thousands of students take part in the internationally renowned competition for intelligent data analytics and forecasting. prudsys AG has thus been successfully bridging the gap between theory and practice.
prudsys AG is part of the GK Software Group. GK Software SE is a leading developer and provider of standard software for the retail sector.
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