Revolutionizing Retail Pricing Strategies, An Interview with GenAI Chatbot
An exclusive interview with Matt Pavich, Senior Director of Innovation and Strategy at Revionics, discusses GenAI’s potential and implications for retail pricing strategies.
Revolutionizing Retail Pricing Strategies: With artificial intelligence (AI), retailers are discovering new ways to improve customer satisfaction, streamline operations, and optimize pricing to keep up with retail’s rapid evolution.
An exclusive interview with Matt Pavich, Senior Director of Innovation and Strategy at Revionics, discusses GenAI’s potential and implications for retail pricing strategies.
“The most important thing to understand about GenAI is that it is only as useful as the foundation upon which it rests,” Pavich asserts.
The GenAI initiative promises instant access to best practices and transparent insights into pricing recommendations. According to Pavich, “the GenAI initiative will help merchants and pricing teams identify new pricing opportunities.”
Driving collaboration and positive outcomes
He cites REMA 1000 as an example of dynamic pricing and ESL adoption, saying, “REMA 1000 delivers optimised prices throughout the day to maintain their price leadership.”
In Pavich’s talk, he explores how AI pricing platforms can help suppliers negotiate better and predict consumer reactions.
“AI pricing platforms can provide insights into how outcomes vary by store, region, channel, or customer segment,” he says.
This collaborative approach benefits retailers and suppliers, Pavich says. Retailers can navigate complexity, drive profitability, and foster meaningful partnerships with AI-powered pricing solutions.
Technology will make retail pricing dynamic, data-driven, and customer-focused. Retailers are embracing AI to unlock new opportunities, and Revionics is leading the way.