Competera
Overview
Competera is a leading AI-driven pricing optimization platform that empowers retailers and brands to set and maintain optimal prices, enhancing customer trust and maximizing profitability. The platform leverages advanced machine learning models to provide real-time pricing recommendations, competitive data insights, and dynamic pricing solutions, helping businesses streamline their pricing strategies and improve their bottom-line metrics.
Industry: Retail Technology
Ideal Customer Profiles: Competera's ideal customers are online and omnichannel retailers, including mono- and multi-brand retailers, who seek to optimize their pricing strategies using AI-driven solutions. These customers are typically looking to enhance their competitive edge, improve profitability, and streamline pricing operations across various channels.
Website: competera.ai
LinkedIn: http://linkedin.com/company/competera
Twitter: http://twitter.com/Competera_ai
Products
AI Pricing Platform
Competera's AI Pricing Platform uses advanced multi-ML models to provide real-time, optimal pricing recommendations based on over 20 pricing and non-pricing factors, ensuring streamlined workflows and improved profitability.
Features
Advanced Multi-ML Models
Description: The platform utilizes multiple machine learning models to analyze a wide range of pricing and non-pricing factors, providing accurate and optimal pricing recommendations.
Benefit: This feature allows retailers to set competitive prices that maximize profitability while maintaining market relevance.
Transparent Pricing
Description: The platform provides clear insights into how pricing decisions are made, avoiding the black-box approach common in many AI solutions.
Benefit: Retailers gain trust and confidence in the pricing recommendations, understanding the rationale behind each decision.
Real-Time Dynamic Pricing
Description: The platform adjusts prices in real-time based on market conditions, competitor actions, and other relevant factors.
Benefit: Retailers can respond swiftly to market changes, ensuring they remain competitive and profitable.
Business Metrics Predictions
Description: The platform provides predictions for key business metrics such as sales volume, revenue, and profit margins over short and mid-term periods.
Benefit: Retailers can make informed strategic decisions based on anticipated market trends and performance.
What-if Simulation Tool
Description: This tool allows retailers to simulate different pricing scenarios and assess their potential impact on business metrics.
Benefit: Retailers can explore various pricing strategies and choose the most effective one to achieve their business goals.
Competitive Data
Competera's Competitive Data solution provides retailers with real-time, high-quality competitive pricing data, enabling them to make informed pricing decisions and maintain a competitive edge.
Features
On-Demand Competitive Data
Description: The solution offers real-time access to competitive pricing data with a 98% service level agreement, ensuring data reliability and timeliness.
Benefit: Retailers can quickly adapt to market changes and optimize their pricing strategies based on the latest data.
AI Assistant for Market Insights
Description: An AI assistant analyzes millions of data points to provide actionable market insights, helping retailers understand market dynamics and trends.
Benefit: Retailers save time and resources while gaining valuable insights to inform their pricing strategies.
360-Degree Market View
Description: The solution provides a comprehensive view of the market, including identical and similar products, to help retailers understand their competitive landscape.
Benefit: Retailers can make more informed pricing decisions by understanding how their products compare to competitors' offerings.
Transparent Billing
Description: Retailers only pay for the data they consume, with clear and transparent billing practices.
Benefit: Retailers have cost control and can scale their data usage according to their needs without hidden fees.
Tailored High-Quality Data
Description: The solution delivers customized, high-quality data tailored to each client's specific needs and market conditions.
Benefit: Retailers receive data that is directly relevant to their business, enhancing the effectiveness of their pricing strategies.
Price Management
Competera's Price Management solution offers a comprehensive suite of tools for managing and optimizing pricing strategies across various channels and product categories.
Features
Customizable Pricing Rules
Description: Retailers can use pre-defined pricing rules or create custom rules to manage their pricing strategies effectively.
Benefit: This flexibility allows retailers to tailor their pricing strategies to their specific business needs and market conditions.
Dynamic Product Assignment
Description: Retailers can link products to pricing campaigns dynamically based on specific parameters, such as rule-based, markdown, or promo goals.
Benefit: Retailers gain control over their pricing activities, ensuring alignment with business goals for maximum impact.
Targeted Product Relationships
Description: Retailers can define dependencies between products, creating meaningful cross-dependencies and linking products to pricing limits.
Benefit: This feature helps retailers manage complex product relationships and optimize pricing strategies across related items.
Smart Segmentation
Description: The platform provides dynamic product segmentation based on elasticity, revenue impact, and profit contribution.
Benefit: Retailers can optimize product management and pricing strategies by understanding the roles of different products.
Powerful Analytics
Description: The platform offers detailed analytics on price interpretation, competitor pricing dynamics, and KPI progress.
Benefit: Retailers gain a comprehensive understanding of their pricing process and the factors influencing pricing decisions.
Predictive Pricing
Competera's Predictive Pricing solution uses advanced analytics to forecast the impact of pricing decisions on business metrics, helping retailers make informed strategic choices.
Features
Predictive Pricing
Description: The solution forecasts the impact of pricing decisions on sales volume, revenue, and profit margins.
Benefit: Retailers can anticipate the outcomes of their pricing strategies and make adjustments to optimize performance.
KPIs Predictions
Description: The platform predicts key performance indicators over short and mid-term periods, providing insights into future business performance.
Benefit: Retailers can plan strategically and allocate resources effectively based on predicted business outcomes.
What-if Simulation
Description: Retailers can simulate different pricing scenarios to assess their potential impact on business metrics.
Benefit: This feature allows retailers to explore various pricing strategies and choose the most effective one.
AI Pricing Over Gut Feeling
Description: The solution uses AI-driven insights to guide pricing decisions, reducing reliance on intuition.
Benefit: Retailers can make data-driven pricing decisions that are more likely to achieve desired business outcomes.
Full Visibility into Pricing Strategies
Description: Retailers gain a clear understanding of the factors influencing pricing decisions, eliminating guesswork.
Benefit: This transparency enhances confidence in pricing strategies and supports better decision-making.
Smart Promo Management
Competera's Smart Promo Management solution provides tools for planning and optimizing promotional activities, ensuring a healthy return on investment.
Features
Smart Promo Management
Description: The solution offers easy-to-use promo calendars, data-driven insights, and promo scenario testing to optimize promotional activities.
Benefit: Retailers can maximize the return on investment from promotions by planning and executing them effectively.
Promo Calendars
Description: Retailers can plan promotional activities using intuitive promo calendars, ensuring alignment with business goals.
Benefit: This feature helps retailers manage promotions efficiently and achieve desired outcomes.
Data-Driven Insights
Description: The solution provides insights into promotional performance, helping retailers understand the impact of their activities.
Benefit: Retailers can optimize future promotions based on data-driven insights, improving overall effectiveness.
Promo Scenario Testing
Description: Retailers can test different promotional scenarios to assess their potential impact on business metrics.
Benefit: This feature allows retailers to choose the most effective promotional strategies and maximize ROI.
Market-Backed Intelligence
Description: Retailers can launch new products with confidence, using insights from competitive data and market analysis.
Benefit: This feature supports successful product launches by ensuring alignment with market conditions and customer expectations.
Quantitative Benefits
"rebound on average 6% of gross profit"
"Reduce repricing time by 50%"
"Real-time repricing with 95% accuracy"
"Up to 6% margin loss prevention"
"Every Competera's client can recover previously lost revenue and gross margin by 8% and 6% respectively"
"Real-time market data and 98% accurate AI-powered product matchings and similar matchings"
"With Competera, you can successfully automate 97%+ pricing decisions"
"In addition, by moving away from their manual approach to Competera's ML demand-based engine, they reduce the time spent on repricing by over 50%."
"By transitioning from manual repricing to Competera's machine learning-based demand engine, clients have slashed repricing time by over 50%."
"Competera has delivered more than 1.1 billion data points annually and optimized more than $60 billion in total revenue for 50 customers across 20 retail sectors in 18 countries."
"With more than 162 million price recommendations accepted by clients each year, Competera has helped leading retailers recover on average 6% in gross profit, while reducing pricing times by 50% and saving brands millions of dollars per year in consulting fees and operational costs."
"By combining real-time competitive data, artificial intelligence and pricing automation, the platform helps retailers to recover 6% of profits on average, reduce repricing times by 90% and align KPIs across product categories."
"Trained on more than 10 billion transactions and 9 million products, its algorithms exceed the capabilities of traditional elasticity-based models, considering 20+ context-dependent factors influencing customer purchasing decisions, such as hyper-local product behavior, global category trends inflation, seasonality, competitor behavior and promotional impact."
"The platform harnesses next-generation deep learning technology to continuously calculate billions of optimal price recommendations with 95% accuracy."
"20+ factors beyond elasticity considered in price setting"
"10B+ transactions were used to train the AI model"
"Typically, repricing tasks that took 60 hours weekly can now be completed in just 4 hours, thanks to our efficient and guided approach."
"119 000 000 Data points delivered monthly"
"34 countries data"
"2 500 000 Product matches per month"
"98% average data delivery SLA"
"1.1B data points annually"
"99% quality rate"
"99.8% uptime"
"support response time of less than one 1 minute"
"17 mln Data Points delivered monthly"
"11 mln Data Points delivered monthly"
"8 mln Data Points delivered monthly"
"22 mln Data Points delivered monthly"
Testimonials
"We in Competera are beyond honored to be recognized by 2023 VIP Awards, as it once again confirms our commitment to developing the best-in-class products driving our clients' bottom line metrics notwithstanding the disruptive and highly competitive times"
Alex Galkin, CEO and founder at Competera
"We at Competera are deeply honored to receive the 2023 VIP Awards Europe, especially in the nomination like Best Breakthrough Technology Solution showcasing the power of AI. There is no doubt that AI is THE future of retail, and as retailers are looking for ways to recover and grow margins, receiving this recognition reaffirms that AI-powered pricing is the most direct leverage of increasing retailers' bottom-line metrics and will soon become an inevitable part of retail operation."
Alex Galkin, CEO and founder at Competera
Customer Stories
Unilever
Problem: Needed ready to consume market data for better assortment analysis
Value Add: Competera provided market data that could be easily consumed for assortment analysis
Outcome: Improved assortment analysis based on ready-to-consume market data
Source: Pricing Platform for Online and Omnichannel Retailers
Wiggle
Problem: Needed competition-based pricing for a large number of SKUs
Value Add: Competera implemented competition-based pricing for over half a million SKUs
Outcome: Successfully implemented competition-based pricing across a vast product range
Source: Pricing Platform for Online and Omnichannel Retailers
Balsam Brands
Problem: Needed to boost gross margin and revenue
Value Add: Competera provided AI-powered pricing optimization
Outcome: Boosted gross margin and revenue by over 3.5%
Source: Pricing Platform for Online and Omnichannel Retailers
Grocery Delivery service
Problem: Required pricing automation for their service
Value Add: Competera implemented pricing automation tailored for grocery delivery
Outcome: Successfully automated pricing for the grocery delivery service
Source: Pricing Platform for Online and Omnichannel Retailers
Sephora
Problem: Needed coherent and flexible competitive data covering multiple countries
Value Add: Competera provided coherent and flexible competitive data
Outcome: Obtained competitive data covering 9 countries, enabling better pricing decisions
Source: Pricing Platform for Online and Omnichannel Retailers
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