New solution by GK Software: Automated price optimization based on artificial intelligence
GK Software offers retailers a new dynamic pricing solution based on artificial intelligence (AI). The solution is also available through SAP under the name of SAP Dynamic Pricing by GK. The solution, which is based on GK's own Artificial Intelligence for Retail (AIR) platform, enables retailers to utilize the available customer and market data to optimize their omni-channel pricing strategies in real time. The AIR platform is based on an artificial intelligence process such as reinforcement learning which facilitates the provision of customized processes for retailers. Besides dynamic pricing, other solutions include personalization and fraud detection, for example.
The new dynamic pricing solution calculates the competitive market price for each product in the range in real time. This information enables retailers to automate the continuous adjustment of their pricing in line with the ever-changing market situation and other influencing factors. The solution makes it possible to deploy a variety of pricing strategies, such as sales-oriented or profit-oriented pricing, promotional pricing or minimizing obsolete stock. Hence, dynamic pricing can actively help to reduce food waste when the optimal pricing strategy is applied in order to offer discounts on the right products at the right time. The solution also supports long-term pricing strategies for selling off seasonal items (e.g. in the fashion sector) in order to minimize losses or huge price reductions. Retailers simply define which pricing strategy should be applied at which time, and then the self-learning AI-based pricing algorithms automatically optimize the prices, thus relieving the pricing burden on those concerned and increasing their efficiency.
Automated self-learning price optimization based on a clear strategy offers considerable benefits compared with the traditional experience-based and rules-based pricing approach. The AI algorithms not only take account of numerous factors affecting the price in near real time, but they are also suitable for large product ranges. Meanwhile, the solution offers retailers significantly more flexibility and enables them to continuously measure their dynamic pricing performance against the pre-defined goals.
About GK Software SE GK Software SE is a leading developer and provider of standard software for the retail sector, and currently counts 22 percent of the world's 50 largest retailers among its customer base. The company offers an extensive range of solutions for stores and enterprise headquarters as well as for the implementation of contemporary omni-channel retail concepts. Thanks to its open and platform-independent software solutions in the GK/Retail Suite, the company has established itself as one of the market's leading providers of technology and innovations. Its solutions enable retail chains with numerous stores to optimize their business processes and to benefit from significant potential for saving costs and implementing customer loyalty programs in order to improve their competitiveness. In addition to its own software solutions, GK Software SE also offers customers a comprehensive range of implementation and maintenance services. Having been acquired in 2013, AWEK GmbH and in 2015, the retail segment of DBS Data Business Systems Inc. In 2017, the company acquired a majority shareholding in prudsys AG, a company focused on artificial intelligence. In 2018, the valuephone GmbH was acquired, which develops leading solutions for mobile consumers.
The company employs 1,223 members of staff (figures for 31 March 2019) across its headquarters in Schöneck (Germany) and other business locations in Germany, Czech Republic, Switzerland, South Africa, Russia, Ukraine and the USA. GK Software SE's customers include many well-known retailers from both Germany and beyond, including Galeria Kaufhof, Parfümerie Douglas, Coop (Switzerland), EDEKA, Hornbach, JYSK Nordic, Lidl, Loblaw, Migros, Netto Marken-Discount and Tchibo. The software is currently being used at 297,000 installations across approximately 55,000 stores in 58 countries. The company has grown rapidly in recent years and its sales revenues totaled EUR 106.2 million in 2018. Since launching the company in 1990, the two founders Rainer Gläß (CEO) and Stephan Kronmüller (deputy board member), together with the experienced management team, have shaped GK Software into a profitable company exhibiting strong growth.
Further information about the company: http://www.gk-software.com
GK Software SE Dr. René Schiller Phone: +49 (0)37464-84-264 Fax: +49 (0)37464-84-15 E-mail: firstname.lastname@example.org
End of Media Release Issuer: GK Software SE Key word(s): Information technology
09.07.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: GK Software SE Waldstraße 7 08261 Schöneck
Germany Phone: +49 (0)3 74 64 84 - 0 Fax: +49 (0)3 74 64 84 - 15 E-mail: email@example.com Internet: www.gk-software.com ISIN: DE0007571424 WKN: 757142 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Munich, Stuttgart, Tradegate Exchange EQS News ID: 838569 End of News DGAP Media