Software finds the best promotions for retailers using data on social media trends and the weather
UK-based retail software provider itim will launch its new cloud-based pricing and promotions software, Profimetrics, in 2019. The software, which is built on Microsoft SQL Server and .NET aims to help retailers using predictive capabilities to create the best promotional deals based on data regarding social media trends, competitor price adjustments and even the weather.
“Predictive analytics is less prone to human error and much better at identifying which products will sell really well and drive traffic to stores,” said Sandra Ribeiro, international chief executive officer at itim.
Over 20 retailers have already implemented the software, achieving margin increases of up to 10%. A US department store has also recently implemented the software to manage promotions across its stores.
“With profit margins under increasing pressure from the onslaught of e-commerce and discounters, retailers are looking at new ways of staying competitive,” said Ribeiro. “With effective pricing and promotions strategies supported by advances in artificial intelligence, we’re able to merge the art and science in retailing.”