Consulting firm JK Tech is partnering AI-based retail pricing specialist Competera, a firm that aids retailers set optimal pricing in real-time. The aim is to develop new approaches to market pricing strategies based on operational intelligence, retail market analysis and real-time pricing data.

The two firms see a market need for AI-powered software to support retailers analyse extensive datasets and considering numerous pricing and non-pricing factors to ensure optimal pricing of products. The adoption of operational intelligence helps retailers achieve increased profit margins through the implementation of ideal pricing strategies.

In a statement, Raj Basu, Vice President – Retail & CPG Solutions at JK Tech said, “This collaboration will assist us in offering our clients a holistic pricing solution backed by Competera’s proven AI technology and JK Tech’s expertise in understanding the unique needs of retail and CPG brands and tailoring customised solutions to them. We are confident that this association will empower businesses and brands with a pricing solution that doesn’t just adapt to change but sets the pace for the future.”

Alex Galkin, Founder and CEO, of Competera said, “Being a front-runner in AI/ML technologies, Competera has strived to offer technology that enables clients to improve gross margin by assessing various possible price combinations. Together with JK Tech, we will embark on a journey to combine cutting-edge technology with business strategy. With our technological expertise and JK Tech’s industry knowledge, we are confident that this partnership will set a new benchmark for intelligent pricing solutions in our industry.”