AI technology to revolutionize business’ pricing strategy
Quicklizard provides retailers customized price points with intelligent data
Quicklizard is a real-time, AI-based dynamic pricing platform that helps online and omnichannel retailers determine the optimal price for maximizing profits across all of their product lines and offerings.
Quicklizard was founded in 2013 by Yossi Cohen and Pini Mandel. Together, they developed a dynamic pricing platform that would help retailers automatically identify price points that fit within a company’s pricing strategy. The pricing engine follows user-created rules, competitive and market forces, user behavior and other available data to recommend optimal price points.
Market research showed that many retailers were still calculating their prices using endless Excel spreadsheets, which are error-prone. Few had implemented any type of pricing platform, and so pricing decisions were frequently based on previous history, simple price tests, and gut feeling.
Through Quicklizard, Yossi and Pini introduced a digital transformation to pricing. Their AI-based pricing platform was capable of recommending prices in line with a retailer’s goals. When the system recognized an opportunity for increased profits, it would recommend higher prices, while understanding the need to reduce prices for merchandise that was nearing an expiration date or end of its season.
Today, Quicklizard’s platform has hundreds of installations across Europe and North America. Retailers range from home improvement stores selling hundreds of thousands of items to grocery stores selling tens of thousands of products. Regardless of size, the Quicklizard platform identifies user clickstream behavior and competitor prices and factors those in as it generates a price recommendation.
It also incorporates real-time reactions into everyday retail pricing activity. Through real-time information, retailers can update or adjust promotions as needed, accommodate changing user behavior, and make strategic decisions based on existing inventory levels.
The company continues to grow and has expanded to include services pricing as well. It makes billions of fully automated pricing recommendations each day, helping retailers stay on top of their market. Typical customer gains include 30% revenue increases and an average increase of 10% profits.