Tech Mahindra announced a strategic partnership with Competera, headquartered in the US. Competera is a pioneer in AI-powered pricing technologies that enables retailers to set and maintain optimal pricing in real-time. The strategic partnership will provide retail customers with swift and efficient deployment of price optimization solutions, empowering retailers to increase bottom-line metrics and foster brand loyalty.
The partnership will combine Competera’s AI pricing platform and Tech Mahindra’s comprehensive end-to-end business engineering services, including consulting, integration, customisation, and product support, to add value to the retail customers. By combining their technical expertise and deep industry knowledge, Tech Mahindra and Competera will offer retail customers bespoke real-time pricing solutions that are fine-tuned to meet their unique business needs and seamlessly integrate into their existing tech stacks.
Lakshmanan Chidambaram, President – Americas Strategic Verticals, Tech Mahindra, said, “Retailers are seeking every opportunity to optimise pricing as a pivotal tool to thrive in a shifting marketplace. The partnership leverages Tech Mahindra’s technology prowess and Competera’s AI-driven pricing solutions to offer a high-performing real-time pricing product. Together, we aim to provide retailers and consumer packaged goods (CPG) brands with the capabilities needed to maximise share of wallet, bolster revenue, and foster long-lasting brand loyalty through next-generation technologies.”
Competera’s pricing platform uses deep learning algorithms that continuously calculate and re-quantify billions of possible price combinations based on 20+ internal and external factors, such as competitor behaviour, elasticity, seasonality, and promotional impact. This will help retailers generate optimal price recommendations that uplift gross margin and revenue by an average of 6% and 8%, respectively. The platform offers cutting-edge functionality, such as real-time competitive insights, automated workflows, and AI-driven recommendation engines, managed by a user-friendly dashboard to ensure pricing experts are always in the loop to make informed decisions. As a part of this partnership, Tech Mahindra will provide hassle-free integration, implementation, and platform support, enabling customers to adapt to evolving retail challenges.
Alex Galkin, Founder and CEO, Competera, said, “We are excited to join forces with Tech Mahindra to help retailers optimise their pricing strategies by applying the power of AI to set and maintain prices that deliver predictable business results. With Tech Mahindra’s support, the Competera Pricing Platform will enable retailers to unlock new levels of agility, efficiency, and customer loyalty. We’re looking forward to a dynamic future together, where our combined strengths propel retailers to take the lead in a rapidly evolving, highly competitive industry.”
The partnership underscores Tech Mahindra’s emphasis on leveraging next-generation technologies and Competera’s commitment to providing AI-driven pricing solutions that adapt to evolving retail challenges, signalling a significant leap forward in retail industry innovation. Tech Mahindra and Competera are set to help brands redefine the standards of retail pricing, driving innovation and growth across global markets.