Revionics Unveils Cutting-Edge GenAI Capabilities to Transform Retail Pricing Strategies

Revionics, a subsidiary of Aptos and a leading provider of retail pricing, promotion, markdown, and advanced analytics solutions, has showcased its significant investments in generative artificial intelligence (GenAI) capabilities at NRF 2024. The company’s latest innovation, a GenAI-powered chatbot, was demonstrated live at Revionics booth 4639 throughout Retail’s Big Show, offering retailers an insight into the future of intelligent pricing.

Revolutionizing Retail Conversations: GenAI-Powered Chatbot Debut

Revionics introduced a GenAI-powered chatbot that operates as a retrieval-augmented generation (RAG) system. Leveraging Revionics’ extensive user guide library as its foundational source of knowledge, the chatbot provides retailers with trustworthy and up-to-date responses. This innovative tool allows retailers using Revionics’ intelligent pricing platform to seek answers to complex questions, enabling faster decision-making and more efficient pricing strategies.

The GenAI chatbot is set to be available in the next software release, anticipated in Q1 of 2024. Revionics plans further investments throughout the year, incorporating advanced data mining and analytics capabilities into later phases of the GenAI chatbot’s development.

Unlocking the Potential of GenAI in Retail Pricing

Revionics envisions GenAI as a powerful tool to enhance software adoption and drive efficiencies in the pricing realm. By integrating GenAI into their industry-leading pricing solutions, Revionics aims to help retailers address pricing and promotional challenges with greater speed, improved results, and enhanced visibility into the decision-making process.

Josh Oettle, Vice President of Product Management and Engineering at Revionics, emphasized the role of GenAI in providing valuable solutions for a diverse range of users, from technologically savvy pricing professionals to those using Revionics’ solutions for the first time. Oettle highlighted the chatbot’s ability to generate easy-to-understand responses to complex queries while ensuring the security of customer data.

Global Trend: The Rise of GenAI in Retail

As per a forecast from International Data Corporation (IDC), global enterprises are expected to invest $143 billion in GenAI solutions by 2027, witnessing significant growth from nearly $16 billion in 2023. Ananda Chakravarty, Research VP at IDC, acknowledged the impact of GenAI in the retail sector and emphasized the key role of data in successful GenAI tools.

Revionics’ Commitment to Transformation

Scott Zucker, General Manager at Revionics, underlined the company’s commitment to technologies with a transformative impact on their customers’ businesses. The investment in GenAI aligns with Revionics’ dedication to continuously elevate their science, providing retailers with solutions that maximize value, improve transparency, and enhance the user experience.

Revionics showcased its GenAI capabilities at NRF, offering a glimpse into the transformative potential of GenAI in the retail pricing landscape. The GenAI chatbot is expected to be released shortly after NRF, marking a significant step in Revionics’ journey towards redefining retail pricing strategies.