Mumbai, India, April 22, 2015: Ugam, a global player in managed analytics, has announced that it was included in Gartner’s Prioritize 10 Best Practices for Successful Price Optimization Implementations report by Retail Industry Services Research Director Robert Hetu in March 2015. The report provides guidance for retailers deploying pricing technology.
“Technologically empowered consumers have propelled retail pricing from a fairly simple calculation to a highly sophisticated, scientifically and algorithmically driven business strategy,” wrote Hetu. “In response, retailers are attempting to adopt price optimization technologies that use predictive analytics to calculate optimal regular, promotional or markdown prices to replace basic calculations traditionally performed by merchandising via Excel.”
The report offers best practices for organization, data and system preparation before starting an implementation of price optimization. To compile its list, Gartner surveyed 63 top-tier multichannel retailers and contacted 14 technology vendors, including Ugam, to ask their opinions. Ugam was also included in Hetu’s November, 2014 report, Market Guide for Unified Price, Promotion and Markdown Optimization Applications.
“We believe this report accurately emphasizes that price optimization should be central to any good retail strategy, and also that there is an important human element to effectively deploying the technology,” said Ugam CEO, Sunil Mirani. “That’s why Ugam strives not only to deliver the most powerful real-time, on-demand pricing technology, but also to support that with a level of expertise and service that ensures ongoing success.”