The textile retail chain NKD is forging a new path in pricing. By evaluating large amounts of data and using self-learning algorithms, the company will further optimize its pricing and become even more competitive.
With aiforas Intelligent Price Automation (IPA) software, NKD has found the perfect solution. Through the use of artificial intelligence (AI), IPA determines the optimum price for each product in each sales channel. A self-learning algorithm continuously evaluates all available data – internal as well as external. “aiforas machine learning algorithm learns with every observation and develops ever better predictions,” explains Thomas Jesewski, co-founder and CEO of aifora.
Before making its decision, NKD tested the aifora solution extensively. The result was clear: “With the new Intelligent Price Automation tool from aifora, we will further improve our profitability. Our tests have shown that this not only optimises our internal work processes, but also significantly reduces our surpluses at the end of the season – while at the same time improving sales and margins,” explains Abraham Tadesse, Director of Merchandise Planning & Controlling at NKD.