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The New Era of Algorithmic Pricing in Retail
The emerging trend in the retail industry is a shift towards algorithmic pricing by companies like Revianix and demand tech. These companies are leveraging big data and technology to provide retailers with advice and recommendations to keep prices higher for longer. The era of cost-cutting has given way to a focus on revenue, where pricing plays a critical role. The abundance of consumer data collected during COVID-19 has propelled the growth of algorithmic pricing strategies, marking the beginning of a new era in pricing across industries.