NEW YORK — Jan. 14, 2024 — Revionics, an Aptos Company and provider of retail pricing, promotion, markdown and advanced analytics solutions, unveiled today at NRF 2024 the major investments the company is making in generative artificial intelligence (GenAI) capabilities across its product portfolio. The first of those innovations — a GenAI-powered chatbot — will be demoed live at Revionics booth 4639 throughout Retail’s Big Show, Jan. 14-16.
With Revionics’ GenAI chatbot, retailers leveraging Revionics’ intelligent pricing platform can ask the chatbot questions and get responses back in seconds. The chatbot is a retrieval-augmented generation (RAG) system, leveraging Revionics’ vast user guide library to serve as the model’s foundational source of knowledge, resulting in responses that are trustworthy and up to date. The chatbot will be available to Revionics customers in the next software release, targeted for Q1 of 2024.
Additional investment in the GenAI chatbot is planned throughout 2024, with later phases to incorporate advanced data mining and analytics capabilities. Examples of questions the chatbot can address include:
“Retailers are being asked to do more with less — including in the pricing realm,” said Josh Oettle, Vice President of Product Management and Engineering at Revionics. He continued, “We believe that GenAI is a powerful tool to enhance software adoption and drive efficiencies. By augmenting our industry-leading pricing solutions with GenAI, we are helping our customers solve their pricing and promotional challenges even faster, with better results and more visibility into how those results are achieved.
“Our GenAI chatbot has the potential to offer value to all users of our software — from the most technologically savvy pricing professional to someone who is using Revionics’ solutions for the first time. Leveraging enterprise-grade large language models, the chatbot generates responses that are easy to understand — even when it is being asked complex questions — while keeping customers’ data secure. We’re excited to get these GenAI capabilities into the hands of our customers and to see how they interact with our software — and their data — in new and interesting ways.”
According to a forecast from International Data Corporation (IDC),1 enterprises worldwide are expected to invest $143 billion in GenAI solutions in 2027, up from nearly $16 billion in 2023.
“GenAI has taken the market by storm — and this includes the retail industry,” said Ananda Chakravarty, Research VP, Retail Merchandising, Marketing and Analytics at IDC. “Data is the key to successful GenAI tools, and tech vendors that understand this will be well positioned to help retailers tap into the opportunities of GenAI. Using GenAI to enhance adoption of modern and AI-powered price optimization tools presents a compelling use case to be explored.”
According to Scott Zucker, Revionics’ General Manager, the company’s investment in GenAI is part of Revionics’ commitment to technologies that have a transformative impact on their customers’ businesses.
“When Revionics is building out our product roadmaps, we’re doing so through the lens of how we can continuously elevate our science in a way that maximizes the value and results retailers get from our solutions, while improving the transparency and UX of our offering. Interestingly, we believe GenAI has a role to play in each of these areas. We’re excited to showcase our GenAI capabilities at NRF and to release our GenAI chatbot to our customers shortly thereafter,” Zucker concluded.
1 Source: IDC Press Release, IDC Forecasts Spending on GenAI Solutions Will Reach $143 Billion in 2027 with a Five-Year Compound Annual Growth Rate of 73.3%, (Doc #US51294223), October 2023.
About Revionics, an Aptos Company
Revionics LLC, an Aptos Company, provides enterprise retailers around the world with leading science-based solutions for pricing, promotions and markdowns. As a trusted partner for top retailers across a variety of industries and markets, Revionics delivers unparalleled results in ROI, profit lift, process efficiencies and more.
Powered by robust analytics and advanced AI models, Revionics equips retailers with clarity and confidence to make optimal pricing decisions. With science at the center, Revionics’ machine learning capabilities translate consumer, competitor and market data into actionable insights and transparent pricing recommendations for high-impact results.
Revionics is a registered trademark of Revionics, LLC. All other company and product names may be Trademarks, Registered Trademarks or Service Marks of the companies with which they are associated.