Israeli price optimization platform AI Quicklizard (TASE: QLRD) has signed a strategic agreement with Ikan, which operates in South Asia and is part of the global IKEA Group. The initial contract with customers is expected to cover Singapore, Malaysia, Thailand and the Philippines, and is expected to expand to additional countries in the future.
The contract provides the software company for price optimization AI for retail and direct consumer brands with a significant ticket to enter new markets. The Quicklizard AI price optimization platform will enable IKEA to understand its change in marketing approach and evolve to fully digital pricing.
Quicklizard CEO Pini Mandel said: “We are delighted to be able to report a significant milestone in Quicklizard’s global expansion. With IKEA as our customer, we are strategically entering South Asia. This is happening after success in Europe and increased investment in growth in the US -u. “
He added, “It’s no coincidence that the global retailer and design giant chose us as IKEA. Our technology and our people are smart, agile and of course – fast. It’s finally in our name. Quicklizard is complex on the inside but simple on the outside. We deal on the inside complex multi-channel pricing rules, product portfolios and business strategies. From the outside, our customers always get the optimal price for each product, on each channel. “
“Quicklizard is active in most retail sub-segments in over 20 countries. We help multi-channel retailers automate and optimize their pricing and promotions across all channels. The way our AI pricing optimization platform works first connects and sends all data affecting price to pricing mechanism, which calculates and recommends the optimal price per item per channel.Accepted recommendations are then automatically allocated to the right channels and updated in ERP records, creating a closed pricing cycle.Our open platform supports almost all industry specifics to imagine. “
Posted by Globes, business news in Israel – en.globes.co.il – June 3, 2021
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