Israeli AI pricing optimization platform Quicklizard (TASE: QLRD) has signed a strategic agreement with Ikano, which operates in South Asia and is part of the global IKEA Group. The initial customer agreement is expected to cover Singapore, Malaysia, Thailand, and the Philippines, and is expected to expand to additional countries in the future.
The deal provides the AI pricing optimization software company for retailers and direct-to-consumer brands with a significant ticket to enter new markets. The Quicklizard AI Pricing Optimization Platform will allow IKEA to realize its change in marketing approach and evolve to fully digital pricing.
Quicklizard CEO Pini Mandel said, "We are delighted to report a significant milestone in Quicklizard’s global expansion. With IKEA as our customer, we strategically enter South Asia. This is happening after achieving success in Europe and increasing our growth investment in the US."
He added, "It is no coincidence that we have been chosen by a global retailer and design giant as IKEA. Our technology and our people are smart, agile, and of course - quick. It’s in our name, after all. Quicklizard is complex inside but simple outside. On the inside, we deal with complex multi-channel pricing rules, product portfolios, and business strategies. On the outside, our customers get the optimal price for every product, on every channel, all the time."
"Quicklizard is active in most retail sub-segments in over 20 countries. We help multichannel retailers automate and optimize their pricing and promotions across all channels. The way our AI Pricing Optimization platform works is it first connects to and sends all price-impacting data to the pricing engine, which calculates and recommends the optimal price per item per channel. Accepted recommendations are then automatically deployed to the right channels and updated in ERP records, creating a closed-loop pricing cycle. Our open platform supports almost any industry-specific pricing use case imaginable."
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2021
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