The Very Group is implementing an AI-based solution for price optimisation. The UK-based online retailer has signed a three-year contract with software provider UiPath for this purpose. From the move, the pure-play retailer expects to increase agility in pricing and improve margins.
UiPath’s software utilises agent-based AI, which is designed to enable the online retailer to make faster and more transparent pricing decisions for its retail brands, Very and Littlewoods. The initiative is intended to mark a significant milestone in the company’s journey to build and expand its capabilities in agent-based AI.
Sam Wright, Chief Customer and Commercial Officer at The Very Group, sees pricing for its range of more than 200,000 products as one of the most effective levers. He explains that the combination of the group’s expertise and UiPath’s data should help the company stay one step ahead of shifting consumer demands and trends, enabling it to make more informed decisions regarding pricing and merchandising.
People should retain control
The solution is designed to automate rule-based tasks such as data entry or reconciling reports across different systems. Utilising machine learning, the software analyses the data and creates forecasts. On this basis, AI agents determine prices or plan promotional campaigns, for example. Furthermore, the system provides solutions to simulate and optimise campaigns as well as for scenario planning.
The software makes decisions within defined guidelines. People are to retain control and approve proposed measures, as well as handle exceptions, whilst the agents carry out routine tasks. This is set to give staff more time for more technically demanding and analytical tasks.
Business process automation and orchestration
Software provider UiPath positions itself as a specialist in solutions for business orchestration and automation wherever AI agents or robotics can act. The company serves a wide range of industry sectors. In retail, it lists Debenhams and Asos, amongst others, as its clients. UiPath was founded in 2005 in Bucharest, Romania, with a focus on Robotic Process Automation (RPA) software. In 2017, it relocated its headquarters to New York, USA, and went public in 2021.
