A partnership with Ermes and IBM is using artificial intelligence to automate product pricing. The Ermes Group (the largest retailer in Cyprus) is using IBM Watson technology to determine the lowest prices that still maintaining a profit margin. This not only helps retailers and companies, but also engages customers with sales.
Instead of having to calculate the cost of every item and store manually, Ermes can now use Watson to figure out product pricing. This will help move stagnant sales and also when and what to lower in price while still cutting enough of a profit for individual products. IBM suggests prices with a schedule as well, recommending a timeline for when to discount different items.
Automated Product Pricing
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