Surviving a Tough Year: How AI-Driven Price Recommendations Can Help Fashion Retail Organizations Thrive in 2023
2023 is announced as a difficult year for businesses. Due to inflation and tensions around the world, European countries are likely to flirt with a recession. Consumers will therefore look to cut spending, for instance on clothing and apparel. For fashion retail organizations, it will be of the utmost importance to work more efficiently and effective, without leaving money on the table. With the help of AI-driven price recommendations, merchandising teams are able to set more effective prices that protect margins where possible and drive revenue. Be it the base price of an item, a promo price or an end-of season markdown. Combined in an easy-to-use software application they are able to work more efficiently and find opportunities that enable a fashion retailer to uphold profitability in 2023.