Revionics debuts GenAI chatbot for surfacing product and finance insights

Revionics, an Aptos company and provider of retail pricing, promotion, markdown, and advanced analytics solutions, is debuting a new generative AI (GenAI)-powered chatbot that surfaces various insights regarding product and performance data. Accessible via Revionics’ intelligent pricing platform, users converse with the GenAI chatbot in their natural language to uncover crucial details of business operations.

“Retailers are being asked to do more with less, including in the pricing realm,” said Josh Oettle, vice president of product management and engineering at Revionics. “We believe that GenAI is a powerful tool to enhance software adoption and drive efficiencies. By augmenting our industry-leading pricing solutions with GenAI, we are helping our customers solve their pricing and promotional challenges even faster, with better results and more visibility into how those results are achieved.”

Revionics’ GenAI chatbot is a retrieval-augmented generation (RAG) system that rapidly responds to user questions—in as little as mere seconds, according to the vendor. This solution utilizes Revionics’ ussr guide library as the source of its knowledge, answering questions such as:

• How does seasonality impact forecasts?
• Which products have the lowest elasticities in the cheese category?
• Which items should be KVIs in our northeast stores?
• Which promotions would better utilize the vendor funds available for this opportunity?

“Our GenAI chatbot has the potential to offer value to all users of our software—from the most technologically savvy pricing professional to someone who is using Revionics’ solutions for the first time,” continued Oettle. “Leveraging enterprise-grade large language models, the chatbot generates responses that are easy to understand—even when it is being asked complex questions—while keeping customers’ data secure. We’re excited to get these GenAI capabilities into the hands of our customers and to see how they interact with our software—and their data —in new and interesting ways.”

The GenAI chatbot will receive ongoing investment in 2024, with particular emphasis on adding phrases that utilize advanced data mining and analytics capabilities, according to Revionics. The solution will be made available within Revionics’ next software release—which is targeted for Q1 of 2024.

“When Revionics is building out our product roadmaps, we’re doing so through the lens of how we can continuously elevate our science in a way that maximizes the value and results retailers get from our solutions, while improving the transparency and UX of our offering,” said Scott Zucker, general manager at Revionics. “Interestingly, we believe GenAI has a role to play in each of these areas.”

To learn more about Revionics’ intelligent pricing platform and its upcoming GenAI chatbot, please visit https://revionics.com/.