A Chat with Yossi Cohen, CTO and Co-Founder at AI-Pricing Software: Quicklizard

Quicklizard is an Israeli technology company that provides AI-powered dynamic pricing technology for e-commerce, brick and mortar and omnichannel retailers.

The platform gives retailers the power to implement data-driven dynamic pricing models quickly and efficiently. Quicklizard uses machine learning to analyze multiple factors and optimize pricing for its customers, enabling retailers to compete with some of the largest players in the global omnichannel retail industry. Founded in 2010, Quicklizard is now active in most retail subsegments in over twenty countries.

The platform’s flexibility to fit any subsegment and its ease of implementation and use are the cornerstones of the company’s success among retailers who are on their digital transformation journey.
 
 

 

How did you come up with the idea for the company?

Quickizard was incorporated in 2010 and in the years 2010 – 2017 was focused on developing an online price comparison tool for retailers. In 2017 the company pivoted and has been developing its dynamic pricing platform which officially launched in 2018.

In a very competitive landscape, retailers have to use pricing strategies to attract customers. Where traditional pricing strategies adjust products’ prices according to retailers’ current situations ( cost-plus pricing strategy, value-based pricing strategy, and Inventory-sensitive pricing strategy), dynamic pricing and optimisation allow retailers to build more complex pricing strategies that truly align and serve their business goals

About 10 or 12 years ago a friend of mine was responsible for data roaming in a large cellular company. Prices were published on the company website and included the price for incoming calls and outgoing calls based on the destination and other parameters. The company employed a full-time person with the sole job of checking other vendor’s prices and setting the price accordingly.

When he told me about it, it was clear to me that there has to be a better way. This is how Quicklizard started – as a competitive data provider. Using automation to scan competitors’ websites to bring retailers competitive pricing data to support and drive pricing decisions.

Today, Quicklizard enables retailers to automate their pricing strategies and move from manual pricing to a smart, fully automated digital pricing infrastructure by offering a  suite of pricing optimisation and enrichment modules that advances pricing excellence at scale.

How has the company evolved over the last couple of years?

Since 2010 and especially since our pivot into dynamic pricing, just a little over 4 years ago, Quicklizard has continuously evolved and introduced more automation and enhancements that can address more complex pricing paradigms.

By doing this, we are allowing retailers to manage their entire catalogue including interproduct relationships, multiple markets, channels and costs. Wrapping all this in an accessible, simplified, automated SaaS platform.

What can we hope to see from Quicklizard in the future?

We are a pricing company. We will continue to develop our platform and algorithms to adapt and lead the changing landscape of retail (an example is the rise of D2C over the last couple of years where manufacturers are now establishing a B2C arm to their business, creating a new type of retailer).

Changes in the market, global economy, regulation, consumer behaviour and even temporary occurrences such as war and COVID-19 have a profound effect on the business. Having a tool that addresses some of that uncertainty through pricing is essential and is being adopted by retailers worldwide as the understanding that there are no “constants” in the equation anymore,  continuously asking  – what is the “right” equation to use? And, is there only one?