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- Buckle up for Luca - the AI-powered pricing co-pilot for retailers
Buckle up for Luca - the AI-powered pricing co-pilot for retailers
Luca leverages AI to identify revenue and profit opportunities for retailers
TheNeedleAI Team
May 02, 2023
WHO Luca targets retailers looking to improve pricing decisions, specifically pricing teams and category managers.
WHAT Luca generates pricing recommendations by analyzing sales, inventory, and competitor data to forecast outcomes at different price points. It then makes recommendations for price adjustments and monitors price changes for any abnormalities.
WHY Retail pricing is complex, and poor pricing decisions can result in inefficient use of resources and lost revenue. Luca aims to provide retailers with a tool that complements human decision-making, reduces time spent on forecasting, and increases profits.
FUNDING Luca has raised $2.5 million in seed funding, led by Menlo Ventures, Y Combinator, Soma Capital, Uber's angel syndicate, and strategic angels.
AVAILABILITY Luca is currently available as a platform for eight mid-size brands, and is in pilot design with two Fortune 500 retailers.
CUSTOMER TRACTION Luca has already helped one of its current customers achieve a 20% increase in profits within 60 days.
KEY TAKEAWAY Luca offers a solution for retailers struggling to make informed pricing decisions, by leveraging AI to provide insights and recommendations that can lead to increased revenue and profits.
The best investment opportunities we’re pursuing right now link data science and machine-learning to workflow compression inside the enterprise. The really exciting ones have a direct tie to improving enterprise gross margins. Luca is doing all of these.