Using AI to offer Retail Price suggestions

Using AI to offer Retail Price suggestions

Retailer has the ability to integrate with ChatGPT and Google Gemini, artificial intelligence engines that can produce data based on learning from the internet and previous chats with humans. ChatGPT is produced by OpenAI, a for-profit company based in California, while Gemini is produced by Google. New to Retailer 3.4, one of the uses of these AI engines is to produce pricing suggestions for stock items, based on online prices found on the internet.

Once set up. generating suggestions is done by the simple click of a button. The AI will suggest 3 prices - a standard price that the item most often sells for, a slightly higher 'Premium' price point, and a slightly lower 'Promo' price point. It will show what your markup and $GP are at these price points. You can change the Retail price of the item just by clicking one of the suggestions.

InfoTo get started, you will first need to sign up with either OpenAI or Google. See HERE for more details
Alert
Tower Systems is not responsible for the accuracy of the prices suggested by these AI engines.

Settings

Before getting started, you will need to select an AI model to use.  There are a couple other options you can change to alter the prices that the AI engine generates.
These settings are found in Setup ->AI, then the Price Suggestions tab.
  1. Model: Changes which AI model/engine is used to generate prices. If you are not happy with the prices, try changing this option. The options that appear here will change as older models are discontinued and newer models are added. For OpenAI, we recommend gpt-4o. For Gemini, 2.0-flash is a good option.
  2. Prompt: This is the request that is sent to the AI. You can alter this if you wish - round prices to the nearest dollar, for example. The basic structure of Standard/Promo/Premium should not be altered.
  3. Use Structured Response: This needs to be enabled for the feature to work correctly. If it is not enabled, it may be a sign that the model you have selected does not support structured responses. Choose a different model and make sure to tick this option.

Using AI to generate Price Suggestions

Once you have set up the integration with one of the available AI engines (see the link above), generating retail price suggestions for an item is easy.
  1. Open the Stock Screen and search for the desired item.
  2. Click the AI Pricing button, which should be visible on the right-hand side of the stock screen in the Details tab.
  3. Click one of the 3 suggestions to set the Retail price of the item. If none of the suggestions seem reasonable, you can click Cancel to keep the current pricing.
Depending on your settings, after changing the Retail price, you may be prompted to update the Web, Trade or Cost price of the item - you can elect to do so if needed.

Settings

There are a few options you can change to tweak the prices that the AI engine generates. These settings are found in Setup ->AI, then the Price Suggestions tab.
  1. Model: Changes which AI model/engine is used to generate prices. If you are not happy with the prices, try changing this option. The options that appear here will change as older models are discontinued and newer models are added. For OpenAI, we recommend gpt-4o. For Gemini, 2.0-flash is a good option.
  2. Prompt: This is the request that is sent to the AI. You can alter this if you wish - round prices to the nearest dollar, for example. The basic structure of Standard/Promo/Premium should not be altered.
  3. Use Structured Response: This needs to be enabled for the feature to work correctly. If it is not enabled, it may be a sign that the model you have selected does not support structured responses. Choose a different model and make sure to tick this option.

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