- Focalpay launches AI features in its commerce platform, enabling new levels of efficiency for retailers and e-commerce businesses.
- Focalpay’s AI engine allows retailers to interpret complex data and get easily understandable information using natural human language.
- The engine makes information, that has previously been very hard to obtain, readily available to users regardless of previous training or computer skills.
- Saving huge amounts of time while increasing accuracy, the AI features help merchants manage pricing and campaigns more efficiently than ever using command prompts.
- This allows both headquarter and in-store staff to get AI-powered capabilities at their fingertips, and makes innovation part of the daily task management.
Wednesday, 22 November 2023, Stockholm, Sweden – Commerce software provider Focalpay today launches its new AI engine, a software that enables brick and mortar retailers and e-commerce businesses to shift to new technology when managing pricing and campaigns.
Focalpay launches its own AI engine, a feature that is integrated in the backoffice, as part of its mission to help retailers to innovate and win market shares in today’s ever-changing retail landscape, where customer behaviors and market demands can shift overnight or even hour to hour.
The AI engine has been developed to enable dynamic and proactive price and campaign management. It helps retailers of all sizes to significantly increase revenue and efficiency, while reducing costs. Furthermore, the engine makes innovation readily available to retailers without any upfront investment, enabling a wider market access to AI software, out-of-the-box.
The innovative merger of a rich user interface (UI) and natural language command prompts creates a new dimension of user experience, and new navigation paths. In cases where the traditional navigation methodologies would be cumbersome, for example when changing prices for thousands of items, the command prompts can be used to perform desired actions in a very efficient and accurate way.
By using Natural Language Processing (NLP), a technology that enables computers to understand human language, the AI engine can offer the retailer completely new ways of processing information. This technology allows users to find and manage products without being limited to functions or predefined datasets provided by the UI (predefined columns or pre-populated data parameters). This capability creates a UI which provides complex functionalities while simultaneously being user friendly. The engine makes information readily available in a completely new way, to all users regardless of computer skills level, instead of forcing users to learn complex systems in order to access the information.
Focalpay’s AI engine is embedded in the backoffice of the company’s commerce platform, which merges payment, checkout and backoffice functionality in one harmonized architecture. With the platform, retailers can cut costs, level up efficiency, reduce carbon footprint and increase operational security.
– I’m absolutely thrilled to announce the launch of the first version of our AI engine. We started Focalpay with the mission to take retail and payments into a new era, and enable businesses in the retail industry to shift from analog to digital. With our AI, that’s exactly what we’re doing. Focalpay’s AI engine is a powerful tool that can help retailers of all sizes to improve their pricing and profitability, says Morteza Kalhour, CTO and Co-founder at Focalpay.
– With this first version of Focalpay’s AI engine, retailers can manage pricing and campaigns quickly, safely and with ease – and we’re not stopping here. We’re already working on new AI features that enable full automation and optimization of pricing based on every retailer’s unique situation. Once in place, a retailer using this capability will be able to increase their margin without charging the customers more than before. This might sound incredible, but this is exactly what AI can do in the retail arena just as it has done in other industries. We also have high hopes that our AI-powered waste management features will reduce food waste and thereby contribute to a more sustainable retail landscape.
– We at Focalpay continue on our mission to make the latest and most innovative tools available to retailers across the globe, to enable future-compatible retail processes, says Morteza.
