[Startups] Kiran Gange about Rapid Pricer
Nederlands MediaNetwerk maakt een interviewserie met startups in het kader van onze Startup Competitie. De beste startups krijgen een uitnodiging om te komen spreken op het Cross Media Congres 2019 op 24 april in Amsterdam. We spreken met Kiran Gange van Rapid Pricer.
Please explain, what is RapidPricer?
RapidPricer helps retailers to increase margins and reduce waste by automating pricing and promotions in real time unlike traditional consulting solutions.
Who are the founders of RapidPricer?
Kiran Gange, CEO and Lohith Amrendra, COO.
Why did you start RapidPricer?
The value of any product changes continuously over time, in today’s world of retailing the prices are not changing with value. This causes inefficiencies in the market leading to problems such as food wastage, unwanted inventory, lost margins and even lost jobs due to the traditional retailer's inability to compete with the new online retailers. Having worked as a pricing strategy expert for over thirteen years, I saw an opportunity to use the latest advances in technology such as Artificial Intelligence and Electronic Shelf Labels that could enable the retailers to automate their prices. Thereby doing my little to help the world of retailing become a better place with less wastage and more happy customers.
How and where is RapidPricer located?
RapidPricer is a BV located in Amsterdam. From April, we intend to move to the Science Park in Amsterdam.
How is RapidPricer financed?
RapidPricer has seed funding mainly from Accelerators based in the Netherlands and California. Our total seed funding received till date is about € 400,000.
What makes RapidPricer unique in the industry?
Our company is structured to bring our deep expertise in retail pricing to an innovative technological environment. This allows us to rapidly customize cutting edge technology to the unique needs of each retailer. We bring proven IP which has delivered 4 percent+ Gross Margin Dollars with large clients across North America.
What do customers expect from RapidPricer?
Managing retail pricing is a complex task that has a huge impact on the bottom line for retailers. Retailers want a system that can help them focus their attention on the strategy behind the pricing and leave the standard operational control in the hands of an intelligent tool that will recommend, measure and alert based on real time conditions inside the retail stores. Eventually, retailers want to implement a system that can automatically handle their everyday pricing decisions.
What does RapidPricer need to grow?
RapidPricer is well-funded at the moment and we would like to deploy successful implementations which can be made possible by a strong team working on product development and implementations. We are currently running trials with two very innovative retailers and the results are promising. Our immediate goal is to hire a new team to take seat at our exciting new office at the Science park in Amsterdam. As a next step, we will look to scale our client base through sales and partnerships with collaborating partners across the Netherlands and Europe.
What are the (international) ambitions of RapidPricer?
RapidPricer has a very niche solution for a retailer who has a definite set of characteristics. Our ideal client is a retailer who sells either grocery or electronics, is between € 500M and € 10B in annual revenue and has the right level of technology adoption to be able to utilize our algorithms. The core of our target market is spread across Northern Europe. We will be expanding our client base outside of the Netherlands in 2020.
What are the plans for 2019?
We will be building and enabling an expanded team based here in Amsterdam to quickly evolve the RapidPricer product in line with the requirements as dictated by our initial customers. Our goal is to have large retail clients in the Netherlands who will closely work with us and the research institutions to develop a solution that we can then scale across the rest of Europe in 2020.
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