Nielsen Retail Pricing Analytics will use artificial intelligence to help retailers enact, adjust and track pricing and promotion strategies.

The application integrates Nielsen’s price intelligence data with machine learning algorithms to help retailers create, manage, and improve pricing and promotion strategies, and is available through an interactive cloud-based platform.

Updated reports can be provided every 43 seconds, Nielsen said.

Morgan Seybert, managing director of US analytics at Nielsen, said: “Price and promotion are the largest drivers of store choice among consumers, according to Nielsen’s store choice drivers survey, yet retailers continue to make price and promotion changes based on incomplete data from costly, slow and incomplete audits of competitive strategies.

“We are using the power of the Nielsen Connect platform to provide retailers with the essential intelligence and analytics to identify, predict and activate on key business decisions, and help them scale their decision-making with their suppliers.”