Vania Rivero

Out-of-date pricing is a serious economic problem for physical stores. It takes almost three minutes to change a single paper label on its display and a supermarket changes about 600 prices every day, according to calculations by Price Lab, founded by young Peruvian Vania Rivero. With a degree in Business Administration from the University of Lima, this Peruvian woman learned first-hand about this situation during her career of several years as a product manager. It's not just about the cost of paper and the impact of price changes. There is a risk of missed opportunities by updating promotions late or placing prices incorrectly.

To optimize the pricing system in the retail sector, Rivero has created Price Lab, electronic tags that update prices in real time and reduce employee reaction time. Thanks to this development, she has become one of MIT Technology Review's Innovators Under 35 Latin America 2023 in Spanish.

Its digital tags connect to cloud-based software that updates any price displayed in the store in just 15 seconds. It also launches an alert to managers when a product is running low on the shelves. "In 2023, you can't rely on people to print, cut and place papers. Technology can solve these inconveniences and reduce the environmental impact of all the paper being wasted. Food waste is also reduced by making the process of publishing offers more efficient," explains the founder of Price Lab.

For Rivero, eliminating physical labels means an improvement for the customer by getting the right price and the best discounts every time. Salespeople benefit from a more efficient use of human resources and workers save time on a thankless task. Their goal is not to eliminate jobs, but to improve employees' quality of life with more efficient processes.

Already present in chain stores and supermarkets in Chile, Peru, Bolivia and Mexico, Price Lab has launched a new dynamic pricing system based on artificial intelligence. This enhancement to its software allows its customers to make better pricing decisions and achieve better profit margins. The goal is to expand its presence in Latin America to banish paper labels from displays.