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79% of shoppers indicated that price
was the most important purchase factor.
In response to this trend, retailers need
to manage pricing policy, responding
quickly to changes in the local market.
The traditional method of pricing, using paper-based
reporting does not produce fast and accurate results does
not take into account numerous factors and takes
a significant amount of labor.
If your price is lower than that of your
competitors, you are losing potential profit.
The system determines the best positions
and suggests the optimal price increase.
If, as a result of the analysis,
your price is higher than the price for the
similar item in your competitor’s store, you may
lose a customer. To support customer interest, it
is necessary to maintain an acceptable level of prices.
The system will not only indicate the problem item,
but will also provide a solution to the problem.
Pricing automation starts with data analysis.
In addition to internal sales information, there is
a need for data on competitors, which can be obtained
through mobile monitoring or from pre-installed databases
from external suppliers (CRF).
Using the data obtained, the system calculates
the demand elasticity curve: it determines what level
of demand, profit and revenue will be obtained with
different pricing options.
To determine the acceptable price for
the product, managers create a pricing scenario
for each SKU or product category, establish a pricing
strategy: maximum revenue, maximum profit or maximum
demand. The created script templates are saved and
available for selection when needed.
Based on the input data and the specified pricing
strategy, the system determines the best price
for the product. It takes into account the restrictions
set by managers on price changes and marketing
characteristics of numerical values.
Pricing recommendations are uploaded into control
panel. Company managers can respond to recommendations,
apply or decline them, sending new prices to ERP
system in one click.
For each SKU there is detailed sales analytics
available, which allows to monitor key indices
and timely change pricing strategy to increase
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how to use all the advantages of the platform