By Dave Leonard, President and CEO, Advanced Pricing Logic
According to a 2015 study from RSR Research, 60% of retailers consider price optimization “very valuable” but only 34% of retailers have deployed a solution and are satisfied with the results. It’s taken more than 15 years for the industry to come around to this thinking, and as more retailers choose to deploy a pricing solution, they must keep in mind that pricing is a process and one that can be critical to organization’s success or failure.
Large numbers of products to price, coupled with multiple distribution channels requiring different price points, make the task ever more difficult. Margins and changing economics are also a constant concern, along with product movement and trends. Stock levels, lifecycle and supply chain performance all figure into extracting the right price for every product. Tracking and controlling multiple price lists adds to the complexity.
Understanding the price optimization process and its goals is the first step to simplifying and streamlining the process and unlocking the pricing puzzle.
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