Retail

In the retail industry most pricing decisions are usually based on a trade-off between margin and price perception. In order to avoid so called “race to the bottom”— trying to constantly beat the competitors' prices — retailers should learn how to make smart pricing investments.

Retail executives often rely on the commercial intuition of the pricing managers or outdated spreadsheets. However, in today’s data-rich business environment, retailers should go far beyond these basic techniques. It is essential to reap the benefits of advanced analytics in order to improve price perception. If done correctly, the implementation of analytics can have significant impact: a margin boost with steady or even increasing sales volume.

Market Facts

20%

of your customers will contribute to 60–80% of your sales.

65%

of customers on average are one-time buyers.

30%

of the companies fail to deliver the best price.

#1

priority for today’s  retailers is building customer lifetime value.

Pricing Challenges & Solutions

Here are the core challenges that retail businesses can face when it comes to the price optimisation:

Data collection

Since there is a lot of different consumer data available, it is often challenging for the retailers to find reliable and accurate data points.

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Price Positioning

Since the Internet gives equal opportunity to everybody, the retail segment as a result became extremely competitive, with possibly hundreds of other businesses offering the same products or services to the same target audience. Retailers should decide what is their price positioning based on the added value.

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A lot of manual work

Managing prices based on spreadsheets, manual, repetitive tasks or guesswork is often ineffective and very time-consuming.

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Benefits of using SYMSON

SYMSON offers businesses many opportunities that
can help to unlock growth in the retail industry:

Achieve a well-defined, clear pricing strategy with competitive pricing, which will help increase your market share.
Get Insights into customer behaviour , which will help you boost customer loyalty.
Increase the level of price automation and reduce human errors.
Price KVC and KVIs more competitively while setting higher prices for additional items to increase margin.
Be aware of the competitors and track changes and make adjustments if needed.
Find the right balance between price optimisation and
human interaction with Hyperlearning™.

In what kind of scenarios is SYMSON used for in Retail?

  • Increase revenue
  • Improve price positioning
  • Deal with inflation more effectively
  • Get customer insights
  • Implement AI & optimise pricing
  • Forecast demand better
  • Automate manual pricing process
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What our clients in
Retail say:

Robbert van Dijk
Vink

"SYMSON helps Vink to apply a better pricing
structure based on customer behaviour"

Read more about a Retail case

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