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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Retail executives often rely on the commercial intuition of the pricing managers or outdated spreadsheets.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.
of your customers will contribute to 60–80% of your sales.
of customers on average are one-time buyers.
of the companies fail to deliver the best price.
priority for today’s retailers is building customer lifetime value.
Here are the core challenges that retail businesses can face when it comes to the price optimisation:
Since there is a lot of different consumer data available, it is often challenging for the retailers to find reliable and accurate data points.
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.
Managing prices based on spreadsheets, manual, repetitive tasks or guesswork is often ineffective and very time-consuming.
SYMSON offers businesses many opportunities that
can help to unlock growth in the retail industry: