Picture yourself at a farmers market shopping for tomatoes. It’s not something you absolutely need at the moment, and you know your local grocer sells them for much less than the vendor you’re talking to, so you haggle and get a lower price. Alternatively, imagine you stop to purchase apples but you don’t know how…
Mihir Kittur
There’s a growing trend today in big data and merchandising based on big data-driven “nudges,” which are critical for driving and improving merchandise decisions for retailers. These machine-learned nudges alert sellers about opportunities to avoid going out of stock, add a product that’s selling and sharpen their prices to be more competitive. Nudges have also…
Retailers have been changing product prices depending on supply and demand, weather, and many other variables for years. So why is dynamic pricing becoming such a hot topic now? What are the implications for individual brands as retailers raise the bar on their dynamic pricing capabilities? Who's doing a good job, and who's not? Check out this feature to get these answers and more.
