Pricing

The all-important holiday season is always a time of intense focus for retailers, but this year it should command more strategic attention than ever. With the added chaos created by the pandemic, all kinds of unprecedented uncertainties loom over the 2020 holidays. Now is the time for retailers to take a fresh and strategic look…

As the calendar turns toward September, shorts, shirts and swimsuits must make way for sweaters and slacks in retail stockrooms. But with consumers everywhere staying home, some retailers’ inventories may be bursting at the seams with backlogged products. Whether they’ve slowed their buying to keep balance sheets in check or are simply reaching the end…

It’s often said that perception is reality. How a brand or product is perceived by a consumer is more real to them than a retailer may realize, and that can be hard to overcome. According to a Price Optimization RSR Benchmark Study conducted in March 2020, 34 percent of "retail winners" indicate that a top…

Studies show that COVID-19 has changed buying habits permanently. Shoppers are more likely to purchase from local brands, prefer contactless payments, and choose online shopping over going to a physical store for a wider range of categories than before. As proof, global retail website traffic in March amounted to 14.3 billion visits, with Amazon.com being…

In recent years, artificial intelligence (AI) and machine learning (ML) technologies have successfully penetrated many industries, ranging from healthcare to automotive. However, retail is particularly susceptible to adopting various ML applications as data is this industry’s driving force both in the physical and e-commerce realms. For example, an AI-powered recommendation engine has become a must-have…

It’s estimated that 25 percent of the world’s population already shops online, and with more customers participating in e-commerce daily, that number is expected to reach 2.14 billion people by 2021. Therefore, it’s unsurprising that a typical e-commerce platform processes hundreds of thousands of transactions every day. E-commerce platforms also undergo a host of other…

Your retail pricing strategy is more than just a series of numbers. It’s a reflection of your brand image and a direct expression of the value you provide. It establishes a firm backbone for how you conduct business and the goals your organization strives for. On a day-to-day level, the prices you set will empower…

How do customers make purchasing decisions? The answer is multipronged, but one of the more influential factors comes in the form of comparison. Consumers seek out multiple vendors and track products over time. They utilize the myriad price monitoring tools at their disposal to get a macro view of the industry in question. And then…

The COVID-19 crisis has changed everything. From mail-in voting to grocery deliveries, the pandemic is reshaping markets and industry like nothing we’ve seen before. Consumer behavior has also changed across e-commerce platforms due to panic and frenzy caused by the virus. This has understandably led to a change in how sellers adjust prices as well.…

By marrying inventory demand planning and price optimization in a single platform, businesses can balance price and profits based on real-time data. Using factors like minimum advertised price, psychological price points and willingness-to-pay measurement, as well as macroeconomic influences, these tools can help wholesalers and retailers test the financial outcomes of price changes before they even make them.