Paper: Pricing - Time for Science to Replace Gut Instinct | RIS News
When deployed correctly, pricing optimization solutions are powerful tools that deliver a clear business edge to retailers. Not only are they capable of setting prices for promotional products that consistently hit sell-through goals, but they can also help the entire product catalog sell at full price. But the catch is these sophisticated solutions can only work as well as the pricing team using it.
In fact, when pricing teams and the strategies they deploy are stuck in the old ways (i.e. relying on the gut instinct of buyers) they can negate the positive effects that are possible when using advanced pricing optimization tools that rely on real-time data streams and algorithms to maximize sales and profits.
Leading retailers who use pricing optimization tools correctly report achieving a 1-2% increase in overall sales and selling more than 90% of products at full price. How many retailers fall into this optimized category? We wanted to know, so we examined this topic recently in a custom research report. Below are a few highlights of what we found. To read the full report with a complete set of charts and analysis click here.
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Pricing: Time for Science to Replace Gut Instinct | Retail Insight Blog | RIS News: Business/Technology Insights for Retail, Supermarket Executives.
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