The savvy retail consumer is not afraid to price match online before buying in store, hunt for discounts and jump into cashback, rebate and loyalty apps. This savvy approach has shifted the balance of power in pricing and margin to retailers that can quickly optimize prices based on customer demand and competition. Retailers need a scalable solution to identify ideal price points that deliver sustainable same-store sales. This is where retail price optimization software can help. Go here https://www.retailexpress.com

A good retail price optimization tool will combine data from the CRM, selling platforms and inventory management systems, and provide a unified view of pricing and profitability across all channels. The solution should also allow for a configuration of profitability targets by product, customer segment, channel, region and promo campaign. It should be able to monitor real-time profitability against the preset targets and provide alerts on model performance deviation.

It should be possible to test ‘what-if’ scenarios and learn from the results. Whether that is back-testing to understand the impact of different strategies on consumer response or partial testing for a subset of products, this is an important feature.

The Future of Pricing: Exploring the Impact of Retail Price Optimization Softwar

All good pricing optimization software will offer some level of support and training to its users. Ensure the solution you choose offers this before making any purchase. Getting expert advice from the right person at the right time can make all the difference. Interested in learning more about how a pricing analytics solution can help your business? ScienceSoft is ready to design and implement a retail price optimization solution to meet your needs. Schedule a consultation call today to discuss your requirements.