3 Steps to Intelligent Pricing for Retailers
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3 Steps to Intelligent Pricing for Retailers
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Transcript of 3 Steps to Intelligent Pricing for Retailers
3 Steps to Intelligent Pricing for Retailers
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Retailing today is a world of constant change.
Businesses need to be able to quickly react to competitors and market activity to win price-sensitive customers.
Customers have been self-trained not to pay full price. Why should they when they can easily shop around for the best deal?
So how can online and omni-channel retailers execute pricing strategies that attract and retain loyal customers? IN
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Pricing analysts are overwhelmed managing prices for thousands of products in an attempt to react to competitor and market changes.
of retailers increased the number of price changes sent to stores and other channels over the last three years.
Learning to Live in a Dynamic Promotional World, RSR Research 2015
75%75%But pricing is still one of the most important levers retailers can use to drive profit.
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is the next step in the Cognitive Commerce journey.
It is the ability to optimally adjust prices in real-time based on market demand, social sentiment, competitor prices, inventory availability, time of day, conversion rates, financial goals, and even the weather.
Intelligent pricing
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Intelligent pricingIntelligent pricing
1 Implement automated systems that apply pricing rules in real-time to competitive price information and external market influencers.
React Quicklyto Competitor and Market ChangesStep
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Key demand signals are hidden in a plethora of data. With predictive analytics and optimization capabilities, retailers can dynamically determine optimal prices across thousands of products.
Unleash the Power
of Data for More Intelligent Decisions2Step
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Apply the power of cognitive computing to intuitively determine the best prices and promotions for your customers in context.
Apply Cognitive Commercefor Insight-Driven Pricing3
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Intelligently and automatically optimize pricing.
Dynamically respond to competitors and market data.
Coordinate pricing across channels for maximum customer value.
For more information on Intelligent Pricing strategy, view this webinar.
