The customers of today are more informed and are shifting toward a cost-oriented environment to stay on par with the economic slowdown. Also, with innovations taking place in the food retail sector, consumers are looking more for agility and convenience in their shopping experience. To understand the pricing patterns of food products and effectively meet the rising demands of the customers, businesses in the food retail space are advocating the need for price analysis solutions. In the retail industry, price analysis allows businesses to understand the current market conditions pertaining to the pricing patterns of food products. Moreover, price analysis also helps businesses optimize the pricing of products based on profitability. Also, with the help of price analysis, customers can accurately forecast the price-change triggers to maximize profitability.
To understand the pricing model and meet expected returns on investments, leading businesses in the food retail space are approaching companies like Quantzig. Quantzig’s price analysis solution helps businesses assess the market performance and position their products accurately. Our price analysis solution also assists companies to understand customers’ buying decisions and devise effective strategies to meet the pricing needs.
Connect with us to find out how we can help you track your competitors and compare prices faster than ever before with advanced pricing analytics solutions.
The Business Challenge
A renowned food retail client with a considerable number of retail units spread across the globe was facing certain predicaments profiling the competitors and understanding their pricing patterns. The client wanted to seek ways to predict the fluctuation in the prices and forecast the future growth prospects. Moreover, with the help of price analysis solution, the food retail client wanted to establish a value-based pricing structure to improve competitive pricing and the impact on the bottom line.
The primary objective of the engagement was to maximize the revenue across various brands and channels. Through the engagement, the client wanted to craft a dashboard to view the factors that drive results.
We can help you analyze pricing decisions from the perspective of your buyers to make the best decision on pricing. Request a FREE proposal to get started.
Benefits of the Price Analysis Solution for Food Retail
With the help of the pricing analytics solution offered by Quantzig, the client was able to understand the impact of pricing models on the customers. Also, the engagement assisted the client in devising a one-size-fits-all approach to achieve higher returns from the marketing investment. The price analysis engagement also helped the client identify the average pricing and understand the impact of price changes on the profit margins. The price analysis solution further helped the client compare the price of each individual product with the current market price.
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Price Analysis Solution Predictive Insights
- Understand the impact of price variations and its impact on the customers
- Gain better visibility into the market pricing in terms of the profitability, product portfolios, and customers
- Determine product pricing to maximize the revenue
- Understand the price elasticity of demand and segment the market based on profit margins
- Effectively monitor the market and anticipate the impact of price change on promotional campaigns