Gone are the days of loyalty and preference for a particular brand. In the world of seamless connectivity, customers are looking for convenience, promotions, and price flows at every point of shopping. With a variety of products manifested in the form of choices, customers expectation has gone beyond the boundaries and are forcing retailers to bring additional focus on channel expansion. Moreover, fierce competition, evolving consumer preferences, and evolving retail landscape are necessitating the demand for the robust expansion of the retail landscape. To combat the aforementioned challenges, retailers are adopting pricing analytics to bolster the value and impact of product pricing and to improve their pricing strategies.
Quantzig’s pricing analytics solution helps the client cope with the pressures of competition and consumer price sensitivity. In addition, pricing analytics also helps the client increase customer loyalty and improve the pricing performance of the organization.
Owing to the rise in competitive pressures and the growing need to enhance price transparency, pricing analytics has become a key focus area for retailers today. Get in touch to understand why it’s crucial.
The Business Challenge
A global retailer was facing challenges retaining the price of its products, owing to the fluctuations in commodity prices, competitors price shifts, and the pressure applied by its retail partners. Furthermore, the client was also facing challenges understanding the pricing architecture across products and channels. The scope of this pricing analytics engagement was to help the client solve its pricing challenges and achieve a competitive advantage over its counterparts.
Our Approach
Quantzig’s team of pricing analytics experts analyzed the information to understand its current pricing capabilities and develop an overarching strategic pricing framework. To gain an in-depth understanding of product pricing, Quantzig’s team also developed a demand model to predict the changes in the price of any products. Also, the industry experts further collated information from various sources to analyze the demand for each brand and identify customers sensitivity to price shifts.[spacer height=”20px”]
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Pricing Analytics Solutions Benefits
- Improved profitability while increasing overall sales
- The pricing framework also improved the overall prize for the value chain
- Develop a demand model to predict the fluctuation in prices
- Improved demand forecasting, inventory management, logistics, and tighter process controls
Pricing Analytics Solutions Predictive Insights
- Measure internal and external influences on risk and revenue, price elasticity, and provide optimized results
- Optimize pricing at the national, region, or zone level
- Forecast and compare the impact on sales, margin, and profit
- Build customer loyalty, optimize category assortments, segment pricing strategies
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