Highlights of the Retail Pricing Analytics Case Study
|Client||A leading online electronic retailer|
|Challenge||To identify the potential market segments, enhance their offerings, and devise effective pricing strategies|
|Solution Impact||Better understood customer sentiments, created winning pricing strategy, improved retention and engagement|
Retail Pricing Analytics – An Overview
Over the years, pricing has become a major concern for organizations, especially in the retail landscape. With the relentless growth of technology, the customers of today are more informed and are relying on online retailing to ease their experience. To go on par with customer altering preferences and to meet the right target customers, leading organizations in the retailing landscape are leveraging pricing analytics solutions.
Pricing analytics solutions help businesses assess customers’ behavior, preferences, and information and accordingly set pricing standards for the customers. Moreover, pricing analytics helps executives to identify both internal and external factors affecting profitability at the granular level. In the retailing landscape, pricing analytics solutions improve profitability and market shares by defining optimal prices and pricing strategies. Organizations can estimate the impact of pricing on sales volume and understand the impact of price differentials on the market share.
Quantzig’s pricing analytics solution assists the client to effectively estimate price-change triggers based on customer behavior, in turn, maximizing revenue and profitability. Also, the client can predict the bid prices based on historical data and position products against the competitors. The price analytics solution also helps the client assess the pricing patterns based on geography; thereby, maximizing returns on investments.
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The Business Challenge
Like all other retailers in the electronic industry, a leading online electronic retailer was experiencing a decline in their market shares. To increase shares and customer base, the client wanted to optimize the prevailing pricing strategy and understand competitors’ strategies to effectively retain their respective position in the market.
The primary objective of the client was to understand the pricing strategy of the competitors on their varied product segments and devise an effective pricing analytics solution to better position their products across the niche market segments. The client wanted to identify the potential market segments, enhance their offerings, and devise effective pricing strategies.
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To optimize pricing strategies and tap potential market segments, the client approached Quantzig’s team of pricing analytics experts. Quantzig’s team of pricing analytics experts carried out extensive research comprising of interviews and discussions with leading stakeholders in the online electronic retailer landscape. The team of experts further created a dashboard compiling information from various proprietary and secondary sources.
Pricing Analytics Solution Benefits
- Better understood the customers and design more targeted and profitable pricing strategies
- Understood the pricing and customer’s sensitivity to the changing set of prices
- Retained customers by increasing profit margins
- Identified customer segments with a high probability of cancellation and prepare an effective action plan to retain these clients
- Improved retention levels by maintaining the same level of profitability
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Pricing Analytics Solution Predictive Insights
- Identify the customers and pricing opportunities in the online electronics retail market
- Closely monitor the market and anticipate the impact of price change
- Leverage the use of predictive models to predict the fluctuations in the prices
- Devise a robust price optimization model comprising cost models and competitive management analysis
- Offer relevant additional products, services, or content offerings on the personal data
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