The client: Healthcare retail company
Area of engagement: Price Point Optimization
A very few things in the global healthcare sector can be as potentially disruptive as retail healthcare or retail clinics. Their very existence could either complement or threaten a few segments of the healthcare system including hospitals, government healthcare facilities, and pharmaceutical equipment manufacturers. As a result, several leading healthcare sector companies have recognized this trend and started expanding critical care offerings while increasingly partnering with national pharmacies and retailers to establish robust walk-in retail healthcare outlets.
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However, several factors are influencing the growth of the retail healthcare sector across the globe. These factors include:
- Technological impact: The recent rapid technological advancements have made it easier for companies in the retail healthcare sector to handle large-scale businesses while catering to the needs of consumers. Additionally, the use of online marketing platforms is driving the retail healthcare industry towards a future with high growth prospects.
- Value for money: Typically, a well-organized retail healthcare store deals with high volumes, offering a range of drugs and medical services at a reasonable price; thereby, attracting customers on a large scale. This also creates an excellent opportunity for retailers to achieve more profits and enable new sub-groups to enter the sector.
These factors are compelling retail healthcare firms to leverage the use of price optimization strategies. Price optimization solutions help firms calculate the demand for products and services at different intervals and scales. Price optimization solutions also help firms combine data across different data sets with information and inventory levels to achieve robust pricing strategies and enhance current profit margins. Price optimization also assists retail healthcare businesses in forecasting the demand and improving customer satisfaction levels.
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The Business Challenge
The client, a retail healthcare major with business operations spread across the globe, wanted to understand the impact of price differentiation across customer segments and devise robust pricing strategies to enhance customer satisfaction. With the help of price optimization strategies, the client also wanted to collect historical data including the company’s pricing, competitor’s prices and promotions, and economic conditions to frame better initial pricing, discount pricing, and promotional pricing strategies.
The Solution and the Business Impact
With the help of Quantzig’s price optimization solution, the client gained real-time actionable insights into the customer’s buying patterns. This helped them devise strategic ways to retain their most profitable customers. Additionally, the client was able to set temporary prices for products and services to spur sales for items with longer life cycles. The price optimization solution further helped the retail healthcare client define profitability levels and comprehend the sensitivity levels of the existing customers.
To know more about how our price optimization solution helped the client in the retail healthcare space, request more information from our analytics experts.
Price Optimization Solution Predictive Insights
The retail healthcare client identified customer segments with a higher probability of cancellation with the help of Quantzig’s price optimization solution. Furthermore, the client efficiently forecasted future renewal rates for their clients as they gained a detailed analysis of the market in which the company operates.