In recent years, the retail industry players have become more price-sensitive and try to offer products at convenient prices to the customers. In the highly fragmented market, organizations in the retail industry are focusing on pricing and trade promotions to proactively boost sales. Also, leading organizations are implementing pricing analysis solutions to estimate the impact of pricing on sales volume. To build strong pricing capabilities and devise a robust pricing strategy, companies are advocating the need for a robust price analysis solution. Effectively devising price analysis helps leading clients in the retail space to keep track of the prices to develop relevant pricing models.
To accurately forecast the demand for products, leading businesses in the retail industry are approaching organizations such as Quantzig. With years of expertise in offering a plethora of solutions, Quantzig’s price analysis solution helps organizations devise a robust price optimization model to control inventory costs and further improve customer satisfaction. Also, the solution helps business organizations leverage the use of adequate tools and tactics to refine their existing pricing strategy.
Get in touch with our experts to learn how pricing analytics helps retailers to analyze the market situation and correct their pricing strategies in real-time.
The Business Challenge
A renowned client in the retail industry with a considerable number of stores spread across the globe was facing a predicament in understanding the impact of price differentials on market share and devising an effective pricing strategy. The client further wanted to optimize the pricing of products and services based on the revenues and profitability. Furthermore, the client wanted to understand the competitors and position products efficiently.
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Price Analysis Solution Benefits
After gaining complete information into the retail industry, the client was able to rationalize assortments by shifting toward a more customer-centric environment. Furthermore, the client was able to understand the customer’s demand by channel and identify opportunities to improve performance in the retail industry. Also, the client was able to leverage the use of automated processes to predict sales and optimize inventory. Implementing a robust price analysis solution also helped the client gain actionable insights into the historical data and meet the supply chain constraints and distribution costs.
Price Analysis Solution Predictive Insights
- Understand the customers and improve their overall customer experience
- Evaluate price-change triggers based on customer behavior to maximize revenue and profitability
- Effectively predict bid prices based on historical data
- Position products effectively to enhance competition
- Optimize pricing strategies and understand competitor pricing to meet the financial goals