What the Client Wanted
Optimize operational cost and maximize revenue with the help of pricing analytics.
Identified the crucial price points aspects and maximized sales and profits.
Summary of the Healthcare Retail Industry
A few things can be as potentially disruptive as retail healthcare or retail clinics in the global healthcare industry. By their very existence, retail healthcare could threaten or complement at essential parts of the healthcare structure, including hospitals and pharmaceutical equipment manufacturers. In addition to the expanding critical care offerings, firms in this industry are increasingly partnering with national pharmacies and retailers to establish walk-in healthcare retail outlets.
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The upsurge in consumerism: The factors affecting the growth of organized healthcare retail include consumer demand, convenience, comfort, time, and location. Moreover, healthcare retail firms today face a more knowledgeable and demanding consumer base. The increase in consumer expectations has forced these firms to change the format of healthcare retail trade.
Impact of technology: The introduction of electronic marketing techniques, media, and computerized billing systems have changed the face of healthcare retail firms when it comes to providing robust medical services to customers. As a result, it is pivotal for firms to embrace technological advancements to stay on par with the competition.
About the Client
The client is a renowned healthcare retail player based out of Canada.
The client, a leading player in the healthcare industry was facing predicaments in understanding the pricing structure of their competitors. As a result, they wanted to gain insights into the competitors’ pricing structure and compare their pricing structures to theirs. Additionally, the client wanted to leverage the use of pricing analytics solutions to boost the efficiency of their networks, segment target customers, and drive profitability.
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Summary of our Engagement
With the help of Quantzig’s pricing analytics solution, the healthcare industry client gained real-time insights into the pricing scenario and made proactive decisions. Furthermore, the client effectively-identified price points and maximized sales and profits. The client further evaluated customer behavior and predicted customer churn and better-channelized marketing efforts to enhance their ROI.
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Pricing Analytics Solution Insights
Quantzig’s pricing analytics solutions help firms in the healthcare industry to assess the impact of price differentials on the overall market share. Additionally, companies can estimate the impact of pricing on sales volume. With the help of pricing analytics, healthcare retail players can gain a clear and precise understanding of the customer base and their expectations on pricing.