Pricing Analytics Study Helps a Food and Beverage Company Build a Strategic Pricing Framework
With rapidly changing tastes and preferences of the consumers, the food and beverage companies are focusing on innovations to shift towards a health conscious and customer-centric environment. To sustain themselves in the competitive environment, it is necessary for food and beverage retailers to understand their customers more than their competition. Companies in this market space […]
With rapidly changing tastes and preferences of the consumers, the food and beverage companies are focusing on innovations to shift towards a health conscious and customer-centric environment. To sustain themselves in the competitive environment, it is necessary for food and beverage retailers to understand their customers more than their competition. Companies in this market space are augmenting the adoption of automation, intelligence, and advanced analytics to drive better business performance and competition in the market. The use of pricing analytics also helps the companies identify the target customers and surface customer insights into the products that are aligned with their cultural identity. Consequently, companies in the food and beverage industry also leverage the use of analytics to understand the efficacy of marketing.
Quantzig’s pricing analytics solution helps the client’s 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.
The Business Challenge
A global conglomerate was facing challenges understanding the landscape, consumer preferences, and competitors in the retail space. The client also wanted to overhaul its revenue management and pricing capabilities to enhance its position in the global retail landscape. The client was also facing challenges understanding the retail landscape in terms of fluctuations in commodity prices and competitors price shifts.
To understand the pricing methodology, Quantzig’s team of experts collated information obtained from various sources and created a robust framework to leverage these assets. The team further developed an overarching strategic pricing framework and integrated technology and processes to operationalize the framework across the enterprise.
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Pricing Analytics Solutions Benefits
- Develop a demand mode, which is capable of predicting volume changes
- Analyze the demand for each brand to determine the consumers’ sensitivity
- Deploy an optimization model to determine the pricing actions
- Enable proactive pricing decisions based on the pricing changes
Pricing Analytics Solutions Predictive Insights
- Improve the results of the company through advanced analytics
- Improve profitability and increase the overall sales volume
- Understand value potential and achieve an advantage in revenue management
- Leverage the relative price points for each brand in the portfolio
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