Tag: new product pricing strategies

PRICING ANALYTICS

Pricing Analytics Solutions: Boosting Profitability with Data in the Retail Industry

Despite recent advancements in technology and decision-support tools, companies in the retail industry are finding that the traditional approaches to devising pricing strategies are not keeping pace. Indeed, the new digital era stemming from pricing analytics and the explosion of omnichannel retailing has meaningfully changed the retail landscape and needs an overhaul of retailers’ pricing strategies and capabilities.

Are you finding it difficult to devise strategic pricing strategies? Our analytics solutions can help. Request a FREE proposal to gain detailed insights into our portfolio of pricing analytics solutions.

Pricing is a crucial driver of growth and neglecting it can affect the profitability of retail businesses remarkably. So, retail companies need to understand and analyze the price point for maximizing profits. This is where pricing analytics can come to the rescue. Companies can get as close to their target as possible, provided they utilize pricing analytics solutions and devise best-suited pricing strategies for their business. In this article, our pricing analytics experts have highlighted a few ways to help retail companies boost profitability, optimize price and discounts, minimize price gaps and benchmark prices against competitor products with the help of pricing analytics solutions.

In a highly competitive retail market driven by digitally empowered customers with paper-thin brand loyalty, and agile online competitors, pricing analytics is the key to stay ahead of the curve.

analyticsTips to Boost Profitability by Leveraging Pricing Analytics Solutions 

Analyze and track your competitor’s pricing strategies

Pricing analytics solutions can help companies in the retail industry to monitor and track competitor pricing in real-time. By leveraging pricing analytics solutions, retail players can also make changes to their pricing strategies by comparing it with that of the competitor’s strategy. This can, further, help them to improve customer retention rate and customer responsiveness. With the help of pricing analytics models, retail companies can proactively respond and immediate responses to the competitors’ marketing strategies.

Our analytics experts employ effective price analysis models to identify price triggers and factors affecting the price of your offerings. Get in touch with an analytics expert to know more.

Track price triggering points

With the increasing competition in the retail environment, today it has become crucial for businesses to track the price triggering points and factors affecting the demand of their products and services. Pricing analytics helps retail companies in developing capabilities to understand the factors triggering the price of a product or service and then tweak their pricing strategies accordingly. The analytics experts at Quantzig believe that the best way to track price triggers is by tracking the purchasing paths of the customers which provide clues to what changes in price need to be made.

To help businesses sustain themselves in a highly competitive marketplace, we track and monitor competitor pricing in real-time through our customized pricing analytics dashboards. Request a FREE demo below to gain better insights.

Understand price elasticity

Pricing analytics solutions can help companies in the retail industry to analyze past transactions and perform price segmentation to identify factors that influence price elasticity. Doing so can help retail companies to calculate the price elasticity for all price segments and select the one that maximizes profit and revenue. Consequently, companies can establish discounting strategies to remain competitive and improve their regional go-to-market strategies as well.

Develop robust pricing modeling capabilities

Disparate data sources, as well as market and category contexts, challenge a company’s analytical maturity. A one-size-fits-all cannot produce analytical rigor. Therefore, retail companies should leverage statistically validated pricing models to gain the desired business outcome. Pricing models  can help retail companies to determine price elasticity, cross-price elasticity, and pricing corridors that can influence sales, direct marketing promotions, and other deals.

Wonder how insights derived from pricing analytics solutions can help you make informed decisions? Request for more information now!

IR3

3 Mistakes to Avoid While Developing Pricing Strategies for Your Business

Implementing pricing strategies in marketing is one of the most important aspects of any business, no matter where you lie within your industry. But your product pricing strategies will inescapably be among the important questions you have to consider. Yet, despite the heap of information out there on the subject, many businesses still fall for the same old mistakes in pricing strategies in their quest for that mythical formula that will boost their profits. In this article, we have highlighted common mistakes while implementing pricing strategies in Contact USmarketing. Let’s delve into some of those pricing pitfalls that your business must avoid:

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