climbing the stairs of the omni-channel pricing maturity framework
TRANSCRIPT
of the Omni-Channel PricingMaturity Framework
CLIMBINGthe
STAIRS
Most of us have heard the adage that
The CuSToMeR IS KING. That’s never been more true than today. The customer now influences pricing strategies more than ever before.Mobile devices have the power to provide pricing information at the fingertips of shoppers, and this transparency creates a new set of challenges for retailers.
As a retailer, you must be able to respond quickly and consistently with an intelligent pricing approach to address these high expectations across all channels in order to maintain shopper loyalty.
oMNI-ChANNeL pRICING MATuRITy FRAMeWoRK?Let’s find out how you compare with your retail peers on your ability to deliver coordinated and consistent pricing across all channels.
Where are you on the stairs of the
In this battle for shopper loyalty and market share, retailers need to enhance their pricing strategies and use tools that intelligently price products to drive margins, volume and profitability.
JuST GeTTING STARTeD
INTeRMeDIATe
ADVANCeD
BeST IN CLASS
She addresses pricing challenges on a daily basis. Let’s look at these stages from her point of view.
Meet olivia, the merchandiser.
JuST GeTTING STARTeD
RESULT
Olivia typically captures prices and maintains them manually on spreadsheets, resulting in errors
and non-compliance of business strategies. Pricing is often inconsistent across channels.
Pricing strategies are formulated based on Olivia’s instincts and experience, with little
shopper, competitive or data insight to support pricing decisions.
Shoppers are disappointed with the brand experience and start buying from one of her competitors.
???
She is applying the data given to her, but lacks the solutions to effectively employ her pricing strategies across
all of her product categories. The available data is incomplete, and she is unable to connect the relationships or impact of
pricing actions between products.
Olivia uses data and analytics provided by her IT dept. The data is stored in disparate systems and insights are difficult to uncover, so often the opportunity to leverage
the insight has passed.
RESULTThe organization’s business strategies aren’t effectively managed in a timely and efficient manner. There is still quite a bit of manual intervention & inefficiency which prohibit Olivia from focusing on more strategic opportunities to drive shopper demand and loyalty while still meeting her financial objectives.
INTeRMeDIATe
x
RESULTOlivia can better understand her shoppers’ loyalty and adjust pricing strategies based on this data. She can now coordinate pricing decisions and accurately forecast and measure results against the objectives she’s defined for each channel.
She now has visibility into which of her pricing strategies are working, and she can use additional data to price her
products more intelligently by analyzing insights into market fluctuations such as competitive price changes.
Olivia has the solutions that help evaluate and implement more sophisticated pricing strategies through a series of
defined business rules so pricing strategies can be executed automatically.
ADVANCeD
$
She can now view current pricing activity, price movement of key competitors, forecasts for her products, her
competitive position. The automated system follows rules set by Olivia to make price changes in real time.
Olivia works with an intelligent pricing solution that accounts for competitor prices and assortment changes, category trends,
private label and national brands, elasticity and more.
RESULTLeveraging data insights and optimization science, Olivia defines pricing strategies for each channel to grow sales, volume and profitability. She can measure performance, compare different pricing scenarios, and simplify the pricing process.
BeST IN CLASS
No doubt,
The CuSToMeR IS KINGand their position is getting stronger through pricing transparency across retailers.
Today, retailers have access to more data on shoppers and competitors than ever before, and a stronger opportunity to become smarter about developing an intelligent pricing strategy to strengthen shopper loyalty.
To be a retail leader, you need an intelligentapproach to your pricing strategy and operations! Take advantage of the insights available from shopper demand-based analytics. Gain visibility into the marketplace. Learn how to translate this information into a pricing strategy that attracts and retains shoppers.
