Retailers and manufacturers used to be able to determine what products to sell, where to sell them and for what price, but technology-enabled shopping options for consumers changed the game. Shoppers now have the tools to make informed purchasing decisions at the best price and in the way that best suits their needs.
Driven by the need to sell products at a profit, retailers are rushing to adopt precise, customer-driven pricing strategies, and technology exists that can help build top line sales and improve margins. While most retailers already use price optimization to set and maintain regular prices, there’s still work to be done in using technology to support promotions and markdowns.
The white paper from Retail Systems Research and sponsored by IBM ExperienceOne, titled: Calculating The Value Of Lifecycle Price Optimization, provides insight into the analytics tools designed to help retailers make the right pricing decisions.
