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How the Consumer Goods Industry Can Learn from 2020 and Prepare for 2021
How the Consumer Goods Industry Can Learn from 2020 and Prepare for 2021 While a lot of other sectors had to scramble to meet profit and margin goals last year, some sub-sectors within the consumer-packaged goods industry had other problems to contend with. As we head further into 2021, let’s take a moment to look back at 2020 to see what lessons can be learned from the year and what opportunities and trends await us in 2021. We asked Andreas Broutas of TGN and John Kuffel, solution strategist at Pricefx, to enlighten us, and here’s what they had to say: ...
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Chemical Industry Numbers to Know
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What’s the Difference? Excel vs. Pricing Software
This handy dandy comparison will guide your understanding of the pros and cons of each of these standard approaches to managing pricing.
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Pricing Matters : The Ethics Continuum in Pricing (YouTube Video)
Pricing Matters brings you trends, stories and best practices from around the revenue management and pricing world. Together, we will explore how the landscape is changing with technology and new business models. Listen to lively discussions from veterans of the field as we take on topics ranging from ethical pricing to cloud disruption as well as a range of sector-based subjects.
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How the Discrete Manufacturing Industry Can Learn from 2020 and Prepare for 2021
What the Discrete Manufacturing Industry Can Learn From 2020 to Plan for 2021 As we head further into 2021, it’s clear that although some things are going back to normal, that “normal” might be further off than we anticipated. So, what’s someone in the manufacturing industry to do? That’s why we asked the experts what they think are the biggest lessons and windfalls of 2020 and what companies like yours can do to still be successful in 2021 and beyond. In Your Opinion, How Has 2020 Changed the Discrete Manufacturing Industry? Maggie Buckland – Big Data Pricing In 2020, the...
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The Real-Life Impact of Digital Transformation on Pricing
What Is the Impact of Digital Transformation on Pricing? The tangible impact of digital transformation on pricing is far more profound than merely the digitization of legacy paper-based systems. Sure, automation plays a vital role, streamlining processes and boosting pricing analysts’ and salespeople’s’ efficiency. But real transformation harnesses the latest technology to redefine pricing strategies, solve customer problems, and identify new and exciting revenue-generating opportunities. Some companies can add 2% to their bottom line in the first quarter after transformation showing that there are real stakes involved. Price optimization, management, and realization software makes pricing your company’s unfair advantage, generating pure...
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How the Retail Industry Can Learn from 2020 and Prepare for 2021
What the Retail Industry Can Learn From 2020 to Plan for 2021 Last year presented a lot of challenges but also plenty of opportunities for the retail industry. From BOPIS to the increased adoption of omnichannel messaging and pricing practices, the retail industry seems to have had many options to adapt and evolve. We spoke to Andreas Broutas of TGN and Jochen Schmidt, Manager of Solution Strategy for EMEA, to discover what he felt were the key lessons from 2020 and how to face the changing landscape of 2021. In Your Opinion, How Has 2020 Changed the Retail Industry? Andreas...
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The Psychology and Behavior of Pricing Decisions
The pricing of consumer goods becomes exciting when the psychology of the shopper enters the picture. Find out how pricing, behavioral science and psychology meet to promote or dissuade purchasing decisions. Read it here.
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Lessons in Pricing from 2020 and Trends for Success in 2021
What Experts Learned from 2020 and Trends for 2021 While very few of us are sad to see 2020 in our rear-view mirrors, its effects on how we conduct business has left ripples that will be felt in 2021 and beyond. We spoke to top pricing industry experts from around the world to get their thoughts on what they felt were the most important lessons of 2020 and what companies like yours can do to find success in 2021. In Your Opinion, How Has 2020 Changed the Pricing Industry? Depending on which industry you’re in, there’s no doubt that you’ve experienced some changes in how you operate internally as well as with customers and partners. When speaking with our experts, we found a few key themes kept coming up – digital transformation, agility, precision and confidence. Surprisingly, these...
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The Ultimate Retailers’ Gift Guide to the Holiday Season and Beyond
In this eBook, we’ll take a look at how retail and its customers have been affected by the pandemic, how the landscape has shifted, and which trends that have emerged we think are here to stay and list of the tools you’ll need to take successfully take advantage of these trends.
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How COVID-19 is Affecting Life Sciences and Medical Devices Industries
How COVID-19 is Affecting Life Sciences and Medical Devices Industries Even those of us living under rocks couldn’t have slept through the global health crisis that is taking over our lives. A mere four months ago, it was nothing more than a handful of people in China having somehow contracted pneumonia after visiting a seafood market in Wuhan. But testing showed similarities to SARS-CoV and MERS-CoV. A new CoV virus was on the scene –coronavirus-2019 (COVID-19). Today, Coronavirus has become a global health emergency calling for united worldwide action. We’ve seen heavy restrictions on travel, constraints on trade, an almost complete shutdown of the hospitality industry, companies frantically scaling their work-from-home policies to the entire workforce, schools closing...
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Pricing Matters Podcast Episodes
Pricing Matters Podcast Directory You can find all of the episodes from Pricing Matters with links to show notes, transcripts, and YouTube videos for each episode. S01E01: The Pricing Continuum: Where Do You Land? In this first episode of Pricefx’s new podcast series, Pricing Matters, regular host and Pricefx chief evangelist, Gabriel Smith, speaks with pricing influencer, Dr. Ian Tidswell, about the very burning issues of ethical pricing and mission-driven pricing. Transcript and show notes YouTube Video S01E02: The Dark Side of Pricing: What It Is and How to Avoid It In this second episode of Pricefx’s...
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What to Expect from Life Sciences – Pricing Trends and Predictions 2020
Pricing Predictions and Trends for 2020: Life Sciences Life Sciences is the umbrella term for companies and research organizations dedicated to improving organism life (human, animal, plant), and includes pharmaceutical, biotechnology, and environmental sciences, among many others. The Life Sciences industry is in constant flux as breakthroughs continuously disrupt the status quo, impacting the economy and job growth. Predictions: According to the Deloitte Global Healthcare Outlook for 2020, global healthcare spending is expected to continue to slow in the short term (as it did from 5.2% in 2018 to 3.2% in 2019, thanks to currency shifts and geopolitical pressures like trade tensions and Brexit). But in the longer term, it is expected to rise, with a compound annual growth rate (CAGR) of 5%,...
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Pricing Matters Podcast: Mission-Driven, Sustainable & Ethical Pricing ep.1
Ethical Pricing Continuum: Mission-Driven Pricing In our first episode of Pricing Matters, we discuss the ethical pricing continuum broadly and mission-based pricing specifically. For your comfort, we’ve provided three ways you can use to experience the podcast. Listen to the podcast with the embedded player below, read along with the transcript, or watch the video on YouTube. If you want to take the discussion offline, then tweet at me (@SwEvangelist) or Dr. Ian Tidswell (@itidswell) with the hashtag #pricingmatterscast. Enjoy! Gabe Smith: Hello everyone and welcome to Pricing Matters. This is the first in a series of discussions we plan to work on during...
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What to Expect From Industrial Distribution: Pricing Predictions & Trends 2020
Pricing Predictions and Trends for 2020: Industrial Distribution Industrial Distribution is the movement of goods through a supply chain (purchasing, processing, and selling) – from materials producers to end-product manufacturers. As with most industries in recent years, it is undergoing unprecedented levels of change, with digital transformation disrupting the status quo at every link. Pricing Predictions: 1. Increased Costs Will Push Prices Up It is an extremely uncertain time for industrial companies. Global economic growth has slowed, and the geopolitical and macroeconomic climates are volatile to say the least. In fact, as of November 2019, only 30% of the G-20 countries (which represent around 74% of the global gross domestic product),...
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What to Expect from the Chemicals Industry – Pricing Trends & Predictions 2020
2020 Predictions and Pricing: Chemical Manufacturing Central to the modern world, the diverse chemical manufacturing industry (across oil, gas, plastics, and chemicals) has seen a tumultuous decade, with macroeconomic and business environmental factors gaining strength. Looking forward, adaptability will be key. Predictions for the Chemicals Industry 1. Ongoing Uncertainty and Volatility On top of the expected uncertainty and volatility in the chemical industry in 2020, COVID-19 has added yet another dimension of uncertainty. While late 2019 estimates already expected a drop in overall manufacturing levels for 2020, current events have caused a reset on demand expectations in the chemical industry in 2020. While recovery is expected in the second half of 2020, the amount of recovery is very dependent on the downstream markets served and the degree of a resurgence of COVID-19 as...
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Top 5 Black Friday Myths: Busted
Black Friday Myths: Truth or Fiction? As retailers gear up for the biggest shopping season of the year, they must strategize every detail, especially with pricing around Black Friday and Cyber Monday. There are a lot of myths that swirl around this time of year as consumers expect their favorite shops to give them the best deals. Time to learn and review some of the common misconceptions on Black Friday deals and prices and how to still deliver another great holiday shopping season despite the myths. 1. Everything is cheaper on Black Friday. It is hard to distinguish between what is advertised and...
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Knowledge Management and You. A Look at 5 Emerging Trends
What Are the New Ideas in Knowledge Management? Knowledge management, as defined by Tom Davenport in 1994, is the process of capturing, distributing and effectively using knowledge. The knowledge management process constantly develops as new technology arises, new generations enter the workforce and competition forces innovation. Emerging trends in knowledge management shape the way all businesses function, and adapting to these changes could be the difference between success for your business or falling to the wayside for those who don’t. In this article, I will cover some of the hot new trends in knowledge management and the ways in which adopting or refining them could bring huge benefits to your business. Using Collaboration Tools for Business Processes With the rise of...
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PriceOptimizer: The Art of Not Leaving Money on the Table
Key Takeaways: Expansions in product, customer base, regions served and more make it difficult to serve the optimal prices PriceOptimizer can cluster by buying behavior so that pricing professionals can give the right price to the right segment PriceOptimizer uses machine learning to optimize prices across several segments Imagine you have a global sporting goods store that sells every sporting product that you could possibly dream of. Your store in England sells soccer gear including English team jerseys and other similar gear at the same price that you’d sell them in the US. However, the people in the England would...
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Price Optimization – What Is It – How to Get It
Price Optimization – What It Is and How to Get It Understanding the relationship between your pricing strategy, that of your competitors and your customers’ willingness to pay those prices was once exclusively the domain of large corporations. But with a recent breakthrough in artificial intelligence, powerful, actionable pricing insights have become accessible to anyone selling online. And that means you, too. Meet Price Optimization, Your New Best Friend Before I make introductions, it is important to explain that Price Optimization is not the same as Price Monitoring and Price Matching. Price Optimization is price setting by the Willingness...
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The Best Pricing Research Methods for B2B Organizations
Key Takeaways: B2B businesses need to conduct structured pricing research. There are four ways to conduct B2B pricing research: direct price experiments, customer prospective opinions (conscious and unconscious), historical experience and hybrid methods. Choosing the right pricing method for your organization is dependent on three factors: the number of new products, the number of products and the weight of investment in research. Having a robust way to assess customers’ Willingness-to-Pay (WTP) is a key capability for all companies. It’s surprising to me how many B2B companies rely on gut-feel or ad hoc processes to get this done. This may be...
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Lessons in Retail: Amazon’s Speed in Dynamic Pricing Leads to Disruption
Omnichannel and B2B firms cannot afford to be slow in response to consumer demands. One of the ways Amazon disrupts its industry is by using dynamic pricing. Pricefx’s Price Builder and Price Analyzer help users accurately leverage the power of dynamic pricing. Both Meg Whitman of HPE and Mark Benioff of Salesforce.com chose to focus on speed at the 2016 Davos World Economic Forum Digital Transformation of Industries panel. Whitman said, “My view is that the future belongs to the fast,” and Benioff built on this by noting, “Speed is the new currency of business.” These reflections on speed and...
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Price Management Solutions – A Truck, Tree and Prevention View
Key Takeaways: One issue that price management companies face is “The Truck”; having only one person who takes care of all or most of the pricing process Another issue that companies face is the “The Tree”; not having a system that can analyze and predict vulnerabilities in your pricing process Preventing these obstacles requires improving on the following factors: people, processes and systems At Pricefx, we speak to industry-leading companies every day about their pricing and quoting processes, and their opportunities to improve them. There are two recurring themes in these discussions, which I will call “The Truck” and “The...