Watch Your Net Margin Grow with
Retail Price Optimization
The savvy retail consumer is not a new concept. For well over a decade, they've been price matching online before buying in store, hunting for sales and even jumping in on cashback, rebate and loyalty apps to save a few bucks. So what's changed?
A few things: competition is growing faster than ever, all sizes of retailers are updating pricing daily and the abundance of new data results in analysis paralysis. Retail price optimization can identify ideal price points to deliver sustainable same-store sales. Having a solid retail price optimization plan is really the only way forward.
What Retail Price Optimization Models Can Do for Your Business
Retail price optimization has grown up in the last few years. Thanks to retail price optimization software using machine learning, what was once difficult and time consuming is easier. Now you are able to combine historical and current pricing and consumer data to model or predict what would happen if there's a price change.
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See bottom-line improvements quickly
Retail price optimization allows you to optimize pricing for specific products, seasons and stores by using data to analyze lost sales, inventory turn, selling patterns and more. It helps you identify products that could be sold for more and products that should probably be lowered.
Predict your consumer's behavior
Test different pricing optimization models prior to rolling them out to see the impact a specific price change will have on your sales. This allows you to target certain behavior patterns in segments of customers and price accordingly.
Automating pricing reduces your effort and risk
When you automate the entire process, you’ll have fewer mistakes due to human error. It's less cumbersome on your employees and you can react to market changes more accurately and in real time.
Retail Price Optimization Software uses Machine Learning to Get You Results
Machine learning essentially streamlines the process of collecting and analyzing your retail data. Machine learning algorithms create software simulations of your market that can be tested and constantly improved. Variables such as weather, historical data, marketing campaigns and seasonal inventories can be factored in.
This market simulation allows for more complex strategies to be explored and implemented. It also helps you keep up with changing consumer expectations, and even supply chain trends.
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Learn MoreFrequently Asked Questions
What is retail price optimization?
What is a price optimization model?
How do you build a price optimization model?
What are the most common retail pricing strategies?
Pricefx Can Help You Reach Your Retail Profit Goals
Speak to a Pricefx expert to learn more about retail price software, how to get started or ask us any questions you may have. We’re happy to help.