Retailers Counterbalance Instinct With Data-Driven Insight
Injecting innovation and science improves customer satisfaction and margins
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John Bible
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How the Science Works
Price optimization tools are also useful in removing the emotional component of pricing decisions and revealing the biases of those making those decisions. If a buyer has "bet" on the sales prospects of a sweater in a particular style, and those prospects remain unfulfilled at the end of the sales season, that buyer might be embarrassed for having advocated for a product that didn't perform. The buyer would likely resist marking down the item's price, even though it's clearly the optimal decision to make.
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John Bible
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