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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The granular data-mining capabilities of these solutions allows them to explore every facet of price elasticity, taking into account every aspect of the merchandise hierarchy, the product's attributes, along with regional and geographic variations. Even with new products that have no history, the algorithms can examine the performance of similar products to discover the patterns needed to support initial pricing decisions and to chart a likely model for lifecycle pricing.
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John Bible
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