Pricing

How to Improve Operational Efficiency and Competitive Intelligence in E-Commerce
July 16, 2020 at 5:01 pm

Studies show that COVID-19 has changed buying habits permanently. Shoppers are more likely to purchase from local brands, prefer contactless payments, and choose online shopping over going to a physical store for a wider range of categories than before. As proof, global retail website traffic in March amounted to 14.3 billion visits, with Amazon.com being…

Pricing Optimization With Machine Learning: Is it Worth it?
July 13, 2020 at 3:36 pm

In recent years, artificial intelligence (AI) and machine learning (ML) technologies have successfully penetrated many industries, ranging from healthcare to automotive. However, retail is particularly susceptible to adopting various ML applications as data is this industry’s driving force both in the physical and e-commerce realms. For example, an AI-powered recommendation engine has become a must-have…

E-Commerce Pricing Glitches: The Revenue-Sapping Culprit
July 6, 2020 at 12:56 pm

It’s estimated that 25 percent of the world’s population already shops online, and with more customers participating in e-commerce daily, that number is expected to reach 2.14 billion people by 2021. Therefore, it’s unsurprising that a typical e-commerce platform processes hundreds of thousands of transactions every day. E-commerce platforms also undergo a host of other…

Why Modern Retailers Need Real-Time Price Monitoring
June 4, 2020 at 7:07 pm

How do customers make purchasing decisions? The answer is multipronged, but one of the more influential factors comes in the form of comparison. Consumers seek out multiple vendors and track products over time. They utilize the myriad price monitoring tools at their disposal to get a macro view of the industry in question. And then…

Price Changes in Medicine and Healthcare During COVID-19
June 2, 2020 at 3:33 pm

The COVID-19 crisis has changed everything. From mail-in voting to grocery deliveries, the pandemic is reshaping markets and industry like nothing we’ve seen before. Consumer behavior has also changed across e-commerce platforms due to panic and frenzy caused by the virus. This has understandably led to a change in how sellers adjust prices as well.…

No More SKU Blues: Why it’s Time to Embrace Price Optimization
May 27, 2020 at 4:44 pm

By marrying inventory demand planning and price optimization in a single platform, businesses can balance price and profits based on real-time data. Using factors like minimum advertised price, psychological price points and willingness-to-pay measurement, as well as macroeconomic influences, these tools can help wholesalers and retailers test the financial outcomes of price changes before they even make them.

Navigating Stormy Waters: Science-Based Pricing Proves Critical
May 12, 2020 at 4:44 pm

The already chaotic world of retail has been shaken to its very core in the recent COVID-19 pandemic. Demand is surging for grocers, but not in the same categories and items as in the past. Shoppers are leveraging online apps and buy-online-pick-up-in-store options at unprecedented speeds as the training wheels come off omnichannel adoption once…

Retailers Adjust Prices Due to COVID-19 Spread
April 20, 2020 at 5:40 pm

It’s no secret that the spread of COVID-19 has changed the way retail works at a fundamental level. Gone are the days of a shopper walking into a store and browsing the shelves. Now, only essential brick-and-mortar retailers can remain open, while more consumers than ever before are doing their shopping online. As a result,…

COVID-19: Retail Innovation Gets Crucial for Survival
April 15, 2020 at 9:41 pm

In the coronavirus vs. retail fight, the score so far is one to zero. Many retailers, like Macy’s and Gap, have been forced to close their stores, put tons of thousands of employees on leave, and cut their budgets to survive. These actions are just like how our bodies restrict blood flow to limbs in…