Pricing

Why Retailers Should Recalibrate Pricing Strategies With Optimization Science
June 3, 2021 at 5:33 pm

In this episode of Retail Right Now, Total Retail's Melissa Campanelli and Kristina Stidham discuss an article recently published by Total Retail, “A Pricing Reboot: How Optimization Science Can Recharge Your Omnichannel Pricing,” authored by Geoff Pofahl, Ph.D., head of science at DemandTec. Pofahl writes that many of the shoppers who flocked to online channels…

How to Boost Revenue and Gross Margin of Lifecycle Products
June 3, 2021 at 5:26 pm

Nowadays, consumer culture is both fueling the retail industry and gradually taking its toll on it. While it gives retailers an excellent opportunity to generate revenue streams from consumers' whims and needs, it still plays against them. The latter is well-reflected by the growing number of product categories whose life cycle keeps declining. Once, it…

A Pricing Reboot: How Optimization Science Can Recharge Your Omnichannel Pricing
June 1, 2021 at 10:20 am

In a retail landscape pivoting at last to a post-pandemic reality, retailers need to strategically recalibrate their pricing strategies for what lies ahead. One thing is clear: many of the shoppers who flocked to online channels during COVID will stay digital, and retailers must evolve their thinking accordingly. Shoppers impacted by the economic shocks of…

Price Optimization is on the Rise in Retail
May 28, 2021 at 12:36 pm

Price optimization, where retailers use data from multiple sources to adjust their prices, is on the rise. The rate at which retailers adjust their prices change by vertical and store, but prices are certainly changing in response to market forces in a way we haven't seen since John Wanamaker introduced the first price tags in…

3 Lessons for Building a Pricing-Fluent Organization
April 5, 2021 at 3:17 pm

For retailers, creating a pricing strategy is an art and a science. A pricing team must balance customer focus, the competition, and a number of moving factors. And just like learning a new language, it takes dedication to develop the skill and confidently become fluent. Presently, retailers have an opportunity to become pricing-fluent organizations by…

The Retail Pivot: Responding to a Changing Promotional Landscape
March 4, 2021 at 2:49 pm

Let’s face it, the world of retail promotions is often a shoot-first, aim-later environment, where merchants either just repeat last year’s promotions or randomly toss out desperate offers driven by trade fund incentives or competitors’ current offers. However, in an unprecedented retail environment where shopper behaviors and preferences bear no resemblance to those of past…

Capturing the Marketplace in 2021: 3 Key Challenges That Retailers Face
February 15, 2021 at 7:47 pm

Over the past decade, e-commerce has seen tremendous growth, and the COVID-19 pandemic has accelerated it further. The retail landscape has changed drastically, and retailers have had to find creative ways to compete with giants like Amazon.com. As we kick off the new year, it's top of mind for retailers to come up with strategies…

Can You Anticipate the Future of Selling?
January 14, 2021 at 3:00 pm

The future of selling requires retailers and brands to anticipate customer and channel demand shifts. The problem is companies admit they're not quite ready. According to a recent Forrester study of footwear and apparel brands and retailers, fewer than one-third of brands believe they're fully prepared to act on demand shifts in their market, and…

What Does COVID-19, ThirdLove, Purple, and hims & hers Have in Common?
January 12, 2021 at 5:16 pm

COVID-19 has hit every industry hard. But if something is certain, it’s that the world as we know it is different. As many as 25,000 stores may close this year as businesses continue to feel the impacts of the coronavirus, according to a new report from Coresight Research. In order to stay relevant and adapt,…

How AI Can Improve the Shopping Experience Through Price Optimization
November 5, 2020 at 9:19 am

Consumers are massively changing their shopping patterns and preferences. According to McKinsey, 40 percent of U.S. buyers said they had switched to other brands or retailers for the past few months. The first two reasons they provided were lower prices and a better price/value ratio. A logical and the easiest step to take here would…