Pricing

The Science of Retail: Applying Machine Learning to Drive Revenue
October 9, 2018 at 9:28 am

To effectively transform a retail enterprise from data rich to data-led, retailers must make their data actionable. They must turn a data swamp into a smoothly running data stream. This requires clear goal setting, data normalization and seamless bidirectional communications between core systems across the enterprise. Once these basic requirements are met, retailers can effectively…

Your Omnichannel Guide to a Successful Back-to-School Season
August 15, 2018 at 10:02 am

August is here, and while many of us are soaking in the last summer beach days, back-to-school (BTS) season is already in full swing. BTS is the second most popular shopping season of the year, bringing excitement, nostalgia and, most importantly, sales. On the heels of the National Retail Federation’s 2018 BTS report, which forecasts…

3 Ways to Maximize Your Gross Profit Margins
August 14, 2018 at 9:40 am

Gross profit margin is — and will always be — a key metric in retail, as it enables you to make critical decisions around your assortment, inventory orders, pricing and promotions. For this reason, it’s important to not only measure your gross profit margins, but to continuously optimize them. Here are three tips to help…

Pricing Intelligence: What it is and Why it Matters
August 6, 2018 at 3:09 pm

Retail pricing is risky business. Price products too high, and customers are happy to take their money elsewhere. Price too low, and the product loses its value and struggles with brand degradation. It can be tough to find the sweet spot between padding the bottom line and enticing consumers to purchase your product. Retailers that…

Product Quality Trumps Price for Consumers, Study Finds
July 26, 2018 at 12:17 pm

As brands and retailers endeavor to unlock the mystery surrounding consumers’ shopping habits and behaviors, the question of product quality vs. price comes into sharper focus. According to recent research from technology company First Insight, consumers are increasingly choosing quality. In fact, 53 percent of consumers who responded to a First Insight survey said product quality was the…

Responding to Customers’ Desire for Better Pricing and Technology
July 26, 2018 at 10:19 am

From innovations ranging from Amazon Go to shoppers’ heightened expectations influenced by online experiences, physical retailers are under immense pressure to deliver a great in-store experience to customers. In order to keep up, physical retailers must embrace more agile, dynamic and connected strategies. To better understand customers’ shopping desires and preferences, Displaydata commissioned PlanetRetail RNG…

Scales of Retail Balance Between Constant Promotions and Improvements in Returns, Mobile
July 9, 2018 at 6:05 pm

According to metrics from the DynamicAction Retail Index: Spring 2018, an in-depth analysis of over $8 billion in consumer transactions in the U.S. and Europe (from January through Memorial Day 2018), North American consumers this year were not only increasingly shopping — and buying at full price — on their mobile devices, but also equating nearly every major or minor holiday with sales, expecting promotions, markdowns and free shipping at every turn.

Pricing, Promotions and Personalization: Some (Surprising) Insights From Global Shoppers
June 28, 2018 at 9:43 am

Following two groundbreaking studies in 2017 that surveyed consumers in the U.S., U.K., France, Germany and Brazil, Revionics decided to delve more deeply into shoppers’ preferences and attitudes around promotions and personalized pricing. The earlier research had produced some pretty riveting results: not only do shoppers feel accepting of frequent price updates as long as…

How Direct-to-Consumer is Driving the Need for Real Time in Retail
June 11, 2018 at 2:38 pm

Real time is taking over the way retail operates. When consumers make decisions, they act fast, and the companies that are able to keep up with them are the ones that are dominating the industry. As Charles Darwin said, “It’s not the strongest of the species that survive, nor the most intelligent, it’s the one…

Analogue to Automated: Retail in the Connected Age
May 23, 2018 at 5:29 pm

To better understand the current and future climate, Displaydata commissioned PlanetRetail RNG to carry out global research to understand what consumers wanted from physical stores, and how retailers were responding. Key highlights include that manual pricing is costing retailers up to $104 billion in sales, 57 percent of customers are losing faith over pricing inconsistencies and inaccuracies caused by manual price and promo changes, and 65 percent of consumers would welcome price changes throughout the day if a product is approaching its sell-by date.