Pricing

The Build v. Buy Debate in Price, Promotion and Markdown Optimization
November 3, 2020 at 11:27 am

Retailers considering implementing a full lifecycle price, promotion and markdown optimization system typically are familiar with the business benefits it delivers — enhanced shopper engagement, better alignment with price image and category strategy goals, and improved margins. However, retailers are often unsure how to make an informed decision about whether to build or buy a…

Bed Bath & Beyond to Scale Back Coupons in Bid to Grow Profits
October 28, 2020 at 9:03 pm

Bed Bath & Beyond (BB&B) is known for its frequent coupons, sent in the mail and via email to lure customers into stores by promising 15 percent or 20 percent discounts off bedding and other home accessories. However, in a bid to boost profits and be more competitive on pricing with its competitors, the company is…

Tips to Adapt Your Black Friday Marketing Strategy for 2020
October 26, 2020 at 5:16 pm

There’s no question that the upcoming holiday shopping season, and Black Friday in particular, promises to be the strongest on record. With major retailers such as Walmart planning to remain closed on Thanksgiving — the modern start of the holiday shopping season — both brick-and-mortar and online retailers alike are gearing up to maximize their…

Late to the Party: How to Cater to Last-Minute Shoppers This Year
October 15, 2020 at 5:17 pm

As the holidays quickly approach, many early-bird consumers have already begun rounding up items on their holiday lists, eager to beat the holiday rush. But as any retailer knows, there will inevitably be plenty of shoppers who need a little — or perhaps a lot — of help making that final dash to get their holiday shopping wrapped…

Retailers Starting Holiday Promotions Alongside Amazon Prime Day
October 12, 2020 at 6:44 pm

Several major retailers have signaled that they're using Amazon Prime Day 2020, which runs today and tomorrow, as the starting point to begin their holiday sales — even though they're not mentioning Amazon.com directly. On Monday, for example, J.C. Penney launched an event that runs through Wednesday that allows "shoppers to get a jump start on…

Holiday Prep: Now is the Time to Enhance Your Online Pricing and Promotions
September 15, 2020 at 3:52 pm

The all-important holiday season is always a time of intense focus for retailers, but this year it should command more strategic attention than ever. With the added chaos created by the pandemic, all kinds of unprecedented uncertainties loom over the 2020 holidays. Now is the time for retailers to take a fresh and strategic look…

3 Strategies for Reducing Excess Seasonal Inventory
September 2, 2020 at 3:20 pm

As the calendar turns toward September, shorts, shirts and swimsuits must make way for sweaters and slacks in retail stockrooms. But with consumers everywhere staying home, some retailers’ inventories may be bursting at the seams with backlogged products. Whether they’ve slowed their buying to keep balance sheets in check or are simply reaching the end…

Fundamental Questions for Understanding Your Pricing Perception 
August 17, 2020 at 9:55 am

It’s often said that perception is reality. How a brand or product is perceived by a consumer is more real to them than a retailer may realize, and that can be hard to overcome. According to a Price Optimization RSR Benchmark Study conducted in March 2020, 34 percent of "retail winners" indicate that a top…

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…