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 during the COVID-19 pandemic will stay digital. Thus, retailers need to strategically recalibrate their pricing strategies for what lies ahead as we emerge from the pandemic.
With shopper, competitor and market behaviors evolving faster than ever before, innovative retailers have the opportunity to move beyond human-speed manual approaches to lifecycle pricing. Pricing that's flexible, adaptable and efficient while delivering better overall performance will be a major boost to retailers post-pandemic. Learn more about how price optimization science can be implemented in the full article here.