2020 has been rough for brick and mortar retailers of all sizes. The global pandemic with its twins of discord, social distancing and job disruption, have limited spending throughout the year.
Data is one of the most powerful assets retailers have at their disposal in carrying out their pricing strategy.
Pricing is one of those tasks that frequently gets left behind. Pricing managers or small business owners have been doing it their way for so long that they can’t imagine working any other way
Adopting a dynamic pricing model means selling products at different prices throughout the day. While the model can easily be applied to online stores that aren’t limited by physical properties, brick-and-mortar outlets are often hesitant to introduce dynamic pricing to their stores.
Dynamic pricing uses data from both internal and external sources to generate a recommended price at the time of sale.
Unquestionably, dynamic pricing increases revenues and profit margins. Our customers can expect to see a 30% increase in revenues and a 10% increase in profits
Retailers looking to increase sales are often tempted by untapped international markets. Advanced marketers may develop new landing pages using culturally appropriate imagery and messaging, while less sophisticated brands simply increase their ad spend in new regions.
Businesses that take the time to know their customers and understand their buying habits position themselves to increase profits through price manipulations.
At Quicklizard, we pride ourselves in putting a price on everything, but we find the notion of equality to be beyond the reach of our AI-driven platform.
Online retailers need to upgrade their business practices and automate processes so that they can react to and meet changes in both demand and competition.
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