Now, with the hope of a vaccine upon us and a possible return to normal, both physical and online retailers need to take a quick look at the challenges ahead, to position themselves to overcome the challenges the future will bring.
For retailers, the use of augmented analytics has some very real growth possibilities
Retailers with physical stores tend to get a little glossy-eyed when the conversation shifts to dynamic pricing. They question the cost-effectiveness of hiring enough staff members to change prices on thousands of items every day. The impracticality of it negates the promise of higher profits and increased revenues.
The challenge for retailers is to identify the data they are missing, which would enable them to reach their full potential
With Cyber Monday just around the corner, retailers need to develop a holiday pricing strategy that will not only sell products but generate profits as well
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.
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