Ebook
What is Article Segmentation & How Can it Enhance Retail?
Learn how applying article segmentation in your retail pricing strategy boosts online and offline store traffic and increases revenue and profits.
Learn how applying article segmentation in your retail pricing strategy boosts online and offline store traffic and increases revenue and profits.
Understanding the Importance of Price Elasticity in Retail
Omnichannel allocation is the distribution of one inventory set across multiple channels with a limited sell through timeframe. The goal of omnichannel allocation is to maximize inventory yield across the different channels.
Cross elasticity of demand is the impact that a price increase or decrease on one product has on other products. Products can be substitutes, complements, or unrelated entirely.
The ability to forecast demand accurately is a fundamental part of retailers’ success. Demand forecasting apportions product demand through time at the aggregate as well as SKU levels.
Product classification, also known as article segmentation, is at the core of a successful pricing strategy. While the categorization of products is important, the real success lies in embracing the method. It all starts with the customer.
For retailers looking to introduce dynamic pricing, an AI-based pricing engine is invaluable. The system analyzes price changes and can be responsive in real-time to marketplace changes.
For retailers, this is a time to ensure that your inventory is well stocked, your website is technologically sound, and your logistical issues are all ironed out.
Transitioning to a dynamic pricing model requires more than a software upgrade. The move is felt throughout the organization and requires C-level sponsorship to succeed.
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