Effective retail price optimization is essential for increasing profitability, driving revenue, and enhancing customer satisfaction. As we navigate through the economic aftermath of the pandemic—inflation, supply chain uncertainties, and other lingering disruptions, successful retailers are leveraging advanced, data-driven price optimization solutions.
Deciding what metrics to measure leads to the next big issue: How to Measure. Often the problem is not so much in the measuring but in the comparison. Measuring the revenue is only useful if you can compare it to a baseline of revenue to know whether the result is good or not. Summarized, there are four basic techniques, each with advantages and disadvantages: Test and Control: Typically execute new pricing in some locations while using the legacy process in others.
Pricing Solutions have been around for many years in retail, and commonly the question is asked: Well, do they work? Unfortunately, the answer is not easily determined because it has been challenging to decide what is meant by success and even harder to measure success. Measurement needs to be built into pricing projects from day one, and these measurements need to align with the pricing activities.
Join Nicholas Wegman, Ph.D., Senior Director of Artificial Intelligence and Alex Barnes, Senior Director of Product Management, in a three-part series that demystifies the science behind Artificial Intelligence (AI) and reveals how it can increase your margin. Taking an insightful journey into its history and present-day market trends, they will discuss why AI may—or may not—represent an ideal solution for every business.
As we continue transitioning toward a post-pandemic economy, mid-tier fashion stands out as one retail sector that is irrevocably changed. It's clear now that fashion retail will never return to a pre-COVID sales mix dominated by in-store purchases, nor are we ever going to see the levels of online sales that occurred during the height of the lockdowns.
To hear Ehab Tarabay explain it, the need for retailers to continue evolving their digital operations is an age-old problem. I recently hosted Tarabay, head of workplace IT services at TMF Group, on our That’s Great IT podcast. As an avid information technology specialist with a track record of more than 20 years in the technology field, he had a unique perspective to share about the shift that’s happening in retail right now.
Among the highlights of our most recent retail trade event appearances—NRF in New York and RILA LINK in Orlando—were our well-received feature presentations, spotlighting one of our major success stories among national retailers, our partnership with Walgreens.
Modern retail businesses have a lot on their plates. IT infrastructure needs to work spotlessly to provide exceptional user experiences. Even the tiniest system bug can result in shopping cart abandonment and bring the workflow to a standstill. Instead of waiting hours for an IT technician to arrive and fix the problem, tech-savvy retail businesses rely on you – a remote IT support provider.
