Shoppers today are savvy and always looking for the best prices. As a result, retailers must take a strategic approach to pricing by constantly analyzing customer behaviors and competitor strategies.
LoyaltyOne has released Precima Price Optimization & Management, an SaaS solution designed to help retailers design and implement customer-centric pricing strategies. The proprietary advanced analytics optimization engine determines the ideal range of prices for any item in a store.
Retailers using the solution can review shopper insights and determine value items that build loyalty and drive enhanced price perception. Price recommendations are displayed and prioritized so that retailers can focus on items that have the greatest impact on the store. Precima Price Optimization & Management also is designed to respond to vendors’ and competitors’ pricing changes.
“Precima Price Optimization & Management performs all the heavy lifting while putting retail pricing and category management teams in full control over final price determination decisions,” said Graeme McVie, VP and General Manager of Business Development at LoyaltyOne. “Price recommendations and insights are put at the fingertips of decision-makers in an intuitive fashion that reflects the retailer’s business processes.”