The recent recession has taken its toll on the economy. Commodities and gasoline prices are on the rise, while housing has taken a hit and unemployment has not rebounded. Retailers need to effectively manage pricing without having a negative effect on consumer perception and brand loyalty.
Successful retailers are using Price Optimization to face these challenges. Price optimization solutions analyzes consumer demand, recommends prices, and, measures the impact (sales, margins, profits) of different strategies, allowing retailers to make the most informed pricing decisions. Typical price optimization ROI is between $10 and $20 for every $1 invested.
During this webinar, Mark Kelso, Director of Pricing for Pamida Stores, will share insights on their price optimization strategy and results. Pamida wanted to improve their every day value proposition and required additional discipline and capabilities to develop and support their pricing strategies. They developed strategies based on consumer segments and an ongoing systematic capability to optimize pricing based on their customer’s demand signal. With price optimization they are now able to identify changes in consumer sentiment and quickly adjust their strategies.
Cheryl Sullivan, Vice President of Product Management at Revionics, will conclude with examples of pricing best practices seen at their leading retail clients. Retail examples of aligning pricing with category plans, developing consumer segmentation, and elevating the private label strategy will be covered.
To learn more about the benefits of price optimization and Pamida’s successful implementation, click here to register for the webinar: “Pricing Success in an Inflationary Economy.”
- Mark Kelso, Director of Pricing, Pamida Stores Operating Company, LLC
- Debbie Hauss, Editor-in-Chief, Retail TouchPoints