It’s no longer OK to price a product once and mark it down once. Retail pricing is now a volatile area in retail. Often, merchants must be on their toes and ready at a moment’s notice to update product prices in order to remain competitive. New pricing solutions are helping retailers determine initial product pricing, then figure out how to adjust and readjust pricing during the entire product lifecycle.

4 Market Conditions Retailers Must Understand For Successful Sourcing

“Source. Sell. Repeat”. This, in a nutshell, is what e-Commerce — or any commerce for that matter — is all about. For thousands of years, people have made a living by sourcing products and selling them. But while the basic idea remains the same, the tools of the trade change constantly. In fact, the pace of change keeps accelerating. For the past decade or so, data has been the name of the game. With the ability to track the entire workflow and break it down into components came the ability to understand the weak points in the funnel. This understanding is the first step on the way to optimization. Even minute changes can increase margins and contribute to profitability or reduce inefficiencies.

Russian Hypermarket Chain Sharpens Pricing Strategy

  • Published in News Briefs
Following a successful pilot in 2017, Lenta is sharpening its customer-focused pricing approach by deploying Revionics Price Optimization across all of its hypermarkets and supermarkets this year. The retailer will be positioned to leverage advanced analytics services powered by AI and machine learning, which includes:

First Insight Introduces ElastiCast Pricing Optimization Platform

First Insight has released ElastiCast, a solution designed to enable retailers to forecast price elasticity of new products to determine optimal prices and increase margins. By collecting consumer data and processing it through First Insight’s proprietary algorithms, ElastiCast enables merchants, planners and marketers to analyze various pricing scenarios and predict how consumers will react to different price points throughout the product’s lifecycle — from initial pricing to markdowns to clearance. These results enable retailers to see the distribution of demand before they go to market, so they can set prices based on data.

Amazon Brings Prime Delivery Challenge To Grocery Industry

A long-awaited result of the Amazon-Whole Foods acquisition is finally here: Amazon will start delivering groceries from Whole Foods via its Prime Now one- and two-hour delivery service in select markets, including Austin, Texas; Cincinnati; Dallas; and Virginia Beach, Va. The service is expected to expand into more U.S. markets throughout 2018. Prime…

AI-Driven Analytics: Taming The Wild World Of Grocery Data

When it comes to gathering data, few retail categories handle a greater volume than the grocery business. With potentially hundreds of thousands of SKUs and millions of transactions, it’s no surprise that supermarkets have been at the forefront of many important data-driven innovations over the decades, from barcode scanners and panelist data to loyalty programs and even the humble coupon. But this is also a crowded marketplace with fierce competition, including brick-and-mortar specialty food retailers and the expansion of grocery sections in big box stores. Then, of course, there is the loud march of e-Commerce into the grocery space providing a myriad of pickup and delivery options, while the biggest online behemoth, Amazon, is shaking up the entire space with its recent acquisition of Whole Foods. Grocers are well aware that in order to keep up, they need to leverage their hard-earned data and glean the best insights from consumer behavior and shopping preferences.

Retail Price Myths Broken Down: The Shoppers Speak On Their Views Around Pricing And Promotions

In an era of ubiquitous Big Data, and where shoppers increasingly engage online at every phase of the purchase journey, we should have a more detailed understanding of shopper perceptions around price and promotion than ever before. Yet the reality is that retailers and industry pundits all too often blindly rely on conventional wisdom that is frighteningly out of synch with shoppers’ true sentiments about retail pricing and promotions. Rather than second-guess what’s in shoppers’ minds, we at Revionics decided to go straight to the source, commissioning Forrester Consulting to survey shoppers in the U.S., UK, France, Germany and Brazil.i

PricePong Launches AI-Based Price Negotiating System

PricePong has launched a price negotiation system designed to allow shoppers to "make an offer" for the price they would like to pay on select items. The pricing system is programmed to use personal data from customers' profiles to deliver a personalized experience.

How To Track Competitor Prices With Machine Learning

Today, keeping loyal customers is easier said than done. Since there are a fair number of retailer brands to choose from, companies are finding it harder than ever to continuously hold on to customers because they can easily switch from one store to another. However, companies that are able to stand out from the competition do so by, for example, unique branding ideas or incredibly competitive prices. What should you focus on?

American Express Drops POS Signature Requirement Worldwide

  • Published in News Briefs
Beginning in April 2018, consumers using American Express cards at any point of sale around the world will no longer need to provide their John (or Jane) Hancocks. American Express already had eased signature requirements for purchases that were less than specified dollar amounts in the U.S., Canada and the…

Amazon Prices Average 56% Higher Than Costco

  • Published in News Briefs
Amazon has solidified its retail success with sophisticated pricing solutions, along with the convenience and “stickiness” of its Prime service. But in a head-to-head matchup with a key competitor, Amazon is a decisive loser when it comes to offering lower prices. A study that matched prices on 38 commonly purchased…

Will Amazon Marketplace Discounts Deepen Holiday Price Wars?

Merchants carefully design their pricing and promotional plans for the crucial holiday season in order to meet revenue and profitability goals, but those well-crafted plans can be driven off course by unanticipated price wars, precipitated by e-Commerce sellers that violate brands’ Minimum Advertised Price (MAP) agreements. Unfortunately, according to data…
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