As a starting ground for establishing good price points, it is crucial to consider the phenomenon of the elasticity function. In short, it means finding the particular price point, which helps anticipate the number of items that can be sold at different prices. Besides, the approach should increase a certain parameter of choice, for instance,…
What is ‘Competitive Pricing’ Competitive pricing aka competitor-based pricing is a retail pricing strategy that considers competitive prices, promotions, and inventory data to set retailer’s prices. It makes a part of the dynamic pricing. According to retailers’ business goals, such prices can be equal, lower, or higher than the competitors’ ones. This approach is very…
First step The first thing you need to do when working on a competitive database is deciding what type of information you will include within it. It can be anything from the competitor analysis, sales history, product features, pricing history, and customer satisfaction surveys. It would help if you incorporated all of this data into…
Consumer electronics are one of the most significant contributors to retail trends for the 21st century. It is the computer industry that has created the most important number of trends in retailing. The computer industry has created new and innovative ways to sell products and has changed the face of retail with its revolutionary PowerPoint…
Dynamic Pricing Data Requirements This strategy relies heavily on qualitative data. Whether it is your rivals’ prices, stocks, and promotions or your own sales, promotions, prices, and costs, every single variable is crucial in order to apply dynamic pricing successfully. Retailers need to gather an incredible amount of information from a number of different sources….
Machine Learning When we think of artificial intelligence, we think about complex machines that are facilitated by advanced computers, matching or even surpassing the abilities of the human brain. This view is a specific type of artificial intelligence called Narrow AI. Narrow AI technology is able to do certain actions just as we humans can,…
Artificial Intelligence in Retail Artificial intelligence is the next big step in the development of retail. It helps set optimal prices for goods much more accurately than people are able to. Through the use of chatbots and automation, for instance, companies are able to learn more about their customers so they can personalize services. AI…
What retail industry promises in 2021? The future retail trends are very promising and also the retail employees who are employed by these retailers now are going to get highly lucrative bonuses in the future too. The future for retail in the United States of America is indeed very promising and it will be an…
Pricing Strategy According to a recent PwC survey, 44% of respondents made weekly purchases at offline stores in 2018, i.e. 4% more than in 2015. In addition, only 21% of respondents said that they mostly buy online Nevertheless, although offline retail still holds its position, buyers are increasingly using digital tools to find the best…
Why you need to monitor competitors According to a Forrester Consulting study, 81% of shoppers compare the prices of several stores to find the best deal. This is due to the publicity of prices for online stores. The optimal price of the product significantly increases the likelihood of buying it in your store. Determine the…
