Making pricing customer relevant will strengthen your brand and improve cash margins
Pricing is becoming more important in a competitive world and is fundamentally part of a brand promise.
A retailer's competitive position, however they establish it, has to be consistently reflected in pricing.
With price visibility and price comparison being so easy, it is critical to stay price relevant to customers.
Without proper pricing capabilities it becomes harder to extend channels to increase market share.
Retailers must be able to optimise pricing as they grow, and also ensure promotions continue to stay customer relevant. Doing both will increase margins. Our experience is that with price and promotions optimisation, retailers can increase margins by 1-3%.
That will also allow a retailer to grow internationally, launch more concessions, focus on wholesale, and franchising.
None of this works if retailers are not price appropriate. We at itim are leaders in price optimisation.
itim’s key to success
Technology is at the heart of optimising pricing as retailers need to ensure pricing and promotions do not stop them from achieving sales and cash margin targets.
That means understanding price elasticities, halo effects and cannibalisation effects within product categories and families. It may also mean doing differential pricing and promotions across customer segments and regions.
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