We know that for many retailers and CPG companies, AI/ML solutions represent a game-changing technology. Yet, this journey seldom comes without a few expectable “growing pains”—from adoption and scale through a fully-fledged data-driven transformation. For multiple internal stakeholders across an organization, the end-to-end process can seem quite daunting—especially without a well-defined plan.
Effective retail price optimization is essential for increasing profitability, driving revenue, and enhancing customer satisfaction. As we navigate through the economic aftermath of the pandemic—inflation, supply chain uncertainties, and other lingering disruptions, successful retailers are leveraging advanced, data-driven price optimization solutions. We’re proud to be featured as a top-ranking vendor in the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment. This annual IDC report is an indispensable guide for retailers looking to get ahead of the competition.
This is the 2nd part of a 2-part series. Read my previous blog Measuring Pricing Effectiveness: Key Metrics
Deciding what metrics to measure leads to the next big issue: How to Measure. Often the problem is not so much in the measuring but in the comparison. Measuring the revenue is only useful if you can compare it to a baseline of revenue to know whether the result is good or not. Summarized, there are four basic techniques, each with advantages and disadvantages:
Pricing Solutions have been around for many years in retail, and commonly the question is asked: Well, do they work?
Unfortunately, the answer is not easily determined because it has been challenging to decide what is meant by success and even harder to measure success. Measurement needs to be built into pricing projects from day one, and these measurements need to align with the pricing activities.
April is Earth Month, so let’s talk sustainability. Businesses across the world are increasingly recognizing sustainability as a critical element of their operations. From reducing environmental impact to improved margin expansion, organizations everywhere have embraced sustainable practices but how can they make sure these measures pay off? This blog outlines five ways in which CPG companies may maximize the advantages yielded by sustainability and how Artificial Intelligence (AI)-driven demand forecasting and optimization models can help them realize those benefits—including increased margin.
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