For many retailers, price optimization is not being implemented appropriately because of the lack of communication between the supply and demand cycles. As a result, retailers are
Pricing optimization is one piece of the riddle but being the key piece of the riddle the mystery cannot be solved without it. The use of price optimization techniques in conjunction with demand forecasting, regular price resets, store planning, product lifecycle management (PLM), and supply management can help a retailer achieve its revenue, profit, and margin objectives. This is important in order to gain competitive edge and provide the best customer experience. Having all the solutions in place does not guarantee that a retailer will achieve all of its objectives. Retailers need to pick the appropriate vendors with the mix of end-to-end solution capabilities that meet their core business requirements.
Stay tuned for the next blog post where a matrix of retail solutions will be provided for the end- to-end solutions with price optimization.
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