You’ve found the ‘right’ software for all that ails your organisation but your boss is less than convinced. Why does this happen? The solution you’ve found does everything you need it to and then some, and most importantly it would solve a massive business problem you, and maybe even your boss, face every day.
You’ve probably heard it by now, data is the new oil. Organisations are increasingly turning to data and its cousin, analytics, to find actionable insights that will give them the upper hand in a competitive market.
But how to get beyond the hype as the best analytics are only as good as the decision-making process it feeds into?
Getting your pricing right is important. It doesn’t matter if you are running a small legal practice in Adelaide or running marketing for a multinational retailer, missing the mark on your price points can have an outsized impact on your business.
If getting the right price level in place isn’t hard enough, one thing often lost in the discussion is the impact of the competition. Whilst this makes sense – after all very few organisations have a monopoly – there is a fine line between paranoia and ambivalence when it comes to considering competitive forces in pricing decisions.
The retail landscape is more volatile than ever before. Okay, this isn’t exactly news, but one development which has given a lot of brick and mortar retailers pause for hope is price tracking. This isn’t the secret shopping programs from the 1950’s and 60’s. Instead, this is price tracking utilising advanced technologies such as artificial intelligence to give traditional retailers the help they need to thrive in an omnichannel world.
Of the challenges faced by brick-and-mortar retailers today, one of the biggest is how to manage their pricing strategy – especially with the rise of price transparency and other price tracking technologies.
Price. It may be the single most important element to impacting a customer’s decision to buy; either online or offline. Add to this the fact that markets are always changing and the need to have the right pricing strategy is more important than ever.
Love it or hate it, the emergence of price transparency has irrevocably altered the competitive landscape. In fact, you’d be hard-pressed to find a market where vendors are able to continue to rely on opacity in their pricing. Read more
Before you go shopping, do you compare the prices in different stores before finally settling with the best price? If you do, you’re really not alone. In fact, 86% of consumers actually browse through and compare the prices of products at different places before they finally make that purchase.
From time to time, big companies try to outrun their competitors by enticing customers through one of the most effective ways they know customers respond to – pricing.