Pricing reflects upon core brand identity more than most retailers realize. Effective markdown strategies can factor into overall positioning.
Many retailers base their pricing and markdowns on strict playbooks that were written long ago—before advanced data science was even ‘a thing’. We look at scenarios where nuanced AI can dramatically improve profitability across the lifetime of every SKU.
Artificial intelligence is rapidly emerging as the key driver of pricing strategy across the retail world. Yet many late-to-the-party retailers still struggle to grasp its full potential—or were quick to jump on the bandwagon of early data-based options that failed to live up to expectations.
This newly expanded resource examines specific points to consider regarding adopting—or enhancing—data-driven pricing, promotions, and markdowns. These eight critical lessons can help build a compelling business case for any retailer to turn to AI-powered pricing optimization solutions.