Retailers everywhere are recognizing the emerging value of next-generation price optimization tools—powered by artificial intelligence (AI) and machine learning (ML). Where pricing and sell-through were once largely based upon rigid markdown rules or a haphazard arsenal of promotions and markdowns, tech-savvy retailers now harness the power of advanced data science to achieve the highest possible margin from every SKU.
Whether your company is finally ready to consider adoption of price optimization solutions or seeking a fresh perspective where previous strategies fell short, we offer eight key points to help guide your decisions.
Pricing reflects upon core brand identity more than most retailers realize. Effective markdown strategies can factor into overall positioning.
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.