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Unfortunately, many retailers fall short when it comes to price optimization, particularly in terms of managing their markdowns and promotions. They end up with only a fraction of the benefits they could have had.
Perhaps the solution wasn’t the right fit, or they rushed into it without the time to strategically manage the solution. Some retailers allow preconceived notions stand in the way of the pricing efficiencies that the solution could have delivered. Pricing optimization is a complex undertaking where the full benefits can only be achieved by paying sufficient attention to it, and by heeding these seven lessons.