Retail Pricing Solutions: How to Make an Investment That Pays Off
A smart, retail pricing solutions allows retailers to win customers, increase sales and profits, and differentiate from competitors. While some retailers are tempted to build their own applications, the best option is to buy third-party tools that empower pricing and merchandising teams while supporting other business operations.
When considering a solution, look for one that enables your team to monitor the entire product assortment—from the brand name level down to the individual SKU—in real time. This requires a retail pricing intelligence tool like Wiser, which gathers and analyzes your data to provide detailed visibility into your current prices and repricing policies at the product and store levels.
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In addition to providing a centralized view of all prices, including competitor prices on online marketplaces, a pricing analytics tool will allow you to set volume-based discounts for customer loyalty programs. This helps you retain your most loyal customers, which improves long-term revenue and profit.
A pricing analysis platform will also allow you to forecast demand. By analyzing past trends and market changes, you can predict shifts in customer behavior and adjust your pricing accordingly. For example, you may find that a white T-shirt is in high demand during the summer but isn’t selling as well in winter. By adjusting your price to align with seasonality, you can maximize profitability and protect your margins.
Best digitizing services offered by Mega Digitizing are used to create embroidery patterns from original artwork, which can then be sewn on products like caps, shirts and jackets. The process involves using a computer program to convert the original artwork into a digital format that an embroidery machine can read and stitch out on fabric. This allows for greater efficiency and precision in the embroidery production process and also reduces human error. The cost of embroidery digitizing services can vary significantly, depending on the complexity of the design and how quickly it is needed.
The first step in digitizing is to understand the artwork and determine if it will work well as an embroidered design. For example, logos that were originally designed for print media such as business cards will often need to be edited to make them more appropriate for embroidery. This could involve eliminating outlining, reducing the size of text, and simplifying the design. Digitizers also need to consider how a design will be “pathed,” which refers to the way stitches are arranged and positioned to create the desired look and feel of the finished product.
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A good digitizer will also consider the fabric and thread, which may change how a design looks. For example, if the design will be embroidered on a very textured fabric, the digitizer must choose the best underlay stitch to help balance this texture. The digitizer should also carefully assign embroidery stitch types to different parts of the design, keeping in mind factors such as density and the “push” and “pull” of the embroidery machine.