Retail Pricing Solutions: How to Make an Investment That Pays Off

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.