5 Pricing Optimization Master Classes Learned from ChainDrive’s Price Management Software Users
By Mercy Gracy Antony · PUBLISHED August 6, 2020
Find out how price optimization, best practices and smart pricing tools can help you improve your retailing guerilla skills and your bottom-line performance within your market vertical. So, let’s dive in and let’s examine which key performance indicators, metrics and skill sets work best for today’s changing landscape and retailing business models.
Based on our professional experts’ s extensive experience in retail management deployments and various benchmarking case studies, most vendors are concerned by the following issues and challenges:
#How to streamline operational efficiencies?
#How do you maximize profits to achieve the right volume and margins?
#How do you cope with market volatility or make rules-based decisions?
#How do you make well-thought pricing decisions but faster?
#How do you set superior pricing strategies and execute them seamlessly from anywhere and everywhere using a smartphone, tablet or computer interfaced solution?
#How do you enhance control, compliance and data governance in real-time?
But first, let’s define the scope and spectrum of retail price management systems and implications in the day-to-day retail operations.
What is B2B Price Optimization and Management Software?
Price optimization and management software enables retailers like you to efficiently manage and scale up your retail pricing tactics of goods and services. Lately, these offerings have begun to support a wider range of smart selling tools — such as preemptive recommendations and customer churn notifications. Some retailers focus on the back-office price management and product management roles while other vendors focus on providing business intelligence and predictive analytic tools to help sales teams make informed decisions on-time, on-target and on-budget. This new generation of market intelligence solutions made by Multidev Technologies focuses on vendors whose software supports various B2B and B2C business models and platforms. ChainDrive Price Management Software belongs to this new breed of smart solutions used by multiple market players and verticals, including wholesalers, eTailers and distribution channels.
#Price management is one of most essential tools used nowadays by vendors of all sizes to improve their bottom lines. If you want a more profitable retail chain, no matter what industry or market niche you serve, you need to get a good grip over price changes and adjustments to the right personnel and develop tailormade pricing strategies that encourage customers to buy more products and spend more money in your stores or online through web order applications and gateways like eComDrive .
Here are five priceless lessons and tips on how to rev up your pricing tactics and battlefield skills
1.Set prices based on predefined zones or regions – Whether you organize your retail chain by state, regions, cities, or another geocentric way that best defines how you do business, you can set your prices based on those parameters. With centralized price management, you can set all the prices for all merchandise in a particular region for a given time period, or you can make the necessary price changes for each specific product. Either way, you need to pre-define your targeted zones and set your prices accordingly.
2.Deploy promotional campaigns – Promotional campaigns can be based on your pre-defined target zones or execute across your entire retail chain. They can be seasonal, timed for a particular event, or permanent. Nevertheless, the way you manage your promotional campaigns and outbound marketing efforts will most likely have an impact on your sales and dollars spent per customer.
3.Monitor, track, and analyze sales performance – When you keep your eye on the sales numbers–across the value chain, by zones, and by store–you can use that information to establish your price performance indicators. Creating a discount event can lure more customers and therefore spur more buying at a particular store that might be struggling, or promote an event in one town with a specific product price discount in order to drive traffic to your store during the shopping calendar or outside the usual shopping seasons.
4.Establish initial markup minimums – If your store managers set their own prices, you can control their minimums by setting an initial markup across your entire retail chain, department store or outlets. Retail managers can go higher based on their geography, but they can also establish minimum thresholds to ensure a specific percentage of profit per product is maintained.
5.Maintain access to price changes – Not everyone should have access to your price control tower; hence the importance of administration firewalls and access rights. Keep it under control so you can manage your innovative pricing manoeuvres across the organization without losing your sight on the competitive landscape.
ChainDrive Price Management Software and smart tools are designed to help you analyze your data. It will also provide you with detailed insights into your pricing performance while making sure that optimization leads to greater revenues and more profitability; provided that all winning recipes are put to practice.
Not only it is user-friendly, this #optimization software allows vendors like you to conduct insightful benchmarking comparisons that are valuable when it comes to monitoring competitive pricing strategies and the retail ecosystem.
ChainDrive Price Management Software can therefore be used to analyze product positioning or assess the level of business competitiveness; which eventually helps improving profit margins while allowing authorized users to make better-informed and better pricing decisions across the value chain.
Last but not least, this fully-integrated software allows vendors to make custom-tailored pricing strategies in a seamless environment. Should you still have additional enquiries or want to find out more about how Multidev’s retail management advisers can help you step-up your heavy-duty retail operations, just dial the toll free line at 1800.820.1412 to book a free demo log on the following link website.