Find The Balance In Price Management
There is definitely a balancing act happening in Price Management because a good price point is narrow. It’s tricky to consistently keep pricing on-point across the growing channels of an enterprise. On the one side, the customer wants the lowest price possible because everybody likes a bargain. On the other side, the retailer needs to ensure profit because the business requires it. Fortunately, ChainDrive provides a way to find and maintain that balance with the Price Management component.
Automate and Integrate
Prices depend on many factors. In the past, price management relied on spreadsheets and manually inputting data so updating prices was a complicated process that could tip the balance too far into the red. But ChainDrive utilizes a centralized database and automates the collection of information so data is collected as it is generated and can be integrated as necessary across every channel.
This enables pricing to be consistent and transparent, so a customer who researches a product online, for example, sees the same pricing in the store. Loyalty discounts that apply to that item are reflected consistently as well.
Tools To Maintain The Balance
ChainDrive Price Management has been designed in response to the real pain points that retailers have experienced and requested solutions for. The tools in this component enable tasks that immediately restore and maintain the balance on that optimal price point:
- Setting prices by geographical or pre-determined zones
- Creating promotional campaigns – permanent or timed
- Controlling access to all price changes
- Analyzing, monitoring, and tracking price changes and performance
- Setting initial markup minimums
- Changing prices by dollars or percent
- Creating user lists for price changes
Flexibility To Adjust To Changing Conditions
There’s something else inherent in balance — it has to adapt to what is happening. Promotional campaigns? Different zones? CRM factors? Supply chain problems? Catastrophic weather? A lot of factors affect pricing so ChainDrive’s Price Management component includes expanded analytical tools and reporting so that monitoring reflects exactly what is happening in real time. Since historical data is also available, that analysis is comprehensive and accurate.
All of the data in the enterprise is secure, too, all across the system. Only authorized personnel can access price changes and related actions. That means your price management stays on point, perfectly balanced, with ChainDrive.