How To Implement Effective Price Management
Price Management is much more than making sure the right number is on the tag. Effective price management means that the number on the tag is appropriate because the pricing has been analyzed accurately and fine-tuned for location and promotional campaign. ChainDrive retail management software has a price management component that can handle analyzing price appropriateness and improve price responsiveness with ease.
Analyzing Price Appropriateness
In order to analyze pricing strategies, all pertinent data needs to be available. The ability to access historical data in various configurations and compare it to real-time information is vital to the process. Tracking and analyzing changes will reveal which price point has the effect you are interested in.
ChainDrive’s integrated database is a secure depository for all your information, and because it is centralized, it provides all the data from one end of the business to the other. This enables authorized management access to exactly what is needed for analysis of past pricing strategies and provides real-time monitoring of price change decisions over time.
Improving Price Responsiveness
Real-time monitoring means price responsiveness can be fine-tuned for maximum effectiveness. Multiple, concurrent campaigns, geographical zones, web stores, and customer-specific promotions can be automatically applied. Prevailing market conditions can be accounted for. Responsive pricing is transparent at the point of sale and meets the expectation of today’s retail customer. The right price, at the required time, at the point of sale is the target that price management is aiming for.
ChainDrive’s Retail Price Management Software goes past the basic out-of-the-box platform to an intuitive, user-defined component that integrates with the rest of the suite to provide retail management with exactly what is needed, precisely when it is needed. This responsiveness to the pain points of the retailer is a basic premise of the designers — experienced retailers who know the complexities of the industry and appreciate the need for tools to effectively run a multi-channel business.