3 Things That Make Price Management Profitable
What makes retailing profitable? The ability to set prices at that perfect spot of not-too-expensive and not-too-discounted. If prices are set too high, shoppers won’t buy any products that cost more than their perceived worth. If prices are too discounted, retailers suffer by losing money on products they invested in. Price management needs to be profitable so it must be consistent, on point, and customizable.
The more channels a retailer operates on, the more important it is that there be consistency. ChainDrive moves you past the manual pricing of yesterday by providing price transparency across the entire enterprise. Because you can see and evaluate all price change actions, you can see how effective your price change decisions are. Because you have a promotional rules manager based on conditional logic, you can set and apply rules that result in consistent profitability on every channel.
Performance metrics that can be analyzed in real time give you the ability to find the perfect price point that is good for your customer and profitable for you. Only having the historical data isn’t going to give you the information you need for accuracy because you need the dynamics of what is happening in the product lifecycle in real time for a comprehensive analysis. But this type of analysis requires sophisticated software tools that are designed for retailers.
ChainDrive’s Integrated Retail Management solution includes the sophisticated tool that retailers need because it was designed and is consistently updated with the input from retailers who are competing in the market today. For example, promotional campaigns no longer happen one at a time in a multichannel environment. Customer-specific promotions need to be integrated with your CRM, different zones might be running different promotions, etc. You are able to set different prices for multiple, concurrent promotional campaigns and manage them easily because ChainDrive Price Management allows you to decide pricing that is automatically applied and transparent at the point of sale.
All the tools that retailers need for price management tasks and more are found in ChainDrive. Our price management component is part of a professional retail management suite that is fully customizable and backed by a highly ranked support team. ChainDrive gives you the tools to make your price management profitable.