Successful Price Management Requires Data
ChainDrive’s Price Management component is an essential part of the integrated retail management solution for today’s omnichannel retailer. Why? Because when multiple channels are part of a retail business, pricing gets complicated. Price management needs to have accurate, real-time, comprehensive data along with the tools to utilize that data in order to be successful.
Oversimplified pricing models might seem to work well, but the truth is that pricing is no longer simple. Competitor’s pricing, historical sales data, seasonality, price elasticity, and more have to be part of a dynamic price management strategy. That means that the data being used for analysis and subsequent decision-making has to be accurate. Without accurate data, retail pricing is a guessing game.
ChainDrive automatically collects data at point-of-sale and throughout the enterprise. Automatic collection of data removes the potential for human error due to manual input. It also enables access to immediate status updates.
Online pricing adds to the complication of price management because it can fluctuate rapidly. Therefore, online pricing is most effective when it happens automatically, responding to preset parameters in real time. This is because competitors are repricing frequently, as often as every ten minutes in some cases. Manually monitoring prices of competitors is inefficient and costly because it takes too long in today’s market.
ChainDrive automatically collects data in real time and provides the tools to keep pricing up to date according to your own predetermined rules. Respond to the fluctuating price challenge with confidence that you have accurate, real-time information for immediate action.
Price management requires the ability to see all the factors involved in making pricing decisions. All channels, product life cycles, geographical zones, and more must be easy to access and analyze. Data must be comprehensive so that analysts can see all the details, create accurate simulations, monitor price performance, etc. with confidence.
ChainDrive collects data in a format designed by professionals in response to retailer’s requests. Instead of putting pockets of data in various places, all data is stored in a centralized database. This system-wide secure foundation is only accessible by authorized users. It provides a complete source of information that is reliable for monitoring and analysis. Price management can be maintained with enterprise-wide transparency and real-time performance metrics.
ChainDrive enables successful price management with data that is accurate, real-time, and comprehensive.