How To Integrate Price Management Across All Channels
Today’s retail landscape is like nothing that retailers have seen in the past. Multiple channels, customers with smartphones, and vast quantities of data make navigating tasks like price management overwhelming if traditional spreadsheets and manual interventions are being used.
The reason that the price management methods of the past no longer are sufficient is the overwhelming proliferation of data coupled with consumers who can compare prices online. Price management needs to be consistent and transparent in real time.
Software Designed To Deal With Data
Professionally designed software for retail management provides the solution to this dilemma. ChainDrive’s integrated retail management software has been designed by experienced industry experts to address the needs of retailers today. For example, the Price Management component has these features:
- The ability to set prices by geographical or pre-determined zones
- The capacity to create permanent or timed promotional campaigns
- The accessibility to control all price changes
- The power to monitor, track, and analyze price changes and performance
- The flexibility to set initial markup minimums
- The adaptability to change prices by percent or by dollar
- The specification to create user lists for price changes
- The customization to add features unique to a particular business
Software can automate many of the processes that once had to be done by someone, eliminating the time lapse inherent in manual intervention. It also eliminates much of the potential for human error. Since the data is dealt with automatically, the result is real-time information. This results in a consistent, transparent price across all channels. Consumers researching a product see what their actual cost will be and what potential savings could be in pertinent promotions.
Multiple channels have become part of the retail landscape. ChainDrive’s Retail Price Management Software optimizes and integrates price management across all channels. This ensures profitability without resorting to unnecessary discounts.