Is It OK To Lower Prices To Generate More Volume?

Clients often ask me if it makes sense to lower prices with the hope of improving profit via volume of products sold. I usually tell them that lowering prices in order to sell more volume is not necessarily a good pricing strategy. However, it’s always important for clients to know which customers are buying somewhere else and might switch to the...
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Are Brands Chasing Away Customers With These 4 Simple Mistakes?

Today’s race to personalization continues to be a rocky road for brands seeking the best — and right — ways to reach and influence their customers. What could irritate consumers enough that they would break away from a brand? What is a consumer’s most sensitive type of data? What could be the most egregious thing a retailer could do that would cha...
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Retailers, What’s In Your Price Optimization Playbook?

Using science as the key to actionable insights buried in big data, retailers have found they can effectively manage their inventory, set and get the right prices year-round, minimize markdowns, and, ultimately, perform profitably. To accomplish this, a Price Optimization Playbook is in order. Retail technology solution developer, Dr. Shai Geva, ...
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Scientific Approach To Big Data Helps Retailers Plan & Price With Confidence

“Everyone talks about the weather, but no one can do anything about it…” was a familiar old saying… that isn’t  exactly true any more. Since weather is a major factor in shopping behavior, today’s retailers are doing something about it. They’re looking at historic weather data found within big data to predict future demand and sales, make optimal...
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How Price Optimization Points The Way To Retail Success

Price optimization has fast become an essential tool for retail success and profit. In its briefest form, the magic formula for retail success is: “Price right, discount less, and manage your inventory for reality.” In longer form, retailers’ use of retail pricing analysis solutions employs science to harness big data and turn it into profitabl...
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How Retailers Are Using Price Optimization Solutions To Increase Profits

Retailers (finally) are realizing that the driver of their profit is price optimization. In short, using science to price right and reduce the compulsion to discount. A recent Bloomberg article showed both Ralph Lauren and Michael Kors reporting headway in profits — by offering fewer markdowns, executing better management of their inventory, and...
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Some Strategic Considerations For Price Matching

When a large company like Amazon eliminates price matching refunds on many items — most recently on televisions — there’s usually a very good reason. (Amazon isn’t the first and won’t be the last to start or stop matching prices). The most important pricing strategy question with which every retailer must wrestle is, when, where, and why and how t...
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Amazon’s latest gambit: Stores!  

In July 1995, a book retailer went online. Based in a garage in Seattle, the company’s early logo touted itself as “Earth’s biggest bookstore.” The original name for the company was to have been “Cadabra,” but when Jeff Bezos’ lawyer thought he said, “cadaver”, the name “Amazon” was chosen instead, not only to suggest scale, but also because the w...
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Back To The Future With Predictive Analytics

Here’s a guest article by ecommerce entrepreneur Patrick Foster.     Patrick writes: Big Data can be, and usually is… unstructured, unwieldy, and overwhelming. The secret to success with big data is knowing that it’s quality, not quantity, that counts. Some companies are swamped and stymied by big data, while those who zero in on the RIGHT da...
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Don’t Let Your Competitors Determine YOUR Profitability!

In today’s disruptive “retail (r)evolution”, retailers have to fight on many fronts simultaneously in search of The Holy Grail of success and profitability. Multiple challenges pulling on everyone include competition, customers, manufacturing, supply chain, globalism, omnichannel, assortment, pricing right, data analytics, etc.  So, today’s qu...
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Why Predictive Analytics Have Become Essential Technology For Retail Profit

Predictive analytics have quickly become an essential technology solution that retailers are eagerly adopting to compete and survive in today’s marketplace. Predictive analytics solutions let retailers use science to analyze Big Data… using patterns found in historical and transactional data to uncover actionable insights and opportunities, to ...
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Ten Top Retail Trends For 2017

trends-2017-on-computer-150Retailers have a pretty good idea which trends need addressing in the coming year — and beyond. They’re well aware that the retail (r)evolution includes all-encompassing categories such as consumer trends, seamless omnichannel strategies, the increasing inter-dependability of retail and technology, mobile (and mobile device) usage, big data anal...
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4 Brilliant Ways Retailers Can Offer Price Discounts & Still Preserve Margins: Rafi Mohammed

Pricing expert consultant Rafi Mohammed constantly amazes with his brilliant pricing ideas. This time he talks about margin-preserving strategies in a discount milieu. In recent Harvard Business Review (HBR) article, Mohammed wrote: “Retailers’ Holiday Strategy Doesn’t Have to Be ‘Discount Everything.'” First, the statistics: Analysts determined ...
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