When I talk with prospects about choosing the best pricing intelligence solutions, I tell them to visualize a poker game where they win the pot regularly and consistently. As you know, in the game of Poker, you are dealt a certain set of cards on which you must base your bidding. You bet on whether you think you have the best hand and then compete with the others to win the pot.
I tell retailers to imagine that in "retail pricing poker," the other players around the table are your competitors, your hand is the price you are offering, and the winner of the pot is the one who makes the sale.
Based on the tremendous advantages that price intelligence solutions now "bring to the table," the smartest retail pricing poker players gain the ability to bid wisely and win practically every time. Here's why:
With the use of Retail Intelligence Solutions:
1. You know exactly what cards the others are holding!
2. You know before every peak trading period how your competition is likely to play the game so you can anticipate every move and be one step ahead of them.
3. You can codify your competition's historical pricing strategy to give you decisive power.
4. With automated dynamic pricing solutions and predictive analytics, you can, if you wish, play 24 hours a day, 7 days a week.
5. You can bid with high confidence that the information you are getting about your competitors' hands is correct.
Bottom Line For Your Bottom Line
Of course the best hand doesn’t always win in poker and that’s also true in the retail world. Other factors influence the buying decision, such as the retailer's strategy, and the ability to foresee how the other players are likely to play the game before they even sit at the table.
A dynamic repricing tool can process all that information and ensure that wherever there’s a pot to be won, there can only be one winner, and that winner will be YOU.