Price Optimization for Retail
Data-driven
approach
It is an efficient ROI solution for product market repricing. Many levels are available, from specific competitor stores and hypermarkets to even countries and continents. In certain areas, this software is the best option. Even beginners who don’t have any experience working with this program will be able to master the software, thanks to the user-friendly interface and great variety of algorithms. Price optimization will help you increase your sales in a short time period. Solutions and strategies are based on data that is refreshed regularly. We have already propelled a wide range of retailers to success.
How it works
We hold a briefing to set the objective: what results in terms of which business indicators we plan to achieve through price optimization. We build a pricing strategy.
Analyse the historical data set
Relevant analysis is possible if qualitative data on sales over a period of 1.5 years or more are available.
Constructing a multi-factor demand model
Determine demand structure, volume, dynamics, and price elasticity.
Constructing an influence matrix
Identify dependencies between commodities and understand how cannibalization works. Identify KVI commodities.
Teaching the model
Making sales forecasts assuming different prices
Among all price options, choose the best prices to achieve the target KPIs.
Providing training for the model
3 days