Intense competition is the norm and not the exception in the retail industry today. Consumerism has dramatically changed the face of retail and it has made it difficult for retailers to extract maximum margins while retaining customer loyalty in an increasingly cut-price environment. Legacy pricing is incapable of supporting frequent price changes across thousands of retail stores, multi-channel synchronisation, personal offers, selection of a single promotion out of a fixed list, or many other creative ideas. Consumers are forcing retailers to make retail pricing a highly sophisticated, algorithmically and scientifically driven business strategy in place of the simple calculation it was in the past. Interest in the Unified Price, Promotion and Markdown Optimization market is growing across the world as competition becomes more cut-throat and retailers merge, consolidate or acquire smaller firms.
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Initially, pricing optimisation was the exclusive domain of Tier 1 large retailers, but now the solutions are deployed in Tier 2 and Tier 3 retailers along with small or mid-size business in segments as diverse as grocery, electronics or wholesale. The Unified Price, Promotion and Markdown Optimization market have allowed cross-centric, mobile-first customers to up the competitive ante, forced retailers to refine their formats, products, and pricing strategies to just maintain relevancy in the market, let alone differentiation.
Unified Price, Promotion and Markdown Optimization market Drivers
Some of the main drivers of the Unified Price, Promotion and Markdown Optimization market are –
- Diverse channels – Retailers must offer their products and services in a way that transcends individual channels and is relevant to customers. The vast majority of retailers believe that the customer shopping experience should be consolidated across different channels – including the most recent addition, the smartphone. However, less than a third were satisfied with their current situation.
- Customer centricity – Customer centricity is more than local selections and is about understanding the business aspect of how and why customers interact with the organisation. Thus, gaining a sound understanding of the Unified Price, Promotion and Markdown Optimization market is critical to understand consumer interaction and response.
- Product proliferation – Carrying the right product in the right store and the right location is vital. Its common knowledge that more than 90% of all new consumer product launches end in failure. This harsh reality requires proper strategy and planning agility which is achieved through accurate store clustering and localisation efforts to target offers and assortments in a way that is customer-centric.
- Analytics optimization – To build and hold market position, retailers have to take advantage of analytics and optimisation. They must use analytics fully to optimise size, allocation, assortment and price planning. This exploitation is critical to gain accurate insight into the relationship between customers and products.
Unified Price, Promotion and Markdown Optimization market Vendors
Some of the Unified Price, Promotion and Markdown Optimization market Vendors are 360pi, Aptaris, Boomerang Commerce, Clear Demand, IBM, First Insight, Inc, Predictix, Revionics, SAP, SAS, Ugam, Upstream Commerce, Oracle, NTT Data, JDA, and Dunnhumby Price and Promotion (Formerly KSS Retail).
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