Price Optimization takes Center Stage at the Retail Technology Conference
Next week Revionics will be in the audience, proudly watching our customer and partner, Mark Kelso of Pamida, present at the 2011 Retail Technology Conference. Mark has a great presentation lined up that speaks to Pamida’s strategy and related results of their test-and-control price optimization initiative. Retail technologists should take note, as this is a rare opportunity to hear first-hand how a technology investment drove significant increases in sales and margin dollars in a difficult economy.
Why prioritize a price optimization initiative?
Consumer demand patterns and price determination have changed. We can all see it in our own lives, consumer choices, and the value focus. The question is…have you up-leveled your analytical technologies that help category managers and pricing analysts make the best decision on what your prices should be? Do your pricing tactics align and help you meet your category roles and goals?
Do you take elasticity, psychological rules, business practices, pricing image, and merchandising strategies into your price determination? Are you able to successfully manage the prices related to KVI driver products and all the price points for your private label products and good-better-best relationships?
Your pricing image and price determination is too important to the consumer view, response, and performance to go overlooked. Merchandising granularity has forced retailing to move from national to regional to geographic to demographic and to unique by store. As we develop our localization and one-on-one marketing plans, the right price for the right location becomes more paramount.
The pressures are building … increase sales, maintain margin, grow the basket size, and increase traffic… All at the same time! The Retail Technology Conference is an excellent opportunity for those attending to network and learn from one another. Revionics will be there to share case studies, and discuss how we can support the development of pricing tactics that align your category roles and definitions so they become a reality. We can quantify bringing multiple goals and business rules into a sales, profit, and margin perspective…thus making the alternatives a fact-based discussion that is driven by your customer’s behaviors.
Interested in attending the RTC? It’s not too late to register! Hopefully we will see you in beautiful Orlando, Florida.