Can Dynamic Pricing Save Retailers From the Discounting Drug?
Is the price right? That’s the question retailers are asking with a heightened sense of urgency in the era of digital shopping.
And it’s no wonder.
The $1.9 trillion global ecommerce market has flooded the retail sector with a stream of products moving through the digital pipeline.
As a result, thousands of price changes are now rippling through the omnichannel shopping landscape amid the rise of born-in-the-web, dynamic pricing.
Today, it takes Amazon two minutes to make a price change, compared with 43,000 minutes, or just under a month, for a U.S. ecommerce site. And the U.S. offline market averages a staggering 270 days to make the change.
Meanwhile, shoppers can compare prices on countless products in seconds on their smartphones, creating an unprecedented level of pricing transparency across the retail landscape.
Forced into a defensive crouch, retailers and brands are resorting to rampant, haphazard discounting that erodes brand equity and profit margins. And it’s hurting their top and bottom lines.
To level the playing field, retailers and brands are turning to Intelligence Node’s price optimization solutions to meet the demands of a radically changed consumer-buying climate.
The dynamic pricing tools from the technology product and service provider leverage sophisticated analytics based on a blend of consumer insights, sales data and competitor benchmarking, nimbly adjusting retail prices for maximum profitability in real time.
Its Incompetitor flagship product mines a massive trove of data globally across one billion-plus unique products, more than 1,100 categories, and over 130,000 brands, making Intelligence Node the world’s largest product database — which sets it apart from competing price-optimization solutions on the market. And it offers this unmatched data on a single platform, and a single dashboard.
These days, business intelligence is key to surviving and thriving in the retail sector.
Here’s how retailers and brands can leverage price-optimization technology to gain a competitive edge in the new dynamic pricing landscape.
Download the full dynamic pricing report :http://info.intelligencenode.com/can-dynamic-pricing-save-retailers-discounting-drug