Optimize Grocery Pricing with DemandTec
Competition in retail grocery continues to escalate and evolve as stores fight for the attention of ever better informed and price conscious customers. In response, merchandising and markleting managers can adjust different aspects of the marketing mix to help drive demand, but of those, price optimization is typically the most complex, challenging, and critical to business success.
Consumer reactions to prices are driven by a wide range of interdependent variables, including price elasticity, regional differences, seasonality, trade promotions, shelf placement and more. With so many variables to consider, and the consequences of failure or success so mission-critical, retailers must adopt robust, science-based decision processes and analysis tools to enable retail price optimization.
Leading Grocery Chains Select DemandTec
That's why leading grocers around the world are using DemandTec retail price optimization functionality to elevate pricing to a more strategic component of their overall merchandising strategy.
Rather than basing pricing on cost-plus strategies, what they have done in the past, or reacting to competitors' pricing, DemandTec grocery customes are leveraging powerful consumer, demand and market insights to optimize retail pricing for every item in the store in order to achieve volume, sales, profitability and price image goals.
DemandTec Grocery Price Optimization Solutions
DemandTec retail price optimization solutions provide grocers with essential capabilities not available from any other single solution provider, including the ability to define and optimize consumer-centric pricing strategies based on consumer, demand, and market insights:
- Leverage superior insights into price elasticity, consumer demand inside and outside your stores, and competitor actions
- Determine the right balance of EDLP and Hi-Lo pricing
- Validate and refine price zones, image items, and category roles
- Define strategies and optimize prices across the complete product lifecycle - initial, everyday, promoted, and markdown pricing - given local market demand and competition
For more information about grocery price optimization, you may contact us via info@demandtec.com or by phone at 650-226-4600 |
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info@demandtec.com
650-226-4600
Whitepapers
Learn more about grocery price optimization and consumer demand management from our series of informative whitepapers.
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