Retail industry experts and DemandTec President Cheryl Sullivan shares her viewpoints in this article from Progressive Grocer, which you can read in its entirety online. In it, she discusses how grocers can use price optimization science to successfully compete for shoppers at a time of decreased loyalty, increased competition and shrinking wallets. She also explores the dramatic shift to online channels among grocery shoppers, and price imperatives that result.
As she notes, “In an increasingly unpredictable world, those with science-based pricing are best positioned to predict demand, get early insights into demand signal changes, and normalize historical data to better optimize prices, deliver optimal promotions, manage their supply chain, and ultimately build shopper loyalty and drive business results. Ultimately, science-enabled grocers are better able to achieve the holy grail of pricing: fair prices that engage shoppers and help ensure their loyalty, all while they know where in the assortment the business can recover margins to sustain a long-term healthy business.”
The full article can be found here.