This article in Retail TouchPoints by DemandTec President Cheryl Sullivan explores current and long-terms impacts from COVID-19 on the retail landscape. She explores how the need for science-based pricing is greater than ever, enabling retailers to keep customers engaged while they simultaneously craft their desired price image and protect business and financial results.
She notes, “Retailers need machine learning-powered insights and analytics to continually reassess price sensitivities and competitive elasticities across every item in the assortment, to know where they must be aggressive on pricing to retain their customers’ trust and loyalty. They also need to understand where sensitivities are less acute, enabling them to recover margins to sustain a healthy business. With real-time algorithms that accurately read demand signals and suggest prioritized price recommendations to respond to those signals swiftly, retailers can remain tuned to their shoppers and succeed where others will falter and fail.”
The full article can be viewed here.