In this RIS News article, DemandTec President Cheryl Sullivan explains how retailers can use proven strategies to get pricing right even when there is a crisis. She provides an explanation of the three recommended strategies:
- Structure your pricing systems and processes on the assumption that crisis is the new normal.
- Focus on the long-term customer relationship and business structure.
- Look holistically at the whole price lifecycle.
As Cheryl concludes, “Retail has never been for the faint-hearted, and the environment today and for the foreseeable future remains daunting. Fortunately, retailers who strategically adopt and use modern, data-driven price, promotion and markdown tools can compete more effectively and profitably – all while presenting their shoppers with prices they that engage them on the products they care most about.”
Click here to read the article in its entirety.