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The Science of Pricing During a Crisis: 3 Strategies to Keep Retailers on Track and In Sync

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:

  1. Structure your pricing systems and processes on the assumption that crisis is the new normal.
  2. Focus on the long-term customer relationship and business structure.
  3. 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.