IBM Dynamic Pricing enables merchandisers to create and optimize pricing strategies in real time to out-price the competition. This cloud-based offering automatically recommends an online retailer's optimal response. It combines web data, such as page views and cart abandonment--along with sales, inventory and the latest competitive pricing information--and uses pricing intelligence to recommend the optimal pricing action to achieve your business goals.
Pricing Solutions Ltd. (www.pricingsolutions.com) is a consulting firm focused on helping its clients achieve a world class proficiency in Pricing. The company, established in 1993, distinguishes itself with its ability to develop effective pricing strategies to optimize profits and market share and its commitment to follow projects through to implementation. PSL serves a wide range of clients in both B2C and B2B environments throughout North America and Europe from offices in Toronto, Boston, Dallas, London, Singapore and Mexico City. PSL provides complete end to end coverage of pricing issues through our offerings. Reporting to the Director of Research and Analytics at Pricing Solutions, the SENIOR ANALYTICS CONSULTANT will be supporting our project teams on an ad hoc basis with work in database management, data analytics and modelling.
Basically, this means determining the most your customer would be willing to pay for your product or service. Value-based pricing is less effective in very heavily saturated market, where you are more likely to be undercut by another business. Ideally, you should be able to offer higher quality, more convenience, or more streamlined experience in order to succeed with value-based pricing. An example of value-based pricing would be if you were a website designer who typically charges by the hour. As you become more skilled and can offer a high-quality product in a few hours, you may be designing a client's entire website in half a day at a bargain rate.
Big data has already revolutionized several businesses across the globe. Marketing and sales have definitely been on the top of the list. Big data technologies have been helping marketing and sales professionals better define products and services and managing sales network. According to Forbes, the impact of big data has been about 48% on the new age customer analytics, 21% on operational analytics, 12% on compliance/fraud, 10% on new product / service innovation, 10% on enterprise data. Further, it has been a top tool for influencing how marketing managers have been able to gauge Customer Value Analytics (CVA), allowing them to deliver a highly consistent and improved customer experience across all channels.
You can call yourself a guru of retail pricing if you can make the right pricing decisions for every one of your products, separately and combined, based on their demand elasticity at any given moment. Each of your pricing decisions has to help you reach all of your current business goals and ensure the best shopping experience at the same time. In other words: to find a balance between your profits and traffic. Let's take a step back to where everything begins – your business strategy. The company's strategy is supposed to be converted into its pricing strategy and subsequently into pricing tactics.