For every marketing team faced with margin pressures created by cost-cutting, embracing a science and fact-based approach to pricing is the new normal. Brand/category managers are under tremendous pressure to make millions of accurate pricing decisions. Most of them either end up matching competition, under-pricing or following the age-old practice of just marking up to get a certain margin percentage.
Industry leaders do not follow a one-price-fits-all strategy. They carefully alter pricing based on product lifecycle, competition, geography and strategic goals. Traditional rule-based solutions are inadequate in handling these decisions, which need the best of predictive analytics.
Impact Analytics’ $urgent is a price management solution that processes historical transactions data, competitor prices and other market signals to enable right pricing decisions. Key aspects of the solution are:
- Identification of and pricing recommendation generation for Key Value Items and Categories that drive maximum value perception
- Determine Price Elasticity at the store-SKU level, enabling simulation of price change effects
- Price Optimization engine powered by advanced optimization techniques to generate price-change recommendations
- Markdown trajectory management to avoid marking down too soon, too much
- The testing suite enables accurate framing of price change experiments in smaller, low-risk store-sets first and then rolling out across the network with greater confidence.
Impact Analytics’ $urgent is empowering brand and category custodians to win with pricing. A leading Fortune 500 retail client improved their top line by $19M using $urgent by efficiently pricing its elastic and inelastic products.