Skip to main content

Intelligent Retailing-Dynamic Pricing and inventory optimization


When we talk about intelligent retailing we talk about the technologies, today used by retailer and eCommerce seller to offer better pricing by optimizing the inventory. Intelligent retailing includes a whole ambit of technologies like Big Data, artificial intelligence, machine learning, new sensor hardware and varied solutions stemming from them.


Dynamic Pricing and inventory optimization

These retail trends are designed to enable dynamic pricing, markdown optimization and inventory optimization so that retailers can plan quantity and pricing of their products appropriately. Simply put, cost savings for the retailer. The predictive pricing solutions include usage of daily/weekly/monthly data and uses historical trends and current sales metrics to forecast best pricing scenarios to help the retailer in promotion planning and to determine percentage of discount per product per region. Predictive inventory management and cognitive demand forecasting solutions that were demonstrated a way to optimize the stock and re-order at right junctures to reduce holding cost and unnecessary discounting to clear old stock. Using smarter inventory management tools using analytics and dashboards can also help the retailers to identify the hot-selling product categories enabling them to plan their assortment strategy in a more informed manner.
Over the last few years, we assume  that retailers are feeling the pressure of being left out if they don’t participate in seasonal sales and other events fear a possible loss of promotion as they the stock and earn good from this season sales. This is the reason of adopting intelligent retailing solutions which might enable the retailers to become more efficient in operations and optimize their pricing when and where needed. This would be help for retailer to make a complete strategy for this seasonal events tom earn more.

Labels:

Comments

Post a Comment

Popular posts from this blog

Quantitative Research vs Qualitative Research- What your approach

The process of conducting primary market research and collecting market research data and information can be broken down into two methods; quantitative and qualitative research. Each method involves a different process, and reveals different information. However, it has been noted by business professionals and academic experts that in order to gain a full understanding of a business environment, the market place and the consumers within it, it is wise to conduct both quantitative and qualitative market research . Quantitative Market Research Quantitative market research is the collection of numerical data often resulting in statistical analysis to understand trends in the data. The main characteristic of quantitative market research is that it allows for comparisons and trends in the data to be easily found and understood. It should also be noted that as a result of the standardised questions, quantitative market research is a more structured market research proces...
Post a Comment
Read more

A strategy that Creates results | Insight Consulting

Objectives for a department or team will have a different scope from objectives for your organization as a whole. For example, and depending on scope and circumstances, you may want to develop strategies to: Increase profitability. Gain more market share. Increase approval ratings, or boost customer satisfaction. Complete a project under budget. To determine your strategy, you must understand fully the internal and external environmental factors that affect you. With that understanding, you can identify your clear advantages and use these to be successful. From there, you can make informed choices and implement your strategy effectively. So, strategy creation follows a three-stage process: Analyzing the context in which you're operating. Identifying strategic options. Evaluating and selecting the best options. We'll look at this process, and review some useful tools that can help you develop your strategy.
Post a Comment
Read more

Ways to win tech shoppers this Holiday Season Sale

In this connected world consumer electronic brands have endless opportunities to build sarong connection especially during shopping seasons. Tech devices consistently top in the list of five most purchased gift categories from last two years. Today market trends and the consumer behavior, tech brands not rely on the retailers to build a connection with consumer. With tech shoppers around 75% research online and around 25% research offline, tech brands should be present and influence consumer choice across entire journey of the consumer. Below are some ways to win tech shoppers. Early Influence :   While digital channels make it easier to purchase at the last minute, in our research data shows that holiday shoppers actually start early. In fact, last year nearly 40% of people began their holiday shopping in October. Not only that, nearly half of today’s consumer electronics shoppers begin their shopping journey having decided what brand to buy. This suggests br...
Post a Comment
Read more