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.

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