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IDC PeerScape: Practices to Build Support and Success for Price Optimization in Retail

Publisher IDC
Published Dec 02, 2022
Length 6 Pages
SKU # IDC17540527

Description

IDC PeerScape: Practices to Build Support and Success for Price Optimization in Retail

This IDC PeerScape helps retail operational leaders think about key pricing optimization concerns and best practices to address these concerns as pricing capabilities shift. Retailers must respond with data-driven strategies that allow them to fully use their investments in optimizing, building trust, making it easier to manage prices, and ensuring customer insights are part of the equation."The ability to adjust prices whether through promotions, markdown, or baseline pricing is a merchant's most immediate and powerful lever to influence customer behavior," says Ananda Chakravarty, VP of Research, IDC Retail Insights. "Ignoring this lever will limit the retailer's ability to compete."

Please Note: Extended description available upon request.

Table of Contents

6 Pages
IDC PeerScape Figure
Executive Summary
Peer Insights
Practice 1: Ensure Transparency to Build Trust in Machine-Driven Decisions
Challenge
Example
Guidance
Practice 2: Plan Price Management
Challenge
Example
Guidance
Practice 3: Make Customer Analytics Part of Pricing Analytics
Challenge
Example
Guidance

Pricing

Currency Rates
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