Not only is the pricing data presented in a clear and concrete manner by the solution for price intelligence but also relevant information is provided to the merchandisers so that they can work out on impressive promotions.
When you make use of data for price intelligence for creating promotional offers, it will also create a profitable aspect to your business goal. Naturally the retailers work on promotions at all times. upstreamcommerce.com.
But, it is a question if they have the right type of tools with them to make well planned promotional decisions. Consumers do have variety of choices for them to buy products from any channel they like. The retailers have to be watchful about the pricing more than ever and they need to fit in their sales tactics and promotions to the strategy for pricing.
You will be able to find out the main products as well as the categories where your prices are low or the same or even high when compared to that of the competitors.
You need to come up with a plan for such items as well as categories to understand how you will stay in the competition. Is price the base?Is it calculated as per activities that are value added or bundling?To cite an example, it could be providing free servicing for a specific period on particular items or one more year of warranty for a TV. This will enable you to get an impact on the consumers’ minds about the advantages you have over others. In order to improve the promotions, it is important to have accurate pricing details.
You can afford to change the game as and when needed. You should use the data of price intelligence for creating a sensation. The exact channels and audience have to be targeted. To cite an example, when a product is fixed the same price as the competitors, you can offer a flash sale for those items.
This will be a good opportunity for you to create sensation when you are aiming at higher sales for your concern. This will be one of your options when you are getting slow sales and less profit. Your prices could be competitive but you may have to do more. You may find options reaching out to you from the data for pricing. You should make use of the data to come up with decisions for both long term and short term (only long enough so that the decisions for the short term do not affect the ones for the long term!)
When you combine the pricing data and the present system for enterprise resource, it will help you to expose more on how to make the promotions work well and to improve upon the negotiating skills with the suppliers. Sometimes the stock of a particular item could be more and you may need a chance to sell them off by announcing a promotion. This could also make you to approach the supplier for a better pricing so that you can sell the stock than going for a promotion prematurely. On the other hand, you may have found a promotional strategy but may not have sufficient stock to make it work. Combining the solution for price intelligence and the system of enterprise will help you to know more about the factors and aspects needed to finalize the highly effective promotion. You will be able to continue the life of the promotions you have announced with the help of the solution for price intelligence. Many a times, as a buyer of consumer electronics, I would announce a promotion and I have to monitor constantly the prices of the competitors during the entire course of the promotion. When a solution for price intelligence is on, the retailers get alerts on issues and can work suitably to ensure the promotion runs strongly till the end. Your customers will be curious to know when you offer a promotional offer for one day which will be overtaken the next day by yet another competitor. You will become a very agile retailer and reliable one when you follow a solution for price intelligence.