Why you don’t need markdowns to appeal to price-conscious customers

Inside Retail

The post Why you don’t need markdowns to appeal to price-conscious customers appeared first on Inside Retail. Analysis Business Customer Financial Latest Professional Top Stories Aldi discounting discounts markdowns sales

The Very Group Renews DemandTec Markdown Optimisation

Retail Focus

Online retail giant The Very Group will continue to enhance its pricing strategies with DemandTec Markdown Optimisation. The post The Very Group Renews DemandTec Markdown Optimisation appeared first on Retail Focus - Retail Design.

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What are Retail Markdowns?

Wiser

Altering your price, particularly through markdowns, can be a smart strategy, but only if done correctly. Unsuccessful or excessive markdowns can lead to staggering losses in terms of missed revenue and a lower margin on your goods. What are Retail Markdowns?

The Very Group Renews DemandTec Markdown Optimisation

365 Retail

Online retail giant The Very Group will continue to enhance its pricing strategies with DemandTec Markdown Optimisation. The post The Very Group Renews DemandTec Markdown Optimisation appeared first on 365 RETAIL | Retail News.

Taking the Mystery Out of Markdowns

Retail Adventures

Be firm about delivery dates, and implement a strong markdown program to clear out product that’s past its sell date. Know when to take a markdown Retailers tend to think of markdowns the enemy, but in reality its smart business to clear out what isn’t selling.

How to Align Markdowns with Psychological Pricing and Marketing 

Wiser

They are also a way to ensure markdowns and promotions are effective. If your markdown and sale patterns become obvious to your consumer, they will wait for those markdowns and hold off on shopping until a promotion rolls around. The post How to Align Markdowns with Psychological Pricing and Marketing appeared first on Quad Analytix. H ave you ever looked around a store and noticed that most prices end in nine?

5 Highly Effective Retail Markdown Strategies that Work in 2021

Retalon

What is a retail markdown strategy? A retail markdown strategy is a plan that describes when and how certain products should go on markdown. Having a markdown strategy is important because, all too often, markdowns are a kneejerk reaction to end-of-life inventories.

Sally Beauty Preps for Post-Pandemic Beauty Boom with New AI-Powered Pricing Solution

Retail Touch

The solution also will help Sally Beauty create more effective promotions through enhanced targeting and develop profitable markdown plans.

Guide for Unified Price, Promotion and Markdown Optimization Applications

Retalon

Getting your product pricing right is absolutely critical to customer cross-channel experience, but the promise of unified price, promotion and markdown optimization is hard to achieve. The post Guide for Unified Price, Promotion and Markdown Optimization Applications appeared first on Retalon. Retail CIOs can use this research to understand the state of the retail market, assess their preparedness, and identify key technology providers such as Retalon.

Burberry and Dillard’s limit markdowns to drive high profit sales

Retail Wire

Burberry and Dillard’s are both focused on driving full price sales of new merchandise in their full line stores. Burberry is looking to accomplish the feat by focusing on high-demand categories, unveiling a new store concept and addressing the consumer desire for omnichannel shopping and fulfillment. Dillard’s is cutting back on marked down merchandise and moving slow turners into carefully placed clearance stores separate from its main fleet. in-article

Recharge Your Digital Pricing Strategies with Data Science

Retail Focus

Fortunately, there is well-established, proven science-based technology that enables retailers to offer carefully crafted prices, promotions and markdowns in online as well as brick-and-mortar channels.

Myer picks up new national distribution centre in online, efficiency push

Inside Retail

Having a centralised fulfilment centre for stores replaces our historical push model, and will result in improved inventory management, reduced markdowns and maximised sell-through whilst also producing significant efficiencies in our online fulfilment operations.”.

Aldi introduces discounts for damaged packaging to reduce waste

Talking Retail

All of the group’s 920 stores are making the markdowns on goods including rice, pasta, cereal and tinned goods in a bid to further reduce food waste. Aldi is introducing a policy of selling food at 30% reduction if its packaging is damaged.

How Retailers Can Strengthen Sustainability With Data-Driven Pricing Strategies

Retail Touch

These insights are a powerful way to gauge consumer demand for sustainable products with current and past sales data, identify the most profitable promotional strategies, and minimize markdowns and waste from the start. Sustainability is no longer a nice-to-have for retailers.

How to Get the Most Out of Your Next Temporary Price Reduction

Wiser

Promotions influence shopper behavior , and consumers are conditioned to search for the best deals and prioritize brands and retailers who markdown products more often than the competition. Do temporary markdowns align with your brand image ?

Meet the new online outlet mall targeting Gen Z and millennial consumers

Inside Retail

From tactical promotions, to markdowns, to engineered lines – similar to what you might see in an outlet mall, for example – all the way through to clearance,” Seskin said. “If Everyone might go 30 per cent off on their first markdown, but their reach is limited.

Young customers push Burberry sales to pre-pandemic levels

Retail Wire

We saw strong growth across our strategic categories, in particular, leather goods and outerwear, and exited markdowns in digital and mainline stores,” said CEO Marco Gobbetti.

Create, Document, and Share Live Code Examples with Jupyter Notebook

Cisco Retail

One way is using Jupyter Notebook to combine documentation authored in markdown together with live code. In the example below, we use Python 3 as our language of choice with the first entry authored with markdown and the second “hello world” passed to the print function.

How to Prepare for Holiday Pricing Success: AI & Science-powered Pricing is Key

365 Retail

The result can be costly post-season markdown events that leave retailers stuck with short-life seasonal items that necessitate steep marks or even complete write-offs.

Supercharge Your Holiday Pricing with AI-powered Data Science

Retail Touch

With seasonal items in particular, missing the mark on pricing, even if only a little, often results in excess stock on hand that has very weak demand, necessitating markdowns. Under any circumstances, the holiday season is a do-or-die time for retailers across virtually every segment.

Keep Up with New Meraki APIs, Monthly

Cisco Retail

Earlier this month, I encouraged you to join the beta for Meraki Webhook Custom Payload Templates , a low-code feature that allows you to create custom payload templates for webhooks to fit the JSON shape, markdown preference and authentication headers that fit your needs.

Burberry’s transformation pays off as APAC and digital lead its recovery, says GlobalData

Retail Times

versus FY2018/19), full-price comparable store sales grew by 7% as its focus on streetwear attracted younger shoppers and resonated well with consumers, and the reduction of markdowns boosted its brand equity.

Ralph Lauren debuts mass customization of its polos

Retail Wire

David Lauren, the company’s chief innovation and branding officer and vice chairman of the board, said that the customized polos will enable the company to reduce waste, limit inventory and cut markdowns on the brand. Shoppers on Ralph Lauren’s website will be able to create custom polos by choosing various colors for the shirts along with a monogram. The fashion label is planning to offer additional features include customized patterns and logos over the next year.

5 Seasonal Merchandise Best Practices (2021)

Retalon

With seasonal product life-cycles becoming ever shorter, retailers need more strategic and granular ways to plan their seasonal assortments so they can maximize revenue while minimizing markdowns. 5 – Protect ROI by optimizing markdowns of your seasonal merchandise.

B&M ups profit outlook due to less discounting

365 Retail

Sell-through rates in those categories have been high and accordingly end-of-season markdowns have been limited.”. Discount retailer B&M Bargains has revealed profits are now expected to be higher than first thought.

Coles pockets $1 billion profit as Smarter Selling pays off

Inside Retail

Coles’ Smarter Selling strategy is paying off for the Australian supermarket giant, with approximately $300 million in extra savings in the bank at the end of FY21. At its full year results announcement on Wednesday morning, Coles revealed that net profit broke the one-billion-dollar mark, rising 2.8

Urban Outfitters’ banners post big same-store gains, reports 1Q profit

Retail Wire

The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share … Strong ‘comps’ were driven by powerful demand and superb execution by all teams. Urban Outfitters, Inc. posted a 51 percent gain in same-store sales — Free People jumped 77 percent, Anthropologie grew 50 percent and Urban Outfitters was up 42 percent. The retailer posted a profit of 54 cents per share, compared to a loss of $1.41 last year.

Join the Beta for Meraki Webhook Custom Payload Templates

Cisco Retail

Now in Beta, Webhook Template is a low-code feature that allows you to create custom payload templates for webhooks to fit the JSON shape, markdown preference and authentication headers that fit your needs.

Not Just Yet: 5 Ideas to Increase December Sales!

Retail Adventures

If you have to do pre-Christmas markdowns do it while the sales floor continues to be busy with shoppers. The first markdown you take is the always the most important and the cheapest. Markdowns allow you to maximize your invested dollars. We’re down to the wire!

What is Everyday Low Pricing?

Wiser

High-Low Pricing is a strategy where a brand starts with a high price and later decreases it via promotions, clearance, or markdowns. Markdowns, discounts, and promotions were replaced by a series of “tiers” that items would be priced into.

6 Big Ideas to Grow Your Sales

Retail Adventures

Be Prepared for Markdowns. A markdown plan for every piece of merchandise that you purchase is a smart idea. Before the pandemic, when things were “normal”, customers shopped in strange patterns and their choices were not divided equally among retailers.

As Consumer Demand for Inclusion Rises, Retailers Must Tackle Legacy Issues and Attitudes

Retail Touch

There is no standardization across the industry and inconsistent sizing leads to markdowns and returns. The Solution: For retailers that want to minimize markdowns and improve margins on their brand portfolio, reducing overbuying is key.

eCommerce Pricing: How to Price for Marketplaces vs. Your Website

Wiser

Turn to Markdowns and Promotions. Furthermore, your website pricing approach should include markdowns and promotions. You can also get aggressive with markdowns if you need to move stale inventory or just use a good ol’ sale as a way to increase shopper excitement.

H&M profits jump amid store footfall recovery

365 Retail

The results are explained by much-appreciated collections, lower markdowns and good cost control combined with the initiatives implemented in areas such as tech and the supply chain. “As H&M has almost tripled its profit for the past quarter on the back of a “strong recovery” in sales as restrictions eased across the globe. The Swedish retail giant confirmed to shareholders on Thursday that it had reinstated its dividend for the first time in 18 months as a result.

How to Treat Pricing Like a Brand Guardian

Wiser

Retailers are more aggressive with sales and markdowns. When you think of a strong brand, what comes to mind? Is it excellent marketing? High-quality products? Pushing the boundaries of what’s feasible within an industry? An innovative pricing strategy ?

DICK’S Sporting Goods Launches New Outlet And Clearance Banners

Retail Touch

The location will stock brands including Nike , Adidas and Under Armour , with additional markdowns added throughout the year to keep inventory fresh.

Adobe: Consumers Will Spend More Online in First 10 Months of 2021 than All of 2019

Retail Touch

The apparel category saw particularly marked price hikes in both July (up 15.26% ) and August (up 15.52% ), two months in which apparel prices typically drop amidst summer markdowns and back-to-school promotions.

Why is Average Unit Retail (AUR) Important?

Wiser

The total revenue must be post-markdown to reflect its price at sale. That’s why using net sales after markdowns is crucial, otherwise, the AUR could be incorrectly inflated by a full-priced item. Average Unit Retail, or AUR, is a key metric used in retail today, alongside other important data points such as market share, average order value, and units per transaction. But what is Average Unit Retail, and why is AUR important? Let’s find out. Average Unit Retail Defined.

Health crisis: what impact on supply management in points of sale?

M19 Retail

The multiplication of choices induced by this model translates into a drop in productivity of the physical store space and an increase in markdowns at the end of the season to sell unsold products. The health crisis is accelerating the transformation of physical points of sale.

Price Optimization MythBusters: How to Meet Shoppers’ Needs While Achieving Your Business Goals

365 Retail

While the science behind price, promotion and markdown optimization technology requires retail-savvy specialized data scientists, the tools themselves are increasingly modern, accessible and easy to use by retail pricing teams.

What is Stock Replenishment?

Retail Assist

With a greater sell through of full priced stock and a reduced rate of markdown, margins are protected and profits soar. Stock Replenishment Definition. Stock replenishment is a standard retail practice, to ensure that the right products are in the best place, at the optimum quantity.

Burberry sales return to pre-pandemic levels despite rich tourists staying away

365 Retail

Outgoing chief executive Marco Gobbetti, who announced he was quitting the retailer last month, said: “We saw strong growth across our strategic categories, in particular leather goods and outerwear, and exited markdowns in digital and mainline stores. “We

Want to Know the Holiday Season’s Top Trends? Look at Back-to-School for Insight

Retail Touch

We have high demand and low supply, so there are fewer markdowns now,” Kotlyar added. “I That means communication with the consumer, not markdowns. Back-to-school surveys across the retail sector point to a strong season, spurred by pent-up consumer demand.