article thumbnail

Recharge Your Digital Pricing Strategies with Data Science

Retail Focus

As other sectors, including travel and hospitality, experienced online commerce surges, the retail market shifted at a more leisurely pace. Let’s look at three ways that data science can help retailers thrive in a highly competitive multi-channel environment. 41% to an in-store flyer today.

Markdowns 200
article thumbnail

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. In this report: Market Definition.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Ideas to Get Your Fair Share of Sales

Retail Adventures

Even when things were “normal”, customers shopped in strange patterns, and their choices tend not to be divided equally among retailers. Continue to Plan Events & Promotions: You have competition coming at you from all sides, all vying for the customers’ attention. Be Prepared for Markdowns. Start here: 1. Or strategy.

article thumbnail

How to Forecast Demand in Retail (2020)

Retalon

That’s because many retailers start with the wrong question when attempting to forecast: “How much do I need to sell?”. For example, most retailers order too much of the wrong products and then rely on discount promotions and clearance pricing to fix the resulting inventory problems. Demand Forecasting Methodologies.

article thumbnail

Key Tips for Leveraging Personalization in the Retail Industry

Retalon

Consider high-end fashion labels like Louis Vuitton that simply refuse to undercut premium pricing or even offer any markdowns. You’ll also improve planning for personalization efforts, not only in terms of inventory and fulfillment, but promotions and pricing strategies.

article thumbnail

Personalization vs. Consistency in the Retail Customer Experience

Retalon

Consider high-end fashion labels like Louis Vuitton that simply refuse to undercut premium pricing or even offer any markdowns. You’ll also improve planning for personalization efforts, not only in terms of inventory and fulfillment, but promotions and pricing strategies.

article thumbnail

The Order Fulfillment Process in 2022 and Beyond

Retalon

Textbooks don’t need to languish on shelves and be subject to drastic markdowns, while students are turned away at the out-of-stock university bookstore. At the other end, analytics solution vendors provide solutions for planning, inventory management, as well as, pricing and promotions. Order Processing.