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AI-Powered Pricing and Promotions are Redefining the 2020 Retail Holiday Season

Retail TouchPoints

Retailers and their shoppers are whiplashed accordingly. This poses unprecedented uncertainties for retail pricing and merchandising teams for the holidays in 2020. Here are some of the issues facing retailers — and ways that they can harness AI-powered pricing and promotions to cope with them productively.

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The Data Dilemma with Retail Pricing and How to Untangle it

Retail TouchPoints

Many of your retail peers found themselves with the dilemma of missing data — from the lack of customer data, transaction history for certain items or timeframes or sales broken out by sales type (regular/base, promotion and markdown). This is your starting point and your job is to build up and improve it.

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Recharge Your Digital Pricing Strategies with Data Science

Retail Focus

It’s not surprising, then, that shopper responsiveness to digital promotional offers has increased, with 55% saying they are extremely or very likely to respond to a smartphone or mobile app offer v. Let’s look at three ways that data science can help retailers thrive in a highly competitive multi-channel environment.

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AI-Powered Pricing and Promotions are Redefining the 2020 Retail Holiday Season

Retail TouchPoints

Retailers and their shoppers are whiplashed accordingly. This poses unprecedented uncertainties for retail pricing and merchandising teams for the holidays in 2020. Here are some of the issues facing retailers — and ways that they can harness AI-powered pricing and promotions to cope with them productively.

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As the Holidays Approach, it’s Time to Rethink Retail Pricing Methodology…and AI Can Help

Retail TouchPoints

In this kind of shopping environment, how should retailers align their promotions and markdowns for the greatest impact? Ending the Tradition of Blanket Markdowns Enter this year’s holiday shopper. Retailers can now gauge how different items sell at different speeds at different times, to different customers.

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2023: Ring in Retail Profits by Stopping Automated Threats

Retail TouchPoints

As consumers faced higher prices at the gas pump, grocery stores and other places, many cut back on their spending, increasing the competition among retailers. This was especially evident on Black Friday, when many merchants offered steep markdowns to compete. ATO attacks cost retailers millions of dollars each year.

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What is Charm Pricing?

Wiser

They might also believe the specific price demonstrates greater value or a markdown. These are a few reasons why charm pricing works. Consumers are looking for any type of deal or savings they can get, and a lower price is a lower price—even if the difference isn’t great. Pricing something at $19.95

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