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.
- 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
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