LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of its latest article that explains how price optimization can make a huge difference for companies in retail sector.
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Price is a crucial factor that affects the behavior and purchase decisions of the budget-conscious shoppers today. To attract more shoppers and drive sales, every SKU in your store must strike that magical number to drive sales and profitability. This is where price optimization comes into play. Price optimization in retail involves the use of demand modeling and ‘what-if’ analysis to analyze the impact of pricing on sales, performance, and then find the ideal price that works best for the objectives of your retail business.
According to Quantzig’s analytics experts, “With the use of price optimization in retail, the process of identifying the correct price for a product has witnessed a paradigm shift from rudimentary tools and gut-feelings to real-time, data-based insights.”
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Price Optimization in Retail: Business Benefits
- Automate the entire process: Price optimizations in retail help in automating the entire optimization process. As a result, predictions are more accurate and can help businesses to adjust their prices automatically whenever a change in the market trends may occur.
- Maintain consistency: With the help of price optimization retailers can rectify past mistakes and analyze real-time data on which they can easily rely. This reduces the chances of errors and helps in maintaining consistency in terms of pricing.
- Enhance decision-making: The use of price optimization in retail can impact businesses positively if applied in the right manner. It can also help companies in understanding the buying pattern of the customers and their preferences for pricing. This can further help in making quick pricing decisions.
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Read the complete article here: http://bit.ly/37mrZlf
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal