LONDON--(BUSINESS WIRE)--Quantzig’s price optimization solutions helped a retailer improve profitability by 10% by optimizing pricing and discounting strategies across stores, customer segments, and geographies. Request a FREE demo for comprehensive solution insights.
According to a recent survey, it is estimated that the CPG and retail industry accounts for more than half of the world’s GDP. The retail industry in Europe majorly comprises of establishments selling commodities for household and commercial consumption. With the recent shift to a more customer-centric economy, the customers in the retail space are craving for authenticity, convenience, and creativity in the products being offered. Amid the changing consumers’ preferences and the increasing consumer spending habits, the growing concern for healthier lifestyles is promoting the growth of the sector. In Europe alone, the hypermarkets and supermarkets account for more than 35% of the direct retail sales. However, the future of the retail industry depends on the key factors that will influence the growth prospects in the coming years.
Consumer brands are increasingly turning to discount and price optimization to drive sales in the post-COVID era. Request a FREE proposal to learn how these tactics can help drive conversion rates and identify new sales opportunities.
To address the concerns of the client, the price optimization experts at Quantzig built a data repository comprising information from diverse sources such as customers, sales, products, and pricing data elements. The assumptions and exclusion criteria applied for data cleansing comprised of treating missing values, outliers, and excluding rows with zero sales values. Intending to target the most promising and profitable segments, the price optimization experts at Quantzig carried out a univariate analysis to understand the individual impact of price, discounts, and other variables on sales. The insight obtained helped create a real-time pricing dashboard integrated with the pricing models, which included real-time alerts and allowed managers or sales agents to react to sales volume lifts based on pricing and discounting.
Want similar results for your business? Get in touch with our price optimization experts for comprehensive solution insights.
The primary objective of this pricing analytics engagement was to retain the most profitable customers and improve business performance in the retail industry. The price optimization solutions helped drive several positive outcomes including:
- Devised a pricing and discount strategy based on geography, customer segment, historical sales, and seasonal indicators
- Helped reduce excess inventory by setting prices that allow products to sell better
- Simulated sales volume based on customer segments, product category, and product price
We offer an advanced portfolio of pricing analytics solutions that can help you enhance margin growth within a short span. To learn more about our pricing solutions, request for more info from our experts.
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