Retailers, today, not only have to manage the competitive market – and customers’ shopping journey and willingness to pay – but also figure out ways to utilize data and technologies to extract maximum value from their pricing strategies as they strive to cater to more sophisticated and tech-savvy consumers. In fact, two technology-led approaches—personalized promotions and differential pricing—have been game changers in today’s pricing-led retail environment.
The challenges faced by businesses in their pricing strategy can be mitigated with a framework for implementing technological capabilities to drive key aspects of the strategy. The framework will also manage some common organizational side-effects of implementing such cutting-edge technological solutions that impact people, processes, or applications. The framework will ensure a smooth transition from inefficient and cumbersome pricing systems to a more customer-focused, AI-ML-driven pricing experience.
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