Historically, the US has led the adoption of advanced pricing software. With retail price optimization being invented in the United States – particularly in Sacramento as a matter of fact, it makes sense US retailers are more comfortable with the technology since they have been exposed to it much longer. Many of their domestic retail peers have implemented some type of price optimization solution and are reaping the significant rewards of doing so. In other words, optimization is a known and proven commodity in the United States.
Retailers outside of the US seem to have caught the optimization bug. Interest and inquiries are consistently gaining at a rapid pace. Historically, these international retailers have tended to be more progressive, adopting new technologies sooner than their US counterparts. Adoption should be quick now that there is interest. Through conversations with many of these retailers over recent months, I have discovered that they face similar challenges, but information on advanced pricing solutions is not readily available for them. On a recent visit to a retailer in the Asia-Pacific region, it was not surprising to find us having the same discussions as with retailers in the United States; they are facing the same challenges and are thirsty for information on how to solve retail pricing problems.
International retailers have a great advantage compared to the early adopters many years ago in the US. They will be able to leverage the fact that price optimization has matured, with second generation price optimization systems now on the market as well as many installations completed and live for a number of years. International retailers should plan for a healthy return on investment through the use of price optimization systems, in both profit and productivity savings. If you’d like more information, download my white paper to learn more about functionality to look for in second generation optimization solutions.