Dynamic Pricing: Pricing Responsiveness
Revionics’ Dynamic Pricing delivers pricing speed and responsiveness while avoiding margin loss through rampant competitive matching. With intra-day pricing, quick price re-evaluations, automated workflow approvals and exception management, retailers can be assured that they are executing the best price throughout the day. Watch this video to learn more.
Yes, retail dynamics are accelerating and price changes occur more frequently. Economic growth continues but at a slow pace. Those economic conditions, coupled with technology empowerment, means that people are price sensitive and competitors are more aggressive.
This is no surprise. The challenge now, is how to operate and be successful in this environment. You can’t ignore it, customers will leave. And you can’t always match, because it will destroy your margins but not always provide the desired sales effect.
With a marketplace that is ever-changing, where the everyday price is never the same every day, and where competition appears to be everywhere, now is actually the perfect opportunity to separate yourself from the competition, to craft prices for your customers, and to price your way into their hearts.
To do this, winning retailers use a dynamic pricing solution that
- Makes decisions with the understanding of how it effects customers and how it effects the item and category forecasts, versus changing prices with no knowledge of the outcome;
- Promotes speed and efficiency with minimal user touch with automated approvals and exception management to keep control and highlight where user attention is required;
- Bridges both the digital and physical world;
- And supports the end-to-end process in real-time from competitive data collection through re-pricing and execution.
Welcome Revionics Dynamic Pricing solution. Where you stay ahead of customers by ensuring you are priced strategically, everywhere, in this moment and the next.
It’s a real-time, complete end-to-end solution. Via user emulation, it gathers competitive data across a broad set of categories, determines the effect on the financial and forecasted demand, and uses business strategies, sophisticated rules, and proven science to make the necessary price adjustments (or no adjustments at all) in either the digital or physical world.
With Revionics, you’ll know which competitors truly affect demand and which items your customers really care about.
Transparent results, exception management, and high competitive match rates along with proven competitive response algorithms, and an automated workflow improve your knowledge, comfort, confidence, business response time and ultimately lead to sustained, year-over-year benefits.