Optimized Price Recommendation
Leveraging Augmented Analytics solution to help retailers with
increased margins, timely markups/markdowns, reduced effort on
pricing decisions, and increased market share.
The Retail & CPG industry today is highly dynamic as well as competitive. Since customers are at the core of all operations, price transparency plays a critical role in building brand loyalty. Price optimization in retail and related decisions are not always made in a strategic and centralized manner by businesses. Price optimization for retailers can be successfully achieved through Augmented Analytics as it uses real-time data for actionable insights that make a lasting impact. Adopting retail price optimization leads to better revenue and profits ensuring better customer experience and satisfaction, as it results in repeat purchases and loyalty with an improved brand image.
The Augmented Analytics solution by JK Tech involves assessing price sensitivity, price recommendation, competitive price analysis & benchmarking market drivers’ model for external factors impacting sales, and price elasticity model. It utilizes the power of AI/ML to help retailers with increased margins, timely markups/markdowns, reduced effort on pricing decisions, and increased market share. Our solution has resulted in a ~14.4% increase in relative revenue for businesses.
Businesses can use price optimization to determine the most profitable price point by using data from customers and the market. Businesses can price their goods or services to draw in customers and increase sales or profitability by using facts rather than guesswork.
Retailers can react to market changes more quickly by optimizing their selling prices. It allows them to be one step ahead in terms of analyzing their consumers’ purchasing tendencies and their willingness to pay. Customer satisfaction is increased when they believe they are getting the greatest deal available, which encourages loyalty, repeat business, and a positive perception of the brand.
With the help of JK Tech’s Augmented Analytics solution, retailers can boost margins, implement markups and markdowns on schedule, spend less time making pricing decisions, and gain market share.
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