We crafted market research studies for both summer and winter product lines, utilising a panel of participants. We analysed the findings, by creating  customer profiles, examining purchasing habits , gauging price sensitivity and establishing our clients competitive positioning.

Key Value Items (KVIs) Selection Criteria

The product line selection step determines the initial product segmentation for the purposes of price optimisation.

• Item that customers find ‘attractive‘ and contribute significantly to the retailers sales
• Profitable items that create value for not only the business, but also its customers
• Commonly used products which have been popular with consumers for a long time
• Products for which prices are compared quite often by consumers 

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We created a flexible data pipeline and developed a pricing database. With an advanced Tableau-powered dashboards to visually represent essential insights related to profit, revenue, cost, and market trends, incorporating both transactional and market survey data.

In order to achieve complete acceptance and implementation of the new pricing structures, we integrated various elements, including data engineering, data science and comprising elasticity analysis.

Product segmentation, basket analysis, advanced analytics , market insights obtained through market research, and our extensive commercial expertise, into our approach.

Within a 5 week turn around we were able to recommend new price changes for the entire product line.

Using a semi-automated pricing optimisation system that depends on profitability and demand analysis, along with thorough research, market segmentation, and competitive positioning, we create finely-tuned pricing strategies that align with our clients’ business limitations.

Our pricing optimiser determines the best prices by considering the customers’ willingness to pay, as indicated by price elasticity, and the gross variable margin, all while adhering to established rules and constraints.

An analysis of elasticity by product type is regularly updated to reflect business constraints. This helps us identify areas where price increases can be implemented while safeguarding the performance of our online portfolio from substantial increases.

Read More about Price Optimisation

We developed a solution that improves overall financial performance and facilitates agile and prompt business decision-making. This is achieved by continuously monitoring brand performance and providing detailed insights into pricing and margins.

The implementation of the new pricing and monitoring procedures brought about operational adjustments aimed at optimizing current capacity and efficiency levels.

Additionally , we created training materials and user guides to equip the organization with the necessary pricing knowledge.