The Right Recipe To Retail Success
Promotion pricing plays a significant role in retail, often contributing to net profits. Striking the right balance is key, avoiding undercutting margins or sacrificing lift. To plan effectively, a scientific forecast of shopper response is essential.
- Leverage Machine Learning to enhance your promotion planning.
- Analyze categories and products to identify opportunities for increased profitability.
- Incorporate competitive price data for accurate response forecasts.
CLEARDEMAND‘s Promotion Pricing integrates trade promotion management, offering a unified promotional calendar with forecasted impact across categories and channels.
With this comprehensive solution, you can achieve your competitive pricing objectives while executing more profitable promotion plans. Your shoppers will appreciate thoughtful and meaningful promotions that encourage action, without compromising your everyday price-value proposition.
Setting promotion prices is a crucial weekly task. Promotion managers rely on accurate analytics and guidance in the following key areas:
- Determining the appropriate level of discount for individual items.
- Planning replenishment for fast-selling products.
- Assessing the interaction effects that may impact competing items’ sales.
- Evaluating the post-promotion impact on the category.
- Considering the impact of cost of goods and trade funds.
These insights rely on a dependable forecast and a thorough understanding of base demand, which stems from your everyday pricing approach. While simple offers pose their own challenges, more complex promotions like BOGO (Buy One Get One), multi-buy, or product line offers require the support of Machine Learning to complement human judgment.
CLEARDEMAND‘s promotion pricing solution is designed to assist promotion managers without imposing rigid choices. It provides insights into the likely impact of price changes, empowering planners to make well-informed decisions.
“Our goal is to provide our customers with a new shopping experience that reflects changes in their shopping preferences. CLEARDEMAND enables us to better plan, manage and optimize our promotions so that we can continue to fulfill our promise to customers.” – M&M Food Market