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Life-Cycle Price Optimization
From determining when a product should go on clearance and at what price to flagging products at specific stores for transfer, AI plays a vital role in product price life-cycle optimization. Download your complimentary copy of the whitepaper, "Life-Cycle Price Optimization," to discover how you can give your retail business a competitive edge by using analytics and AI across the product life-cyle.
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What are the phases of the product price life cycle?
The product price life cycle includes several key phases: the new product introduction phase, where the initial price is set to attract consumers; the promotional phase, which aims to drive traffic and sales through discounts and promotions; and the clearance phase, where strategies are implemented to manage excess inventory effectively. Each phase requires tailored pricing strategies to optimize sales and profitability.
How does AI enhance pricing strategies?
AI plays a significant role in optimizing pricing strategies by identifying slow-selling products and initiating discount processes earlier, which can help recover margins that might otherwise be lost. It can analyze product attributes and sales data to recommend localized markdowns and transfer products to more successful selling locations, thereby streamlining inventory management and enhancing overall pricing effectiveness.
What challenges arise during the clearance phase?
Retailers often struggle with excess inventory at the end of the selling season, which can significantly impact profitability. A one-size-fits-all approach to markdowns can lead to fewer sales and deeper discounts than necessary. Additionally, timing is crucial; markdowns that are not implemented at the right moment can result in unsold inventory that must be liquidated, ultimately affecting the bottom line.
Life-Cycle Price Optimization
published by CyberNorth
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