BY Strategic Pricing
For retailers like yours, determining the right price is key – especially in today’s world of unpredictable demand, crushing speed of market changes and unmanageable amounts of data. To meet expectations, you need the ability to use automated insights to understand what factors influence customer demand, as well as how to use that data to determine your pricing strategies.
Luminate Pricing is leading the way in optimizing pricing across the product lifecycle, with a more granular decision-making level than humans are capable of. Powered by artificial intelligence (AI) and highly honed machine learning (ML), it understands the influencing factors and makes optimal pricing decisions.
Grocery Retail is a fast-moving market with rapidly evolving customer demands and competitive landscape. It’s imperative to be as agile as possible when it comes to pricing, learn quickly and most importantly implement quickly. Finding that tipping point of margin is a key topic for many retailers to ensure competitiveness and customer loyalty, with the added complexity of localization (customers and competitors are different in different locations). Getting Price right is one of the core strategies to drive growth, especially for key value items.
The ability to consume, process and share large quantities of data has led fundamental disruptions in strategy and business models. Retailers must balance inventory, prices and promotions to maintain profit levels that are under constant pressure. Every day, dynamic pricing is an important part of the strategy to maintain the loyalty of customers increasingly seeking value or shifting their shopping dollars to more aggressive competitors. Grocers must build distinctive offers that resonate with today’s consumers across growing private label assortments or increasing online channels.
Luminate Market Pricing is designed to deliver optimized prices for every channel and product according to consumer demand, brand loyalty and local conditions. Learning the relationship between price changes and demand while respecting the business strategy, it rapidly senses vital demand signals from changing market conditions and data such as sales, promotions, weather and events to deliver automated proposals in competitive markets. Luminate Market Price is the leading solution for Dynamic Pricing in both online and brick and mortar stores, making use of the most advanced AI/ML algorithms for Retail. It is built for the future of pricing and takes into account incorporated constraints and business logic to meet your current maturity level.
Lifecycle Pricing
Optimize pricing for key value items
Manage prices across channels
Lifecycle pricing
Markdown end-of-season stock
Markdown short code fresh items
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