As a retailer, the pricing lifecycle – setting the right price for your products – is critical to your business. Yet most pricing decisions require a trade-off between margin and price perception.
Rizing’s LifeCycle Pricing (LCP) tool allows merchants to minimize those trade-offs when making pricing decisions.
A Hypothetical Retail Pricing Challenge
Consider Suzanna, who sets her company’s prices for her category. Her first challenge is accumulating the data needed to make crucial pricing decisions.
Once Suzanna makes those decisions, it takes too many steps to execute the pricing changes at the right time in every store.
Rizing LifeCycle Pricing Offers a Solution
What if Suzanna had a tool that could easily integrate into her SAP environment and read SAP’s:
- Master data
- Transaction log
- Order data
- Competitor information
She could consolidate all those data points in a simple and user-friendly interface. This integrated toolset would allow Suzanna to quickly review data, set pricing plans, execute price changes, and evaluate the impact on business performance.
Make Faster and More Accurate Pricing Decisions
Analyzing pricing-relevant data like Suzanna’s is what Rizing’s LifeCycle Pricing (LCP) does for retailers. The software-as-a-service (SaaS), enhanced cloud-based toolset with real time analytics offers key benefits to retailers:
- Faster decision making
- Increased achievement of sales goals
- Increased profits
- Lower cost of ownership
A Rules-Based Engine Makes Suggestions
LCP plugs into your SAP environment and uses a rules-based pricing engine to suggest price changes. This allows Suzanna to maintain cost with pre-configured and custom guidelines. She can enforce her company’s value strategies across all products, locations, and channels.
Suzanna not only saves time but benefits from accurate pricing and competitor data.
Market-Specific Plans Keeps You Competitive
LCP includes automated values based on economic strategies. Suzanna can create and execute viable pricing plans in each local market by generating target shop lists to capture and react to her competitors.
Suzanna is offered sales and margin-enhancing decision-ready information. This single source for customer, vendor, competitor, sales, order, inventory, product, and location data fully integrates with her retail price planning and execution processes.
Quick to Implement
Merchants like Suzanna can be up and running on his affordable, efficient, and user-friendly tool in a few weeks. That makes Suzanna’s life easier and improves the performance of her category.
Be like Suzanna.
If you are a retailer who could benefit from faster and more accurate pricing decisions, contact us to learn more about LifeCycle Pricing.