LifeCycle Pricing Sets Merchants Up for Success
As a retailer, the pricing lifecycle – setting the right price for your products – is critical to your business. Yet, as retail merchants know all too well, most pricing decisions require a trade-off between margin and price perception.
Let’s entertain a hypothetical retail problem with Susie, who is in charge of setting her company’s prices for her category. The first challenge she faces, like most merchants, is the difficulty in accumulating the data needed to make crucial pricing decisions. And even once Susie has made those decisions, it generally takes too many steps to execute the necessary price changes at the right time in every store.
What if Susie had something that could easily integrate into an SAP environment and read SAP master data, TLOG, price, cost, inventory, order data, and return competitor information? She could then consolidate that information to present it in a simple and user-friendly interface. This sort of integration and toolset would allow Susie to quickly review data, set pricing plans, execute price changes, and evaluate the impact on business performance.
The ability to analyze pricing-relevant data like Susie’s is what Rizing LifeCycle Pricing (LCP) is designed to do for retailers. With this software-as-a-service (SaaS), enhanced cloud-based toolset with real-time analytics and intuitive user interface, saving time, achieving sales goals, protecting profitability, and lowering the cost of ownership are key benefits.
LCP plugs into your existing SAP environment and uses a rules-based pricing engine to suggest price changes. Giving Susie the ability to maintain cost with pre-configured and custom guidelines efficiently allows her to enforce her company’s value strategies across all products, locations, and channels. That functionality not only saves Susie time but offers her extremely accurate pricing and competitor data.
Because LCP includes automated values based on economic strategies, Susie can create and execute viable pricing plans in each local market by generating target shop lists to capture and react to her competitors.
Susie is offered sales and margin-enhancing decision-ready information. This single source for the customer, vendor, competitor, sales, order, inventory, product, and location data fully integrates with her retail price planning and execution processes. With a low cost of ownership, this efficient and user–friendly tool can be leveraged by merchants like Susie in just a few weeks.
That makes Susie’s life easier and helps her to improve the performance of her category.
Be like Susie.