Leverage Sophisticated Technologies and Dynamic Pricing Strategies
Over the years, many retailers have developed sophisticated pricing systems to help them build proper price perception and generate profit. These systems have evolved over time to complex multidimensional matrices of markups, where prices depend on many parameters. Seeking further improvements, retailers have run up against a wall: a greater increase in complexity requires a significant increase of resources.
2020 has put even more pressure on pricing systems: the pandemic has changed consumer behavior, willingness-to-pay, and the importance of certain products. A couple of consecutive COVID-19 waves brought about the realization that pricing systems must react and learn even more nimbly in such turbulent times. This can be achieved by dynamic pricing systems that are supported with machine learning algorithms.
In this webinar, Dr. Tobias Maria Günter, Head of Global Retail Practice at Simon-Kucher & Partners, Shikha Jain, Partner, Boston, and Tomasz Stec, Managing Partner of Simon-Kucher’s Warsaw office, will share best practices for dynamic pricing implementation, answering such questions as:
- How do you know if your organization is ready to implement dynamic pricing solutions?
- What are the advantages of machine learning algorithms over static rules?
- How do you ensure that dynamic systems will provide results in line with strategy and business constraints?
- What are the typical concept & implementation pitfalls?
- How do you create proper buy-in within your organization and avoid it being perceived as a black box solution?
Join us to learn how dynamic pricing systems can answer today’s retail challenges and bring your pricing to the next level. View the full Retail Webinar Series, here!