Trade in the modern world is impacted by a lot of factors but the price of the product still remains at the top. With the global inflation rates expected to climb up the ladder each year, it is critical for FMCG brands to come up with the perfect orchestration of pricing, promotion, and product assortment. Correct pricing is fundamental because it is the biggest factor that impacts revenue in a short period of time.
An article in the Harvard Business Review said, “The beauty of focusing on pricing is its immediate effect: Prices can be changed on Sunday evening, and new profits start rolling in on Monday morning.”
Retail Price Optimization is the use of mathematical analysis and data interpretation by companies to determine how customers will respond to different prices for their products, through various channels at different points in time. It is a collective set of best practices to ensure that the pricing spectrum of businesses is in complete synergy with the market trends. Retail price optimization also enables businesses to regulate their price models effectively as and when required.
But the pricing process is kinetic and is impacted by a myriad of factors:
The Artificial Intelligence landscape is vast and is constantly evolving. The recent advancements in the field have made algorithms smarter, more interactive, and more intuitive. AI-powered algorithms help CPG brands price their products based on data like competitor pricing, customer response, sales promotions, and many more.
Infilect provides proactive recommendations on per-store sales, product offers and competitive pricing. Predictive insights on new product launches helps in architecting your in-store strategy vs competitor’s strategy.
Infilect’s flagship product, InfiViz, can help CPG brands grow their profit margins, develop customer loyalty through data-backed observations and eradicate the mystery of setting prices based on hypotheses.
A comprehensive visual intelligence platform for the most accurate, real-time in-store execution insights.
Capturing of high quality in-store images by on-field merchandisers.
Accurately identifies SKUs and display promotions from the images captured from every store.
Critical and actionable execution insights are made available on the InfiViz Dashboard and shared using trackers directly into stakeholder inbox.
Execution insights and targeted action plans are available to on-field merchandisers within 60 seconds.