IBMs Dynamic Pricing Business Strategy for a Transparent Marketplace
ARMONK, NY: IBM’s latest Dynamic Pricing offers knowledge to retailers about pricing strategy, price optimization and change, in order to win the customers’ business.
Price transparency is a recent trend, retailers need to protect their share of wallet against an increasing landscape of nimble competitors and also keep an eye on market condition to prevent loss of customers.
IBM Dynamics consolidate performance data to recommend the appropriate pricing action. Performance data incorporates cart abandonment rates, browsing history, sales, inventory, and the latest competitive pricing information.
Retailers can leverage IBM Dynamic Pricing to evaluate and decide the variation in the price based on the product availability, price sensitivity and customer demand. It also enables the retailer to compete and achieve sales and margin objectives. The price would then be automatically updated online.
"At any given moment, a retailer is no more than one click away from losing a customer online. IBM Dynamic Pricing executes real-time pricing recommendations at the scale and speed needed to ensure competitiveness in a volatile shopping environment," said Stephen Mello, Vice President, IBM E-Commerce & Merchandising.
With this intuitive pricing system, transparency in the market is improved and retailers are allowed to take decisions that are best for their businesses. IBM pricing also assists the proliferation of retailers with both physical and online stores to navigate price wars. The firm aims at giving the best rate to their customers within the specified margin.