Pricing Optimization
Our client, a prominent US retailer, faced pricing challenges that required immediate attention. They sought a solution to optimize their pricing strategies in real-time to achieve the perfect balance between sales and margin. Additionally, the client needed insights into demand elasticity and competitor pricing to stay competitive in the market.
300%
Increased visibility across all SKUs
150
Merchant Hours Saved
80%
Fewer MAP violations
Solution
ShyftLabs developed a tailored pricing optimization solution deployed within the client's infrastructure. This solution empowered their merchants to make real-time pricing decisions, ensuring optimal sales and margins. It also provided invaluable insights into competitor pricing and demand elasticity.
Increased Visibility Across all SKUs
Achieved a remarkable 300% increase in visibility across all SKUs, allowing for more informed pricing decisions.
Competitive Scraping
Developed a comprehensive competitor scraping system to obtain critical data, including product assortment, price, and other relevant information.
Improved Reaction to Competitor Pricing
Enhanced the client's ability to react promptly to competitor pricing changes, ensuring competitiveness.
Product Feature Development
Continuously developed SKU-level features like SKU elasticity and cross-elasticity to guide pricing decisions at the SKU or portfolio level.
Dynamic Pricing Engine
Introduced a dynamic pricing engine that enabled real-time price changes and recommendations. Integrated seamlessly with the client's Order Management System (OMS).
Fewer MAP Violations
Reduced Minimum Advertised Price (MAP) violations by 80%, preventing unnecessary pricing conflicts.
Results
The pricing optimization solution empowered the client to make data-driven pricing decisions, leading to a perfect balance between sales and margin. Increased visibility across SKUs and improved reactions to competitor pricing changes ensured the retailer's competitiveness.
The substantial reduction in MAP violations prevented pricing conflicts and saved merchant hours. ShyftLabs' dynamic pricing engine now forms the backbone of the client's pricing strategy, enabling them to maintain a competitive edge in the market.
The substantial reduction in MAP violations prevented pricing conflicts and saved merchant hours. ShyftLabs' dynamic pricing engine now forms the backbone of the client's pricing strategy, enabling them to maintain a competitive edge in the market.
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