AI-Driven SKU Journey: Stop Losing Money at Every Product Lifecycle Stage
Product roles tend to change as each SKU goes through different lifecycle stages. Let’s see how AI-driven pricing software can help retailers to get the most out of each SKU with every repricing.
Retailers Should Keep Up With Constant Changes
Retailers fail to copy with all the changes
Typically, retailers underestimate both the complexity of dynamically changing factors impacting the price and the variety of pricing strategies that can be applied with every new repricing cycle. As a result, the SKU journey looks as follows: it starts with a high initial price, drops to follow competitors, and then drops again so the stock of an SKU can be sold out. Eventually, pricing strategy does not reflect the market reaction as well as changing factors.
AI-driven pricing prevents retailers from losing money
Using Competera Pricing Platform and its elasticity-based pricing engine, retailers can identify the optimal price point per SKU at every repricing cycle taking into account both the product’s current role and multiple pricing and non-pricing factors automatically. The graph on the left shows how the smart tech-driven SKU journey looks like.
How it Works: Matrix View on Optimal Price Position
Explore tAIlored solution to win in pricing
See how Competera boosts your pricing power.
Talk to an expert
