target audience: TECH BUYER Publication date: Dec 2022 - Document type: IDC PeerScape - Doc Document number: # US45840420
IDC PeerScape: Practices to Build Support and Success for Price Optimization in Retail
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Abstract
This IDC PeerScape helps retail operational leaders think about key pricing optimization concerns and best practices to address these concerns as pricing capabilities shift. Retailers must respond with data-driven strategies that allow them to fully use their investments in optimizing, building trust, making it easier to manage prices, and ensuring customer insights are part of the equation.
"The ability to adjust prices whether through promotions, markdown, or baseline pricing is a merchant's most immediate and powerful lever to influence customer behavior," says Ananda Chakravarty, VP of Research, IDC Retail Insights. "Ignoring this lever will limit the retailer's ability to compete."