Avoid Inefficient Price Management
When price management isn’t done right, there will be a domino effect. The wrong choices in price affect customers who then go somewhere else to find the product. Often those customers will give poor online reviews as a result. Products are left on the shelf, customers go elsewhere, poor reviews affect future customers, and the price management problem turns into a reputation management problem. Your retail business suffers in all areas when pricing isn’t updated to reflect costs or when the price on the shelf is higher at the register.
Use The Tools That Keep Prices Current
At one time a spreadsheet worked for price management. The data had to be put into that spreadsheet by hand and it took time. Manual data entry also increases the chance of human error. This takes too long in today’s omnichannel retail environment. Consumers can easily keep track of changing prices, so retailers need to compete with tools that work in real time.
Software designed for retail price management protects from pricing mistakes by automating the process without compromising control. When pricing is integrated across every channel and along the entire product life cycle, both customers and retailers profit.
Price Management ChainDrive Keeps Prices In Control
ChainDrive’s Integrated Retail Management software solution keeps price management under control by moving away from spreadsheets into an automated system that allows complete control over individual dynamics of zone or channel. This results in pricing that is appropriate for a certain geographic location as well as online.
Here are a few of the ChainDrive Price Management options:
- Set prices by geographical or pre-determined zones
- Create promotional campaigns – permanent or timed
- Control access to all price changes
- Analyze, monitor and track price changes and performance
- Set initial markup minimums
- Change prices by dollars or percent
- Create user lists for price changes
- Enterprise-wide Price Transparency
- Price Monitoring & Analysis
- System-wide Security
- Real-time Performance Metrics
- Control & Track Campaigns
Explore the potential of ChainDrive and avoid inefficient pricing.