What Could Be Wrong With Your Pricing Strategy?

How do you figure out what is going wrong in your business?

Poor price management could be what is causing your business to struggle. Pricing incorrectly even has the potential to trigger a domino effect of pain points that can cause your business to close. But ChainDrive Price Management software has been designed to address the pain points and fix what could be wrong with your retail pricing strategy.

Who Controls Your Price Management?

If every employee can apply discounts or adjust pricing, something can go wrong. Dishonest employees can steal, true, but an employee who is not fully informed could make an honest mistake. ChainDrive gives you control over who can take action on pricing and which actions they are allowed to take. The system-wide security manager governs things like pricing, price changes like markdowns or markups, promotions, and allowable discounts at the point of sale.

What Affects Your Retail Pricing Strategy?

The things that are considered in pricing are the things that affect the success of that pricing strategy. If your business information is siloed in separate channels, omnichannel strategies can be unsuccessful because a planned promotion is not completely communicated to those on the sales floor. If updates are done in cycles instead of real-time, accurate status assessment is delayed and opportunities for profitable adjustments could be missed.

Analytics and reporting are limited by the flexibility and efficiency of your data collection, integration, and access. That means the tools you use can be what’s wrong with your pricing strategy because they don’t provide the professional functionality you need to meet the omnichannel retailing of today.

Why ChainDrive Price Management Software?

In order to analyze and diagnose your pricing strategy, you need to have all the facts: every bit of data from every channel and every time point including what’s happening now. In addition to all the data, you need the tools to filter and analyze those facts and evaluate the potential of every decision. ChainDrive utilizes a central database so all your facts are in one place. The software is designed with the input of our clients and customizable so that the tools you need are the tools you have.

This makes ChainDrive Price Optimization and Management software that equips you to see exactly what could be wrong with your retail pricing strategy and fix it.