dynamicpricing

[dynamicpricing]

Smart Pricing for Retailers | Sciative

As a retailer, you know discounts alone won’t get the job done. Smart retail pricing is what really makes the difference—setting prices that draw in customers while still protecting your margins and boosting loyalty. With shopping getting more competitive and fast-paced every year, you need a dynamic pricing strategy that’s agile, responsive, and tuned in to the demands.

Smart pricing for retailers is a dynamic, data-driven approach to setting prices that helps maximize profits, attract customers, and respond quickly to market changes, especially during high-demand periods like the festive season. Unlike traditional pricing, which may rely on broad discounts or fixed margins, smart pricing uses technology, automation, and real-time data to adjust prices strategically based on factors like demand fluctuations, competitor activity, and customer behaviour.

Pricing expert Dr. Anshu Jalora, Ph.D. in pricing, developed the SMART framework that’s particularly effective for retailers:

S - Speed: Act swiftly on price changes to stay ahead of market shifts.

M - Manifestation: Ensure pricing communicates clearly and aligns with brand goals.

A - Automation: Use technology to handle routine pricing adjustments efficiently.

R - Responsiveness: Adapt pricing based on real-time customer demand and behavior.

T - Target-Driven: Set prices that directly support your business objectives.

The SMART approach helps retailers create a flexible and efficient pricing strategy that aligns with market realities and customer needs.

For more about smart pricing software for retail visit https://sciative.com/research-articles/smart-pricing-for-retailers-boost-sales-stay-competitive.