Navigating supply chain disruption, managing surging inflation and balancing customer spending. These are some of the most important conversations happening in retail right now. That’s why we brought together three experts for our The Future of Pricing Webinar.
Michele Pelino, Senior Analyst at Forrester, Sue McMahon, Retail & Consumer Goods Industry Advisor for Microsoft and Chris Dieringer, Chief Customer Officer at Flintfox, sit down with Cath Brands to talk about how retailers can weather the storm and the role pricing plays in driving instant results and improving profitability.
In this session Michele examines the trends driving retail volatility from fiscal uncertainty to fuel prices. We take a deep dive into research among retailers on their pricing pain points. 69% of the retailers said that they want pricing initiatives to help them stay ahead of the pricing changes and the challenges faced across the supply chain. But many firms are challenged with issues around their current pricing and rebates initiatives. 41% said that it was too much manual effort to analyze what was happening and determine pricing changes.
It’s no wonder; Sue McMahon reveals, that retail trade generates four petabytes of data an hour thanks to complex global supply chains and retail channels, “if you can wrap your head around that”. Sue believes that retailers need to get surgical about pricing. Aggregating and analyzing that data will help reveal which pricing strategies are delivering and where adjustments can be made on the fly.
Chris Dieringer, says that retailers should look to pricing and rebate management for profitable growth, but they can’t rely on the old systems to do it. “Supply chain disruption and rising costs are very challenging legacy systems and the unreliable data that many retailers have been working with in the past.”
‘“Our crown jewel is an engine that takes hundreds of thousands of datasets, brings them together and serves up about 5000 prices per second. It's near-instantaneous for me to deliver the margin that a retailer is looking for.” ’
These are just some of the highlights from the day, if you missed it you can watch below to find out more 👇