SAP Enhances Retailer Profitability By Improving Insight Into Shopper Demand
SAP NEWSBYTE, Retailers around the world realize that understanding the wants and needs of their shoppers is critical in shaping pricing strategies. The SAP® Price Optimization for Retail application has been selected by dozens of retailers globally to provide the clarity and insight they need to remain competitive and profitable in today’s dynamic selling environment by helping them to develop and execute targeted promotion and pricing strategies that help boost customer satisfaction.
Challenged by increased competition, rapidly changing shopper demands, a volatile economy and thin margins, retailers cannot afford to make pricing mistakes. Retailers that understand their customers’ purchasing behavior can turn this information into meaningful action in order to be more profitable, agile and customer-centric. SAP Price Optimization for Retail delivers better insight into customers’ needs and enables retailers to recommend and deliver prices that meet financial objectives without sacrificing the shopping experience the consumer expects.
A component of the SAP® for Retail solution, SAP Price Optimization for Retail is part of the full merchandise lifecycle – from product introduction through end-of-life. The solution enables retailers to determine the best combination of everyday prices that will appeal to customers while still growing the business. By supporting strategic planning and providing data analysis, the software helps evaluate shoppers’ buying patterns and behaviour so retailers can forecast accurate pricing down to the store and stock keeping unit (SKU) level. SAP also provides markdown optimization capabilities to ensure that inventory can be managed efficiently to maximize profitable sell-through at the end of season or the end of a product’s life.
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