Benefits from specialized price management software

Gain valuable insights into the effort required to build a successful in-house tool, while also exploring the clear advantages and reduced risks that come with adopting an external price management solution.

Retail organizations are evolving rapidly due to recent technological advances, including machine learning (ML), artificial intelligence (AI), and modern pricing techniques. As a result, the question is no longer whether retail businesses need pricing tools or software, but rather which ones are best suited for their needs.

Based on our recent conversations with industry experts and nearly a decade of research and development in modern pricing technologies, we’ve identified one major consideration that can be a make-or-break business decision

Picking the Right Tool for the Job

Managing prices without specialized, competent pricing technology is nearly impossible in today’s fast-paced and highly competitive retail market.

Strong partnership with Nielsen and Yieldigo as unparalleled benefit:

• One single point of contact supported by a large of Retail and Pricing experts
• AI/ML user friendly SaaS based platform
• Agile approach to solution developer for Retailers with Retailers
• Huge experience in working with similar companies in multiple areas for Retail panel data
• Wide range of highly relevant pricing solutions supporting Retailers from developing a strong price strategy, price setting, price monitoring to dynamic pricing
• Unique catalogue product item level data from Retail and Shopper Panels to ensure top quality matching
• Tailor-made price management solutions for retailers
• Most current data, analyses, knowledge but also consultancy and service
• Price and promotion strategy of your competitors

Shifting from past to the future and measure the impact!

• Customers do not accept any more price increases – inflation and boycott purchases at stores. If retailers continue copying prices one from each other like in some countries promo spiral gets out of the control, during the inflation period  the price increase spiral gets out of control. Due to the Price management tools retailers get unique chance to step out and be more client – demand oriented and pro-active in their smarter price decisions
• Retailers needs to decide where and how much to accept new prices from manufacturers, control the full assortment profitability and not just the individual brands approach. Moving from the manufacturer driven prices to more basket driven price mix allow them to focus on their customer trends and willingness to pay rather then just follow brand-category isolated principles.
• As a pricing managers we’ll help you prepare omnichannel strategy, most efficiently matched articles and minimize manual referencing, for products that are in substitute we set the prices that’ll help control revenue or profit and we set the regular pricing.

Find out how we can help you?  

“This is the raising age for retail transformation in pricing form legacy category management approach to real 4P marketing approach where for Pricing, there are special teams focusing to manage the Price and Promo strategy across the entire portfolio, whereas category managers focus on building right Product (assortment selection) and Placement (store and shelf space optimization) NIQ covers now with YDG Pricing management all 4P aspects, previously more known as relevant partner for Assortment and Space management but now its true Full View for Retailers cross marketing 4P“

Petr Kriklan

Market Retail Pricing – Sales & Strategy Leader
NielsenIQ