How your stores can save 17% on markdowns with Smart Markdowns
Smart Markdowns is a strategy in which you set flexible discounts on products based on current market demands. There is of course money to be saved with , but it will also ensure a higher sell-through rate. In grocery retail that also means reduced food waste.
Common challenges in stores not using dynamic discounts
👎 Static discount for all type of products, based on category rules, central decisions or gut feeling
👎 No changes based on previous results
👎 Low/if any differentiation between number of units
👎 Significant value lost through no price discrimination
How our dynamic discount engine will help with these challenges
👍 User enters amount of products to mark down and gets the optimal discount value
👍 Optimal discount set based on what’s the perfect reduction at that exact time with these amounts of products.
👍 Discount calculated to maximise sales value for the chain
Things the algorithm takes into account
✅ Historical product data, sell through and elasticity
✅ Store data like visitors, overall type of sales and weather
✅ Global data like sales trends in similar stores and categories, leverage of cross store data trends etc
You can save on average 17% on your markdowns by using our dynamic discounts tool. It can be used together with the other tools in our suite or completely stand alone as a mark down application.
If this feels like something for your business, just contact us at hello@whywaste.com or book a demo here on our website and we will tell you more! Read more about the concept and history of dynamic pricing here.
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