How your stores can save 17% on markdowns with Dynamic pricing
Dynamic pricing is a pricing strategy in which you set flexible prices on products based on current market demands. There is of course money to be saved with dynamic pricing, 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 pricing
👎 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 pricing engine will help with these challenges
👍 User enters amount of products to mark down and gets the optimal discount value
👍 Optimal discount value 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 pricing 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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