Our latest Dynamic Pricing Community webinar featured insights from leading industry experts on pricing and discounting strategies. With presentations from Dealavo and 7Learnings, attendees gained valuable perspectives on competitive pricing, discount effects, and market trends in the fashion industry. Here is a summary of the key points.
DPC continues to grow
We are happy to see that our Dynamic Pricing Community continues to attract experts from across the globe, as we have welcomed another 27 members in the past two months.
Key takeaways from DPC vol. 16
7Learnings enables cross-department optimizations
The event began with a presentation by 7Learnings CEO, Felix Hoffmann, who introduced 7Learnings’ pioneering cross-department optimization capabilities. Pricing operates as a central lever in the operations of all companies and, as such, has an effect that goes beyond its own self-contained department. Two areas where this is particularly pronounced are in performance marketing and product ordering.
Recognizing the disconnect that often exists between these functions, 7Learnings now enables cross-optimization of pricing and performance marketing, pricing and product orders, or between all three. As a result, any inconsistencies between these functions are minimized, improving both profitability and efficiency.
Dealavo’s pricing and discounting insights
Presented by Przemysław Białokozowicz, VP (Product & Services), Dealavo
Przemysław Białokozowicz from Dealavo kicked off the webinar by introducing their competitive pricing intelligence services. His presentation delved into the complex effects of discounting, emphasizing the importance of a data-driven approach before implementing any promotional strategy.
Key effects of discounting:
- Core effects: Discounts can boost revenue and promo spending but also lead to stockpiling and product cannibalization.
- Additional effects: A well-planned discounting strategy can help attract new customers and increase basket size.
- Non-monetary impacts: Pricing strategies influence brand perception, customer expectations, and assortment perception.
A critical takeaway was the importance of leveraging historical data to predict discount outcomes. By analyzing past promotions, retailers can fine-tune their discounting strategies to maximize profitability while minimizing risks.
The state of fashion pricing: Trends and insights from 2023-2024
Presented by Niall Rooney, Content Manager, 7Learnings
Niall Rooney shared findings from an extensive pricing study covering 966 brands and 1,060 retailers in the fashion industry. The report provided crucial insights into how pricing strategies have evolved over the past two years.
Key trends:
- From 2023 through 2024, prices increased by 9%, while average discounts decreased by 12%, signaling a move toward more strategic discounting.
- Price disparities between brand-owned stores and marketplaces are narrowing, leading to heightened competition.
The report underlined the growing importance of price optimization in a competitive landscape, urging brands and retailers to refine their pricing strategies in line with current market trends.
Discussion & Q&A highlights
The webinar concluded with an engaging Q&A session, where participants discussed practical applications of the insights shared.
- Alejandro Giles asked about ensuring the success of discounting strategies.
- Przemysław Białokozowicz emphasized the importance of historical data and predictive models in determining the potential impact of discounts.
- Ruta Donovan wrapped up the session by summarizing key takeaways and leading breakout discussions for deeper engagement.
The session closed with a thank-you to our presenters and attendees, along with an invitation to future webinars.
Join the conversation!
Our Dynamic Pricing Community continues to bring together top minds in retail pricing and AI-driven strategies. If you’re interested in gaining exclusive industry insights, networking with experts, and staying ahead in pricing innovation, join our next session.
