Welcome to the 1st episode of the ’Retail Pricing Insights’ podcast by 7Learnings, where we bring you discussions with pricing experts, uncovering the latest retail pricing trends as well as actionable solutions. In this episode, we had the privilege of sitting down with Sahin Tuzsoy, the Director of Pricing Management at LUQOM GROUP, which operates in 25 countries, boasting three companies that span across 60 domains and navigate the intricate terrain of both B2B and B2C pricing. While the podcast offers an engaging audio experience, this blogpost is an accompanying resource to enhance your understanding and provide additional context.
Defining omni-channel pricing
Omni-channel pricing, as Sahin Tuzsoy puts it, is “the art of harmonizing pricing strategies across diverse sales channels to offer customers a seamless shopping experience.” Yet, the challenge of balancing B2B and B2C pricing within this multi-faceted landscape is a formidable one.
Surveying the landscape
Before delving into the intricacies of omni-channel pricing, it’s crucial to examine your business environment closely. With LUQOM GROUP’s expansive global reach, encompassing 25 countries and 60 domains, Sahin underscores the importance of considering factors such as company structure, geographical distribution, and product assortment to identify potential pricing conflicts.
Tailoring pricing strategies
Omni-channel pricing requires finesse in tailoring pricing strategies to suit the unique characteristics of each channel. When serving the same customer base across various channels, the risks of pricing conflicts loom large. Sahin advises, “Consider strategies like price parity, differential pricing, and A/B testing to determine the most effective approach.”
Deciphering customer behavior
Understanding customer behavior is the cornerstone of crafting effective pricing strategies. Sahin notes, “Whether customers are searching for specific items or guided by marketing strategies, it’s vital to adapt pricing strategies accordingly.”
Navigating the B2B landscape
B2B customers present distinct challenges compared to their B2C counterparts. Sahin imparts valuable insights, advocating for creating a separate pricing strategy for B2B customers. He emphasizes, “Foster partnerships, implement loyalty programs, and carefully integrate B2C pricing to navigate this terrain effectively.”
