Retailer’s Guide to Overcoming Overstock
Our 18 page guide to tackling one of the biggest issues facing the retail industry
Download our free guide to unlock valuable insights into overcoming stock challenges
This comprehensive whitepaper, created by our team of pricing specialists, is designed to assist retailers in tackling one of the most pressing challenges currently facing the industry; namely, stock issues caused by post-pandemic corrections and inflation.
In the current market, retailers are having to contend with dilemmas surrounding their inventories. Shifts in consumer actions and global geopolitical uncertainties have thrown supply chains and predictive demand analysis into disarray. The surge of online commerce in the wake of the pandemic, coupled with evolving purchasing patterns in 2023, has left many retailers with surplus stock. Amidst these challenges, a cutting-edge solution has emerged: harnessing the potential of inventory-based pricing coupled with artificial intelligence (AI), particularly the use of machine learning algorithms (ML).
In this whitepaper, we explain how traditional and ML-enhanced inventory-based pricing works and how price elasticity is key in ML solutions to generate effective recommendations. Additionally, we explore the benefits of predictive pricing in relation to inventory management and, in particular, the 7Learnings price optimization methodology.
Testing shows that a 1% improvement in pricing equals about 6% plus of the bottom line, which is why it is imperative that retailers put pricing optimization at the top of their agenda. Our whitepaper is your complete guide to implementing an effective inventory-based pricing strategy, ensuring your business remains finely attuned to the flux of demand and supply in this dynamic ecosystem.