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How to Streamline Retail Pricing in 3 Smart Steps
Pricing is a strategic growth lever—when used correctly
In today’s competitive and chaotic retail landscape, price is a critical strategic lever—not just a number on a tag. But how can brands stay competitive amid global disruptions, shifting demand, and pricing volatility?
Here are just a few challenges retailers face:
- How to respond to tariffs and disruption?
- How to price around increasingly scarce items?
- What’s the competitive pricing landscape for common SKUs?
Dive into the “Best-Practice Approach to End-to-End Retail Price Management” eBook, to explore the best practices for implementing an end-to-end pricing workflow —all within one connected, agile process.
Streamlining the price management strategy
The first step is building the foundation and defining a strategy to understand:
- How to price against competitors.
- How to consider all variable exchange rates.
- How to manage tariffs.
Defining the price and defining the strategy with initial pricing available via initial pricing.
The second step is in pre-season and involves setting up initial prices against the competition. This means taking the landed costs, or the prices that come from product lifecycle management (PLM), for instance, then using market data via market intelligence to incorporate competitive pricing to really align and adapt a brand strategy.
The third step takes place during the in-season process. With lifecycle pricing, retailers and brands optimize prices and set up the optimal promotional strategies in season and in various countries.
Price management from Centric Software® is a complete, end-to-end pricing workflow—from initial price setting through in-season pricing, promotions and markdowns—all within one seamless process.
Business benefits of an end-to-end strategy
Price Management from Centric Software supports five key capabilities:
- Price Management
- AI Forecasting for Pricing Pre-Season
- AI Competitive Pricing
- Lifecycle Pricing
- Market Intelligence
With these tools, brands and retailers gain the power to:
- Standardize pricing across global markets
- Enable price elasticity in omnichannel environments
- Align local and global pricing strategy
- Improve governance and responsiveness
While this only highlights a few benefits of the Price Management module from Centric Software, download the full eBook to learn how to boost brand perception and get maximum profits every product launch.
Pricing as a driver for long-term growth
Price Management from Centric Software is a complete, end-to-end pricing workflow from initial price setting through in-season pricing, including intelligent promotions—all within one seamless process.
“We have reduced our price reductions by about 2.5%. That translates into a 1% margin increase, which, on a 300 million-euro turnover, is a 3 million-euro increase to our bottom line. That’s quite a lot; more than we were expecting at the beginning of the project.”
– Josef-Bernd Oswald, Product and Merchandise Manager at Leder & Schuh Group
Learn about this case study and more in the “Best-Practice Approach to End-to-End Retail Price Management” eBook, including details on the AI-driven platform that is transforming pricing with real results.