Watch the full video here: The Essential Guide to Price Optimization
For the retailers we work with, getting pricing right is essential for maintaining competitiveness, maximizing profits, and aligning with market demand. That’s why we offer our customers a comprehensive toolkit to fine-tune their pricing strategies.
Whether you’re looking to streamline your pricing processes or curious about how Wiser can enhance the way you make pricing decisions, this video will take you through six expert tips to get the most out of our Price Optimization solution. Here’s a sneak peek into what you’ll learn:
1. Prioritize High-Impact SKUs
One of the quickest ways to make a meaningful impact on your bottom line is by focusing on high-priority SKUs. In the video, we show you how to navigate the Market Price Index to quickly identify which items are overpriced or underpriced compared to the market. You’ll also learn how to segment your data by category or brand to pinpoint the products that need immediate attention. By focusing on underperforming or high-competition products, you can target your efforts where they matter most.
2. Fine-Tune Your Pricing with Custom Calculations
Pricing is not one-size-fits-all, and our Strategy Builder allows you to create custom formulas to reflect your unique business needs. Whether it’s adjusting prices based on sales data or competitor analysis, this feature enables you to craft innovative strategies using calculations. The video walks you through the process of integrating various data points—like net revenue or customer reviews—so your pricing stays sharp and responsive.
3. Leverage the Live Preview Feature
The Live Preview feature is a game changer when it comes to making confident pricing decisions. This real-time tool lets you see the results of your pricing strategy before it goes live, helping you spot issues instantly. Within the Strategy Builder, you can address issues instantly, eliminating uncertainty and saving valuable time.
4. Optimize Strategy Order and Simulation
Curious about the effects of new pricing strategies on your catalog before they go live? Our Simulation Mode allows you to do just that. In the video, we explain how to adjust the priority of your pricing strategies and use simulation to forecast their impact. This allows you to implement changes with confidence, minimizing risks and maximizing outcomes.
5. Automate with Date/Time Scheduler
Time-sensitive promotions and seasonal pricing changes can be tricky to manage, but not with Wiser’s Date/Time Scheduler. In the video, we showcase how to schedule strategy activations and deactivations in advance, helping you seamlessly manage seasonal trends or product launches. Whether you’re planning for Black Friday, holiday sales, or launching a new product, this feature ensures you’re always one step ahead.
6. Stay Up-to-Date with Real Time Updates
Last but not least, our tool allows for real-time updates that keep you ahead of market shifts. Automatically receive new price recommendations and make adjustments on the fly, ensuring that your prices are always competitive and in line with current trends.
Watch the full video here: The Essential Guide to Price Optimization
