Retail Pricebook Management

Right product, right place, right price

Do you know what price each item is selling for at any given time within every one of your stores? If not, your corporate pricing strategies may be a lot less effective than they could be. And if you can’t control pricing, how do you ensure profitability?

The Aspiration Gap
The gap is wide between aspirations and execution of pricing strategies in many retail organizations because of a lack of corporate visibility and control over local pricing decisions.

The basic tenet for revenue growth and profitability in today’s chain stores is to have the right localized mix and quantities of products in the right stores at the right time and the right price. Thus, inventory, merchandising and pricing strategies are closely linked.

But where these strategies often falter is in execution at the store level. If store or district managers are setting prices, how can you leverage the interrelated corporate inventory, merchandizing and pricing strategies, especially with promotions representing a major portion of sales for many retailers? The answer is, of course, you can’t.

Retail Pricebook Management, a component of RedPrairie’s Retail Site Operations, provides a centralized database and tools for managing pricing decisions across the enterprise. It marries your inventory catalog to supplier costs to help you set product mix, pricing and profit margin goals on a regional or local basis, including promotional pricing and stepped markdown strategies.

By linking site inventory, pricing and POS data, you can better analyze the effectiveness of corporate pricing and merchandizing strategies. And by comparing results with supplier costs, you can improve supplier management decisions.

Thus, Retail Pricebook Management not only enables you to set and manage pricing strategies, it helps you make supplier, inventory, and merchandising decisions that directly impact corporate profitability.