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The Secret to an Effective Dynamic Pricing Strategy

360pi discusses the keys to implementing a successful dynamic pricing strategy.

Arrows in a Dart BoardOne of the highlights of this year’s shop.org conference program was the Dynamic Pricing: The Price is Right [Now] panel featuring two 360pi customers: Amitabh Biswal  from Best Buy Canada and Andy Voelker from Ace Hardware. As well, one of 360pi’s advisors, Amos Schwartzfarb, formerly of Black Locus was also on the panel.

Recent coverage of this panel includes a shop.org blog post and Internet Retailer article. Two keys to implementing a successful dynamic pricing strategy are effective change management and organizational alignment.

In this session, industry experts from Best Buy Canada and Ace Hardware shared their dynamic pricing successes and learnings since engaging with 360pi. Amitabh Biswal, Best Buy Canada, is confident about the future of price intelligence and believes that “retailers that embrace dynamic pricing and make it part of their decision making process, are the ones that are going to be providing the overall best shopping experience to the customer.” Exercising a dynamic pricing strategy, whether it includes an external pricing solution provider or an in-house solution, will prepare retailers to compete more strategically and effectively in their market.

Andy Voelker from Ace Hardware, discussed the pricing challenges that Ace Hardware was facing prior to implementing 360pi as their price intelligence solution. Voelker makes a great argument in favour of engaging a price intelligence provider, admitting that preceding their partnership with 360pi, they had less than 10% of their product catalogue covered and were consistently concerned that their accuracy levels were inadequate. Since collaborating with 360pi, Voelker has not only become self-assured in his decisions, but more confident in the decisions and recommendations that the company is making as a whole.

Although pricing data used to be a rare luxury to retailers, we’ve reached an age where retailers who intend to maintain a competitive edge need to adapt and embrace change. Dynamic pricing is a digital retail essential for retailers to maintain a sustainable business.

Register now for the Dynamic Pricing: The Price is Right [NOW] live rebroadcast of a highly attended Shop.org breakout session, where you can hear from retailers who are trailblazers in dynamic pricing.

About the Author
360pi derives profitable insights from product and pricing big data to help leading omnichannel retailers, etailers, and brand manufacturers compete and win with shoppers. 360pi’s customer base accounts for over $US200 billion in annual product sales and includes Ace Hardware, Build.com, and Overstock.com, along with several Fortune 500 consumer products companies. With the majority of in-store purchases being influenced online, 360pi helps retailers and brands successfully navigate the multi-channel landscape with real-time insight into who is selling what, where, and for how much. Ultimately, 360pi customers make smarter decisions faster to drive increased revenues and margins across all channels.