Back-to-school: How decision management can help retailers grab their share of this big buck shopping season
Joanne Macdonald 060000M7FB email@example.com | | Tags:  nrf business-rule business-process-manageme... decision-management -pricing bpm business-process-improvem... retail
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According to an NRF study on back-to-school sales conducted by BIGresearch, families with children K-12 will spend an average of $603 on apparel, school supplies and electronics. When combined, K-12 and college spending will reach $68.8 billion. Retailers realize that here’s a lot at stake in the second most lucrative shopping season of the year.
For some time retailers have known that they need to do more than lower costs to meet the needs of the more informed, ever mobile consumer – from improving efficiencies to managing the data required to make smart decisions and take quick actions to meet the demands of back-to-school shoppers who this year are placing high priority on value.
Leading market research company the NPD Group recently investigated annual back-to-school spending intentions noting that this year consumers remain cautious about their spending with 82% of those surveyed pointing to “value” as the primary factor driving their back-to-school purchase decisions. For parents, seeking a combination of price, quality and name brands they trust is key. Retailers need to deliver the right product at the right time and location and now more than ever – and at the right price in order to make the sale.
With business rules-led decision making, retailers can enable dynamic pricing initiatives that allow them to easily adjust pricing to align with the numerous variables at play across their organization enabling them to:
· streamline the management of large lists of pricing rules
· govern pricing version control
· enhance testing of pricing rules to determine “next best offer” scenarios to optimize business performance
· ensure consistency in pricing across multiple agreements, channels and offers
· effectively combine product pricing with other offers such as shipping, promotions or loyalty.
How dynamic pricing makes retailers
and shoppers happy
By implementing rules-based decision making, retailers will be better equipped to provide the products and brands that students want at the prices parents are willing to pay in their search for value. In doing so, retailers can capture their share of the billions of dollars in back-to-school spending, provide the value that price conscious parents are demanding, while getting greater visibility into the information needed to further refine pricing strategies and promotional programs for the looming winter holiday shopping season.
If you want to learn more about the significance of decision management and business process management to retailers including customer examples of how several large retailers are addressing specific opportunities and pains, you might find this white paper valuable.