How to drive in-store sales with flexible pricing?
Dynamic and flexible pricing strategies can allow retailers to drive revenue and reduce wastage. If implemented and monitored correctly, retailers can take full advantage of supply and demand situations and clear out inventory which is otherwise slow moving.
Flexible pricing examples
We help bricks and mortar retailers to consider the effort and processes required in store to publish the updated prices at the shelf edge. Retailers using NetTickIT® have the means to make these pricing strategies possible in store. For example:
- The ability to manage high volumes of promotional and shelf edge tickets on a daily basis. One of our customers prints and displays on average over 2,500 tickets per day per store.
- Promotional flexibility. Another of our customers wanted to break away from the conventional 8 week promotion cycle and make changes and introduce new offers easily and quickly.
- The ability to run flexible and dynamic marketing campaigns. This was the requirement from another one of our customers who wanted to help their existing customers and capitalise on the refurbishment of their branches to attract new customers.
We work with retailers to understand their challenges and have designed NetTickIT to solve these challenges. These are some examples of our solutions: –
- Synchronise online prices in store. NetTickIT provides the means to manage high volumes of price changes on POS. Allowing retailers to synchronise all online prices with offline prices. Changes can be processed before, during and after trading hours, depending on your requirements.
- Price Matching. If you would like to do competitor price matching, NetTickIT can manage the updates to the POS and changes can be processed during or outside of your trading hours, subject to your requirements.
- Time of Day Pricing. NetTickIT provides the means to update the prices on POS quickly and efficiently. Allowing retailers to change the prices of items to maximise sales, for example during the lunchtime rush.
- Local Pricing. NetTickIT has the capability to update prices at store level with store specific pricing. Local pricing can be managed by Head Office and stores can be granted access to change prices themselves. Allowing stores the flexibility to mark down prices and clear out surplus inventory within their store that might otherwise go to waste.
NetTickIT can combine these solutions with digital devices within stores to provide greater flexibility for price changes, such as electronic shelf labels (ESLs), video strips or large digital screens. NetTickIT can integrate with these devices and allow retailers to combine digital and printed POS seamlessly within a store. Thereby enabling the use of digital devices for specific product ranges or for individual products that change price frequently.
Talk to us today about your requirements for dynamic and flexible pricing strategies.
You may also be interested in price matching.