Welcome to Intelligence Node's Blog. Regardless of where you are on your retail analytics and machine learning journey, our blog covers a vast range of topics to maximize your retail growth and ensure your success.
Agile product pricing strategies is one of the biggest questions retailers face for a reason. The relationship between an item’s price and its quality — and perceived value to consumers — is oftentimes the deciding factor in shaping whether or not purchase ever takes place. In such an increasingly crowded marketplace, the concept of cash cow marketing […]
On its own, pricing is a complex subject that requires thorough understanding, yet it is massively important. If you set it right, the sales and profit will flow. Get it wrong and, well, you know, you’re doomed, to put it mildly. Your pricing affects everything, from profit margins and sales to brand positioning and market […]
Tracking competition can be a fool’s errand if not done properly. By properly, we mean using modern technology to cover all the aspects that define your competitor’s product and their pricing methods. In that regard, companies usually target competition that is nearest to them in terms of local positioning. Direct competition, if you will. However, […]
In 2020, with a huge chunk of retail activity taking place through online platforms, US e-commerce is expected to rise 18% year on year – and this shift is not only indicative of new opportunities, but of the need for new effective strategies. There is no question that it is absolutely vital to partake in […]
As every business is unique, there are variances in pricing the products and services in every company. Not all of them incorporate strategies that aim to sell the highest possible amount (or all of it) of what they are selling, just so it could act as an indicator of company’s market performance or success. Rather, […]
Every business that seeks to achieve maximum levels of profitability needs to think carefully about its pricing. Specifically, it needs to think about how often to change its prices. Once you identify and set the best pricing strategy for your product or service, it can be quite tempting to hold on to it. We know […]
Keeping an eye on what your competition is doing is a great way for growing your business. Identifying who they are and what they are offering can prove invaluable to make your goods set apart from the rest. It will enable you to set prices competitively and utilize all the elements of the marketing mix […]
Let’s start off with the basic definition – what are pricing benchmarks? It’s the process of comparing your prices to the prices of the competition in a specific market segment. Why, one might ask, blissful in ignorance. The answer is very simple – because understanding your pricing and your position among your competition is of […]
It’s not really a secret to say that every business can benefit from an effective pricing strategy. However, in order to identify which strategy is right for a specific business or industry and set the right (some would say reasonable) price in a highly competitive market, you need to be able to utilize every resource […]
Pricing objective is a goal that a company sets in order to determine the cost of its product or service. Objectives are usually related to four major groups: profitability sales volume market shares competition
On its own, opting for a pricing method to follow your business strategy is equally difficult and important task. After all, it’s part art, part science. Deciding on the amount you want to charge your customers for your products is a huge step to setting your pricing strategy in the long run. There is no […]
