In order to trade effectively across multiple channels in multiple time zones, supply and demand must be well balanced. The correct pricing strategy can help maximise full price sales, whilst recognising the right time to markdown, or offer promotional discounts. Merret is supporting retailers to implement a global pricing engine that supports standard, promotional, and markdown pricing across all channels.
By splitting your global store estate into zones, different prices can be managed across multiple locations with ease whilst allowing flexibility to manage promotional activity if required.
The benefits our customers are experiencing include the following:
- Global pricing functionality such as zonal pricing provides the customer with a seamless brand experience whichever channel they choose to purchase through, regardless of country.
- The true effect of price change activity is calculated, using all data from the original price to the current changed price. This enables more accurate financial controls by presenting the real, total cost of revision to your retail business value.
- Built in workflow process for double approval of price changes (at point of suggestion, and after calculating the cost of the price change) further improves financial controls, ensuring the business understands the cost implications of a price change before it is applied.
- Users can set the automatic calculation of rounded costs, to prevent unsaleable pricing, improving the customer experience and the profitability of your retail business.
Merret provides retailers with the tools necessary to manage price changes for mark downs, simple, complex, or basket-based promotions. The system can even create promotions up to 30 minutes before you want to launch them. These include:
- Buy one, get one free/at a specified price
- Mix and match offers
- Fixed price deals
Whether the promotion is based in-store/online, or designed to be active for a specific time period (hourly to weekly), Merret provides the tools to manage this, including in-built duplication check functionality to scan for overlaps on promotional activity by product.
In an industry where competition is strong, we also understand that under certain circumstances revised prices shouldn’t have to be marked. Merret offers a Price Alignment function, which re-values and re-prices stock by aligning it up/down whilst retaining full price status. This can all be completed within the merchandise management system.
- Timed promotions. Global retailing may necessitate a requirement to operate ‘timed promotions’ across different time zones, which can present operational challenges. Merret’s global infrastructure provides the functionality to set up time zones to trigger promotional offers in the correct timeslot, whichever country you may be operating in. A 16:00 start in the UK will be offset to ensure those shopping in the US also gain the benefits of a 16:00 start, for example.
- Exchange and Price Point tables. Retailers can either set prices in line with exchange rates and price rounding rules, or regardless of exchange rates can operate with static international prices in a ‘Price Point’ table, i.e. £50 always equates to $100. This alignment has already helped a leading global etailer to increase their weekly global sales by £400,000.