PANTHER PRICING - the price revolution in retail trade
The cloud software Panther Pricing generates automated price reduction recommendations for the retail trade. By using the software, price markdowns can be reduced by an average of 3% points. With the help of intelligent machine learning technology, the core questions of optimal price reduction can be answered and gross profit-optimized prices can be generated – individually for each retailer, for each article.
Those who want to realize the great potential of digitization in retail should focus on the more intelligent analysis and processing of available data in order to generate a better basis for decision-making. This is where the main potentials, which have often been untapped so far, can be found.
At the same time, the process of price reduction is the area where the most important decisions are made that cause the 20% price markdowns customary in the industry. The greatest earnings potential of the retail trade lies in the area of price markdown optimization.
The ability of retailers to leverage these potentials will play a decisive role in determining future viability, both online and offline.
The Dynamic Pricing Software, Panther Pricing, is aimed precisely at this approach, because it allows retailers to carry out data-driven price optimizations that are individually adapted to the respective performance, inventory and target situation of the retailer.
The high price markdowns result from the sum of many errors in the reduction process. This is due to the complexity of determining an ideal price reduction. Here, clear goals, current article performance, inventory situation, time, seasonalities and detailed knowledge of the effect patterns of reductions in dependence on many factors have to be brought together in a coordinated manner.
The complexity is immensely high. Without the use of artificial intelligence and the evaluation of large amounts of data, no progress can be made here. This requires special new approaches to evaluations that cannot be found in merchandise management systems.
What the responsible buyer has the choice between flat-rate reduction according to age structure or with experience and gut feeling on article level to reductions. Both leads inevitably to many errors of the individual reduction decision on article level and thus to much optimization potential.
Panther Pricing helps to solve the dilemma of suboptimal decision bases and therefore often wrong reduction decisions. This is exactly where the software comes in and enables every retailer to make the right price decisions and thus achieve the best possible gross profit from sales. In addition, the required process effort of price reduction is reduced to the essential through digital support.
