#MonCon          Casey CareyVP Marketing, Monsoon Commerce ccarey@monsooncommerce.com          @caseycarey                ...
Why should you strategicallyleverage pricing?Pricing economics and the roleof irrationalityMost common pricing strategiesu...
let’s take a look atTHE IMPORTANCE OF PRICING
PRICING IS, WITHOUT QUESTION,  ONE OF YOUR MOST IMPORTANT        STRATEGIC LEVERS.  WHEN PROPERLY APPLIED, PRICINGSTRATEGY...
What is YourPricing Strategy?
What is the Best Pricing Strategy?
A Set of Strategies, that Over Time,   Allow You to Make the MOST          Money Possible!
successful pricing strategy is a                       Price                               Quantity           Velocity    ...
markets are seldom in a                          Equilibrium is upset if:                          • Supply changes       ...
#MonConWhy should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common prici...
How Much Money do   You Make on aProduct or Inventory      Group?
start by calculating    Product cost    + Shipping    + Customs        =      Total Landed Cost    + Risk    + Overhead   ...
then calculate   Picking & Packing                                  Shipping &   + Shipping                =    Handling C...
then calculate   Sales Commissions                      Sales & Marketing   + Marketing                      =     Expense...
and finally, calculate    Office Expenses    + Administrative    + Miscellaneous                     =     Overhead    + F...
understand your                     Net Profit (free cash)                                                      Contributi...
understand your                                     Contribution                                     $3.42 (13.7%)        ...
then  What is my base price?      This is your initial target price  What is my price floor?     The lowest price I will s...
economists like to talk about                  For every purchase, the consumer computes                  the relative net...
but often, purchase behavior is…
irrationality    Which middle circle is larger?
 Economist.com subscription – US $59.00   One-year subscription to Economist.com   Includes online access to all articles...
two-thirds don’tVALUE THE ADDITION OF PRINT Economist.com subscription – US $59.00   One-year subscription to Economist.c...
 Economist.com subscription – US $59.00   One-year subscription to Economist.com   Includes online access to all articles...
by adding a decoy, theRESULTS ARE RADICALLY DIFFERENT Economist.com subscription – US $59.00   One-year subscription to E...
irrationality
why is the price of black pearls
anchor price points      $1.49           $1.96
for many products, anchor price points
irrationality                “   ”
irrationality        $0.15       $0.01         73%         27%                Source: Predictably Irrational, 2010.
irrationality“        ”        $0.14   $0.00
irrationality“        ”        $0.14       $0.00         31%         69%                Source: Predictably Irrational, 20...
Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing stra...
1.                                Use of Ending Digits                           9                                  60.7% ...
2.Typically 2.5 to 3.0 multiple for webstores andretail stores.               $10.50 *2.5 = $26.25               $4.68 (18...
3.Used to capture market-share or create demandin early-stage products. Level is usually slightlyabove break-even – typica...
4.Used to maximize revenue when marketconditions allow, low or no competition orspikes in demand – typically the price cei...
5.Ideally, at or near your target price. Positionsyou within +/- a couple of percentage points ofthe average price.       ...
6.Priced at or below break-even with the intent tocross-sell or up-sell customers to moreprofitable products.             ...
7.Providing price considerations for multiplepurchases; consumers are trained to expect adiscount.              $46.99 = $...
8.Combining multiple products into a singlepurchase providing differentiation and greaterperceived value.               $3...
9.Priced below break-even with the intent tomove inventory, free up space, and make capitalavailable for other investments...
10.Time limited price strategies designed toincrease demand, move inventory, and matchcompetitors pricing/promotions.     ...
Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing stra...
establishing a                             Product                               Life-                              Stage ...
consider the product life-stage                                                                          Introduction     ...
within each stage manage both  Establish maximum age by stage    Establish channel pricing strategy:  and product category...
Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing stra...
how do 1. The pricing engine captures available pricing    for your item(s) on your home market    (AMZN) 2. Automatically...
1.1. Is shipping included or separate?2. Relative to the competition, where do I want to be   and for how long?   • Averag...
2.1. Which competitors should be excluded?   • Minimum quantity-on-hand   • Minimum rating   • Price is low-ball (outlier)...
3.1. Specific products2. Inventory Groups based on a combination of:   • Category   • Condition   • Fulfillment Type   • Q...
pricing rules  1.   Item-level rules  2.   Inventory Groups in priority order  3.   Default rules  4.   By marketplace inc...
Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing stra...
five steps to leveraging pricing         Understand your business economics to inform         pricing strategies         C...
KEEP IT SIMPLE – NO MORECOMPLEX THAN IT NEEDS TO BE
ccarey@monsooncommerce.comcaseykcareycaseycarey
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Pricing Strategies for Online Merchants

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A review of the more common pricing strategies used by online retialers and multi-channel merchants to grow their business. Includes a framework for the application of pricing strategices based on product life-cycle and inventory aging to create a competitive advantage and sustained growth.

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  • MonCon EAST KeynoteOverarching story:Not only are we the right partner for today, the opportunity that lies ahead is large and we are the right partner to help you navigate the futureAudience55% Stone Edge customers (web-only and multi-channel merchants)25% Marketplace customers (some media, some EGM)15% Partners and ecosystem providers5% employees
  • Objective:Introduce attendees to Monsoon CommerceKey talking points:Acknowledge that maybe everyone is not familiar with Monsoon CommerceWe are solely focused on driving merchant successWhether it is sales and revenue growthIncreased profitabilityOr simpler, more efficient ways of doing business
  • Objective:Introduce attendees to Monsoon CommerceKey talking points:Acknowledge that maybe everyone is not familiar with Monsoon CommerceWe are solely focused on driving merchant successWhether it is sales and revenue growthIncreased profitabilityOr simpler, more efficient ways of doing business
  • The great news is Tim’s business has continued to grow and expand. In addition to benefiting from the overall growth of e-commerce, they now:Have multiple eCommerce sites using Miva Merchant with some shared inventory between the sitesBegan selling on third-party marketplaces including Amazon and eBayHave more sales from shoppers who received emails or shop online, but want to purchase over the phoneIn addition to expanding their channels and overall online sales growth, Tim has also needed to have a much more complete and flexible inventory of products. This includes:A dedicated warehouse supporting both retail store and online sales demandUse of vendor managed inventory (drop-shippers) for a portion of the productsOccasional use of retail inventory to minimize online back ordersUse of FBA for many of the products sold on the Amazon marketplaceTim’s business is not unique. In fact, earlier this year we surveyed 10,000 mid-sized online and multi-channel merchants and found that:53% had offline sales channels (stores and call-centers)36% have more than 1 website with shared inventory69% include marketplaces as part of their channel strategy67% have a least single warehouse62% use drop-shippers – averaging 26% of inventory drop-shippedThe downside of this success, is a much more complex operation and the need to continually find ways to be more efficient.
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Consumers ignore the least significant digits rather than do the proper roundingFractional prices suggest to consumers that goods are marked at the lowest possible price.When items are listed in a way that is segregated into price bands, price ending is used to keep an item in a lower band.Left-digit anchoring.This hypothesis suggests that people perceive the difference between 1.99 and 3.00 to be closer to 2.01 than to 1.01
  • Objective:There is an opportunity to more, a lot more to help you succeedTalking Points:Interviewed hundreds of customerSurveyed the marketStudied current providers and overall ecosystemLooked at trends driving the marketAnd while we have a good start and foundation to build on, we’ve identified 5 large gaps in today’s approachEasy management of products and inventory across channelsTrue, multi-channel order lifecycle managementIntelligent pricing across channelsLower friction tools – easier to buy and configure, simpler to use and less time spend supporting and maintaining the technologyRock-solid, deep integrations with all the key components of the Merchant’s ecosystem
  • Pricing Strategies for Online Merchants

    1. 1. #MonCon Casey CareyVP Marketing, Monsoon Commerce ccarey@monsooncommerce.com @caseycarey MonCon EAST | May 18–20, 2012
    2. 2. Why should you strategicallyleverage pricing?Pricing economics and the roleof irrationalityMost common pricing strategiesused by ecommerce merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies
    3. 3. let’s take a look atTHE IMPORTANCE OF PRICING
    4. 4. PRICING IS, WITHOUT QUESTION, ONE OF YOUR MOST IMPORTANT STRATEGIC LEVERS. WHEN PROPERLY APPLIED, PRICINGSTRATEGY CAN SIGNIFICANTLY IMPACT THE GROWTH, PROFITABILITY, AND SUSTAINABILITY OF YOUR BUSINESS.
    5. 5. What is YourPricing Strategy?
    6. 6. What is the Best Pricing Strategy?
    7. 7. A Set of Strategies, that Over Time, Allow You to Make the MOST Money Possible!
    8. 8. successful pricing strategy is a Price Quantity Velocity Available Demand
    9. 9. markets are seldom in a Equilibrium is upset if: • Supply changes • Demand changes • Price changes When these events occur, the curves are redrawn to reflect the new reality. There is also a velocity component, i.e. how fast are the changes occurring?
    10. 10. #MonConWhy should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing strategiesused by merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies MonCon EAST | May 18–20, 2012
    11. 11. How Much Money do You Make on aProduct or Inventory Group?
    12. 12. start by calculating Product cost + Shipping + Customs = Total Landed Cost + Risk + Overhead Shipping: Costs associated with crating, packing, handling, and Landed freight Customs: Duties, taxes, tariffs, VAT, brokers fees, harbor fees Product Risk: Compliance, quality, safety stock Cost Overhead: Purchasing staff, due diligence cost, travel, currency fees
    13. 13. then calculate Picking & Packing Shipping & + Shipping = Handling Cost + Carrying Picking and Packing: Costs associated with picking, packing, and S&H handling orders Cost Shipping: Out-bound shipping and surcharge fees Carrying: Facilities and insurance
    14. 14. then calculate Sales Commissions Sales & Marketing + Marketing = Expense Sales Commissions: Costs associated with marketplaces, affiliates, Sales & CSEs, and other CPA services Mktg Marketing: Paid search, advertising, email marketing, etc.
    15. 15. and finally, calculate Office Expenses + Administrative + Miscellaneous = Overhead + Financing Office Expenses: Office space, rent, insurance, supplies Over- Administrative: Indirect labor and management salaries head Miscellaneous: Other indirect expenses Financing: Interest and other finance charges
    16. 16. understand your Net Profit (free cash) Contribution Over- head Sales & Mktg Sales S&H Break-Even Landed Product Cost
    17. 17. understand your Contribution $3.42 (13.7%) $2.82 $8.25 $24.99 Bashful Monkey 12” by Jellycat 4 x 4 x 12 inches Break-Even 1.0 lbs $21.57 UPC: 0670983045598 $10.50 #4,292 in Toys & Games #15 in Baby & Toddler Toys > Stuffed Animals & Toys #64 in Preschool > Toddler Toys > Stuffed Animals & Toys
    18. 18. then What is my base price? This is your initial target price What is my price floor? The lowest price I will sell it for What is my price ceiling? The highest price I will sell it for This might create a price anchor Is there a MSRP? point Are there any price MAP, contractual, regulatory constraints?
    19. 19. economists like to talk about For every purchase, the consumer computes the relative net benefit of the choices: 1. Product benefits (pleasure points) • Size • Softness • Brand • Style • Quality 2. Price (displeasure points) 3. Intangible benefits (mitigate potential displeasure points) • Risk • Service • Timeframe
    20. 20. but often, purchase behavior is…
    21. 21. irrationality Which middle circle is larger?
    22. 22.  Economist.com subscription – US $59.00 One-year subscription to Economist.com Includes online access to all articles from The Economist since 1997. Print and online subscription – US $125.00 One-year subscription to the print edition The Economist and online access to all articles from The Economist since 1997.
    23. 23. two-thirds don’tVALUE THE ADDITION OF PRINT Economist.com subscription – US $59.00 One-year subscription to Economist.com Includes online access to all articles from The Economist since 1997. Online Only 68% Print and online subscription – US $125.00 One-year subscription to the print edition The Economist and online access to all articles from The Economist since 1997. Combo 32% Source: Predictably Irrational, 2010.
    24. 24.  Economist.com subscription – US $59.00 One-year subscription to Economist.com Includes online access to all articles from The Economist since 1997. Print subscription – US $125.00US $125.00 and online subscription – One-year subscription to the print edition of The Economist since 1997. The Economist and online access to all articles from The Economist since 1997. Print and online subscription – US $125.00 One-year subscription to the print edition The Economist and online access to all articles from The Economist since 1997.
    25. 25. by adding a decoy, theRESULTS ARE RADICALLY DIFFERENT Economist.com subscription – US $59.00 One-year subscription to Economist.com Includes online access to all articles from Online Only 16% The Economist since 1997. Print subscription – US $125.00 One-year subscription to the print edition of The Economist since 1997. Print Only 0% Print and online subscription – US $125.00 One-year subscription to the print edition The Economist and online access to all articles from The Economist since 1997. Combo 84% Source: Predictably Irrational, 2010.
    26. 26. irrationality
    27. 27. why is the price of black pearls
    28. 28. anchor price points $1.49 $1.96
    29. 29. for many products, anchor price points
    30. 30. irrationality “ ”
    31. 31. irrationality $0.15 $0.01 73% 27% Source: Predictably Irrational, 2010.
    32. 32. irrationality“ ” $0.14 $0.00
    33. 33. irrationality“ ” $0.14 $0.00 31% 69% Source: Predictably Irrational, 2010.
    34. 34. Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing strategiesused by merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies
    35. 35. 1. Use of Ending Digits 9 60.7% 5 28.6% 0 7.5% Other 3.2%$3.00 - $1.99 = $2.01 Marketing Bulletin Study, 1997.
    36. 36. 2.Typically 2.5 to 3.0 multiple for webstores andretail stores. $10.50 *2.5 = $26.25 $4.68 (18%) contribution
    37. 37. 3.Used to capture market-share or create demandin early-stage products. Level is usually slightlyabove break-even – typically your price floor. $22.99 = $1.42 (6%) contribution
    38. 38. 4.Used to maximize revenue when marketconditions allow, low or no competition orspikes in demand – typically the price ceiling. $29.99 = $9.42 (31%) contribution
    39. 39. 5.Ideally, at or near your target price. Positionsyou within +/- a couple of percentage points ofthe average price. $24.99 = $3.42 (14%) contribution
    40. 40. 6.Priced at or below break-even with the intent tocross-sell or up-sell customers to moreprofitable products. $17.99 = $3.58 (20%) loss
    41. 41. 7.Providing price considerations for multiplepurchases; consumers are trained to expect adiscount. $46.99 = $3.85 (9%) contribution
    42. 42. 8.Combining multiple products into a singlepurchase providing differentiation and greaterperceived value. $36.99 = $7.40 (20%) contribution
    43. 43. 9.Priced below break-even with the intent tomove inventory, free up space, and make capitalavailable for other investments. $18.75 = Cost recovery of Inventory and S&H
    44. 44. 10.Time limited price strategies designed toincrease demand, move inventory, and matchcompetitors pricing/promotions. Free Shipping = $18.75
    45. 45. Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing strategiesused by merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies
    46. 46. establishing a Product Life- Stage Pricing Strategy Inventory Channel Age
    47. 47. consider the product life-stage Introduction • Skimming Growth • Competitive matching • Penetration Development IntroductionSales Volume Maturity Maturity Growth Decline • Competitive matching • Volume • Bundling • Promotions & Discounts Decline • Liquidation • Skimming Time
    48. 48. within each stage manage both Establish maximum age by stage Establish channel pricing strategy: and product category: Introduction: Webstore and catalogs • Long shelf-life • Usually higher than Growth marketplaces • Short shelf-life Marketplaces Maturity • Greatest price • Medium shelf-life competition, usually lowest Decline price offered • Longest shelf-life • May be different by marketplace and fulfillment Make adjustments in price level method (discounts) and/or QOH as Physical store needed • Usually same as or more expensive than webstore
    49. 49. Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing strategiesused by merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies
    50. 50. how do 1. The pricing engine captures available pricing for your item(s) on your home market (AMZN) 2. Automatically re-prices items according to your pricing rules 3. Continually updates prices as the competitive prices, quantities, and sales change 4. Can be used as the basis for pricing other marketplaces and webstores
    51. 51. 1.1. Is shipping included or separate?2. Relative to the competition, where do I want to be and for how long? • Average of lowest 5 • 2% above lowest FBA • $0.50 below lowest4. What is your price floor?5. What is your price ceiling? • Fixed, relative or none • What to do when no competitive listings?
    52. 52. 2.1. Which competitors should be excluded? • Minimum quantity-on-hand • Minimum rating • Price is low-ball (outlier)2. Who are the specific listings you want to compete against? • Amazon • Featured merchants • FBA, merchant fulfilled or both • Specific seller IDs
    53. 53. 3.1. Specific products2. Inventory Groups based on a combination of: • Category • Condition • Fulfillment Type • Quantities • Weight • Sales Rank • Age - Since Last Sold/Since First Received • Supplier/Source • Seasonal/Clearance/Sale
    54. 54. pricing rules 1. Item-level rules 2. Inventory Groups in priority order 3. Default rules 4. By marketplace including International
    55. 55. Why should you strategicallyleverage pricing?The economics of pricing and therole of irrationalityMost common pricing strategiesused by merchantsA framework for applyingpricing strategies to yourbusinessLeveraging pricing engines toexecute your pricing strategies
    56. 56. five steps to leveraging pricing Understand your business economics to inform pricing strategies Consider the nature of irrational buying behavior to maximize opportunities Apply a pricing framework based on life-stage and inventory aging to develop strategies Implement strategies in a pricing engine to automate and scale application Continue to monitor, adjust, and test as market and business conditions change
    57. 57. KEEP IT SIMPLE – NO MORECOMPLEX THAN IT NEEDS TO BE
    58. 58. ccarey@monsooncommerce.comcaseykcareycaseycarey
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