Pricing decisions are fragmented—and made across different business units. They are often determined through an undisciplined mix of generic margin assumptions, consumer complaints, and by matching competitor levels. Retailers are paying the price as profits continue to slide. According to Accenture research, high performance retailers are those that treat pricing as a distinct capability. Accenture’s Pricing, Promotion and Markdown Management approach helps clients transform their pricing capabilities and drive new levels of performance in their retail operations.
The heart of retail Pricing is at the heart of retail strategy. Yet pricing decisions are often fragmented across departments.. Complicating the situation: there is little data available to support fact-based pricing recommendations and little—to no—visibility into the impact of pricing on the customer both short and long term. With increased competitive pressure, many retailers have resorted to simply copying the moves of their competitors. The problem: what if competitors’ strategies are wrong? Accenture’s Pricing, Promotion and Markdown Management allows retailers to transform their pricing organizations. From strategy to market assessment, segmentations to promotions, our offering aligns pricing to the experience of a company’s best customers.
As part of Accenture‘s High Performance Business research, we have studied what it takes to achieve high performance and have codified characteristics that include:
- A culture and processes that emphasize innovation and agile commercialization
- Operational excellence
- Management of collaboration and strategic alliances
It can be difficult for retailers to nurture all of these traits in their own organizations. That’s why Accenture developed High Performance Retailing. High Performance Retailing translates these key competencies into retail-specific capabilities that allow companies to drive sustainable revenue and profit growth. Our methods are innovative—yet proven—and work to significantly boost the performance of retail enterprises.
Accenture’s High Performance Retailing enables fast and sustainable value creation with optimization tools and best practices that leverage retailers’ data. From demand generation to demand fulfillment, from supplier to customer management, retailers can apply our High Performance Retailing approaches to achieve quick, sustainable and measurable results—helping drive high performance.