Retail Science & Pricing
Importance of pricing
Pricing is and will remain, King in Retail. In the increasingly competitive environment, a retailer’s capability to leverage Prices, create an optimal strategy and execute optimal Pricing (and discounting) is critical to success.
To ensure truly impactful Pricing & Promotions strategies and operations TPC understands that there are four key elements to success, underpinned by data-driven insights.
With over 100 years of cumulative experience in the pricing space, across retail and food services industries, TPC believes pricing can be broken down into four general areas as well as bespoke projects:
Grow your internal pricing capability with us. We can help you define the optimal prices to achieve sales, volume, profit and price image goals through a consultative, collaborative approach. Whether you want to move to dynamic pricing, or set base prices through value pricing, we have the expertise to leverage the correct pricing technique for your unique scenario. Our goal is the same as yours, a base price aligned to your strategy that is operationally efficient to ensure delivery of your business goals.
Achieve stock goals as profitably as possible, when it matters most, through our proven markdown approach. We have a 100% success rate in helping our retail clients increase margin performance and supporting better sell-through/stock management. Whether provided as a flexible service or as our small-footprint “Smart Tooling” approach, our markdown service blends retail expertise and proven data science techniques to help you optimise markdown prices for sell-through, margin or any tailored combination to fit your needs.
Helping you optimise line-level promotional prices, quickly, easily, and objectively. Using proven data science techniques and small-footprint “Smart Tooling” we can help optimise promotional prices for margin, stock clearance, cash sales or any tailored combination to fit your needs. We drive between 2%-16% margin improvement on promotional events.
Pricing is not just about tooling, software, data or technology alone. Pricing is about capability (tools) and strategy. The most effective retail prices are co-ordinated and strategically aligned to the wider business and category/channel/geographic objectives. What is the optimal mix of regular price and promotions? Who are the competitors your customers benchmark you against? Which of your customers should take centre stage in your pricing strategy? Which of your products or product areas should have different pricing roles to maximise overall performance? We can help you find the answers and drive a more strategic pricing approach that puts you in better control of your margins, longer term.
For any bespoke projects that don't fall under the four offerings above or any questions, don't hesitate to get in touch. Our team offer deep Pricing expertise to support a full range of Pricing solutions and consultancy. From retail strategy conversations to custom-built interfaces, we can be flexible and agile in our approach.
“TPC have been a driving force in helping us develop a long term pricing vision while at the same time providing real, actionable solutions that delivered significant in year margin benefits. The team brought a wealth of industry knowledge and subject matter expertise but what sets TPC apart is their uniquely collaborative approach to working with all levels of the business making potentially difficult change feel like a team effort. The team understood our business and truly cared about improving it.”
— Group Merchandising Director, Very Group