Using Data Science to Avoid Global Pricing Chaos

Andrea Marron

E-commerce and omnichannel retail strategies have revolutionized the way consumers buy products, but maintaining consistent pricing across global markets can be an obstacle for organizations. By harnessing a focused data science strategy, organizations can avoid pricing pitfalls.

Master the Challenges of Multichannel Pricing

Frontiers |

Walter Baker et al.

Retail customers may accept different prices on different channels — but retailers need to manage new complexities to make it work. These include understanding what customers value in each channel and how that affects what they will pay, giving store employees the right language for talking about price differences, and working out operational challenges. Getting it right has a real payoff: Retailers that effectively price differently across all channels see bottom-line growth of 2 to 5%.

The Big Data Problem That Market Research Must Fix

Ken Faro and Elie Ohana

Insight into what customers really care about often is hampered by the quality of the information being collected. Big data can support smart market research, but only if researchers embrace psychometric best practices and the basics of understanding what it is they want to measure and how. That means asking the right questions, asking enough questions, understanding how to weigh questions, and taking into consideration how people felt about the brand to begin with.

Mastering the Market Intelligence Challenge

Murali D.R. Chari et al.

A shortage of reliable information is common in emerging markets. Because such markets are heterogeneous, the sources and methods for market intelligence require modification before they can be transferred from one emerging market to another. Market intelligence is thus best viewed and managed as a strategic asset that multinationals should invest in keeping up to date.