Pricing and promotions are universally acknowledged as critical levers for retail strategy success. However, many retailers try to manage them separately, leading to inefficiencies and missed opportunities. Unified pricing and promotion planning consolidates these functions, allowing retailers to streamline their processes, reduce errors, and ultimately achieve better results.
Martin Tilbury, RELEX Director of Price and Promotion Products, talks about how we are streamlining promotion planning and price optimization in a single, easy-to-use solution.
Transcript
Hi, I’m Martin Tilbury. I’m at RELEX Solutions, looking after our pricing promotions and markdown solutions. The important thing with promotions is just stopping doing the same stuff every year and every cycle that just keeps coming through because it’s worked before, and you don’t really have the intelligence or confidence to try something new.
We’ve got a super promotion solution, which helps merchandisers to maximize their sales and their margin, but also the more operational pieces, the manual processes, and particularly these last-minute change requests, managing that together.
So, we also look at marketing wrappers, campaigns, and strategic things we want to do for next year. We think about promotional space that needs to be able to line up. We think about unifying with supply colleagues. We think about our suppliers – collaborating with them and helping content negotiation processes as well. What we’re really proud of is we extended the promotions platform to also include pricing.
It’s something that we’ve seen with trends like inflation in the market. The need to be agile in pricing is so important now, and it’s just not possible to do that in the existing manual processes where you’re used to just changing a few things here or there – small, little incremental pieces. What’s really cool is when you bring price and promotions together in the same solution on the same platform in a really rich way.
So, things like price establishment. If you run a promotion, you need to make sure your base price is right before so it’s a legitimate promotion that doesn’t mislead your customers. It’s important for us in pricing to respect your pricing strategy, your relationships between the products and the hierarchies, and your customer proposition. But also, we want to do more for you around recommendations and optimization. In the same way with our promotions platform, we’re doing it with pricing as well.
If this is interesting to you. It’d be great to talk more. Please reach out, and we’ll speak to you soon. Thank you.
