With supply chain disruptions impacting available inventory and inflation threatening customer demand, retailers must be more agile than ever. With agility comes control, and more control means more profit for retailers facing adversity.
While agility is important for any retail strategy, flexibility in pricing and inventory management can lead to major improvements in profitability. Just ask companies like Uber and Airbnb. These companies, along with major airlines and hospitality companies, have been using dynamic pricing to manage supply and demand for years. In addition, grocers leverage dynamic pricing to manage perishable inventory and decrease food waste.
All retailers and hospitality companies of any size or specialty can benefit from closely managing their inventory and pricing capabilities with GK. GK’s AIR Dynamic Pricing and Store Inventory Management solutions are designed to improve agility and strengthen margins.
Keep reading to learn more about how these solutions work in today’s tumultuous retail environment.
GK’s Store Inventory Management Solution Minimizes Supply Chain Disruptions
GK’s Retail Store Inventory Management solution bridges the gap between a retailer’s enterprise planning system and its store-level processes. With this solution in place, retail employees can effectively and efficiently coordinate all merchandising needs in store, online and throughout the supply chain.
This solution records all inventory changes in real time. The AI-driven data exchange ensures that the latest data is made available to all stakeholders online and offline on any mobile device.
With inventory changes quickly available, decisions regarding promotions, displays and pricing can be determined quickly. Insights into current supply and demand enhance the retail strategy.
GK AIR Dynamic Pricing Calculates Ideal Prices Automatically
Meanwhile, AIR Dynamic Pricing by GK can partially or fully automate price adjustments to optimize inventory management. Based on defined pricing rules and market and internal factors, the AI-driven algorithms determine regular and markdown pricing to power the ideal combination of sales volume, revenue and margin.
Regardless of complex pricing factors like material costs, competition, price sensitives and even the weather, dynamic pricing will always find the best price to achieve a retailer’s goal. Today, that’s more important than ever. By finding the ideal price, retailers can retain loyal customers without risking the bottom line or selling through inventory too quickly.
Retailers can also invest in GK’s mobile pricing client app add-on. With this functionality, pricing specialists can interact with a price change dashboard on their mobile device. This includes access to simulations designed to calculate how a proposed price change would impact sales, turnover, margins and profit.
The Power of Combining GK’s Store Inventory Management and AIR Dynamic Pricing
When paired together, GK’s Store Inventory Management and AIR Dynamic Pricing by GK provide the tools necessary to master supply and demand regardless of extenuating factors.
The advanced insights and agility give retailers more control over their strategies. With better controlled inventory management, retailers won’t need to rely on markdowns and can sell more products at full price.
For example, if a retailer orders the right amount of holiday decorations based on pre-holiday demand, they can avoid selling the decorations at reduced prices after the big day.
Ultimately, better inventory management control leads to less stress and better margins.
Are you looking to optimize your store and improve flexibility to better withstand unexpected events in the future? Contact us today and follow us on Twitter and LinkedIn.
