How Retail and Analytics-Based Pricing Works with Kiran Gange

<p><strong>Kiran Gange</strong> is the CEO and Founder of RapidPricer, a company that helps automate pricing and promotions for retailers. He helps companies grow internationally, especially into India. And he was a Senior Strategy Analyst at Fry’s Electronics.</p> <p>In this episode, Kiran educates us on retail and analytics-based pricing as he shares hypotheses and strategies you can practice in pricing your own products.</p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Learn how to price retail products both in B2B and B2C setting</li> <li>Understand why you should increase your price in phases and not shock your customer at once</li> <li>Find out how important analytics-based pricing in, and discover strategies on how you can actually do it in your business</li> </ul> <p><strong> </strong></p> <p align="center"><strong>“Look at your past data. Use your intuition to guide the data analysis, but don’t only base your decision on intuition.”</strong><strong> </strong></p> <p align="center">– Kiran Gange</p> <p><strong> </strong></p> <p><strong>Topics Covered:</strong></p> <p>01:31 – How Kiran got into pricing</p> <p>02:36 – Pricing in both the environments of B2B and B2C in retail</p> <p>05:07 – A hypothesis to test for foot traffic and cameras</p> <p>07:13 – Talking about the work that RapidPricer does</p> <p>11:15 – The strategy on how to rapidly change prices, and the difference between base price and promoted price</p> <p>14:00 – The difference between AI and a strategically thought-out programming</p> <p>17:06 – Discussion around analytics-based pricing frameworks, and Mark’s ‘which one’ and ‘will I’ concept</p> <p>21:01 – Using AI to know which products people are price sensitive on</p> <p>22:09 – Pricing table topics: “Execute price increases in phases; test the outcomes.”</p> <p>24:08 – Kiran’s pricing advice</p> <p> </p> <p><strong>Key Takeaways:</strong></p> <p>“There’s a difference between a base price and a promoted price. The base price is when you decide what