Maximizing Value in Retail Pricing with Kiran Gange

<p dir="ltr"><strong>Kiran Gange</strong> founded RapidPricer and is currently working on automated pricing and promotions for retailers using image processing, spectral images, IOT data and artificial Intelligence.</p> <p dir="ltr">In this episode, Kiran shares a dynamic pricing strategy for retailers that increases profits while providing greater value to customers.<strong><br /></strong></p> <p dir="ltr"> </p> <p dir="ltr"><strong>What you will learn from this episode:</strong></p> <ul> <li dir="ltr" role="presentation">Develop a dynamic pricing strategy that prioritizes maintaining long-term customer trust rather than solely focusing on profit</li> <li dir="ltr" role="presentation">Discover opportunities for retailers to implement dynamic pricing strategies</li> <li dir="ltr" role="presentation">Learn about a pricing strategy that reduces food wastage in the retail industry</li> </ul> <p><strong> </strong></p> <p dir="ltr"><strong>"Take a look at your data to understand how customers are reacting to price changes."</strong></p> <p dir="ltr"><em>- Kiran Gange</em></p> <p><strong> </strong></p> <p dir="ltr"><strong>Topics Covered:</strong></p> <p dir="ltr">01:16 - What inspired him to write the book 'The Expert Guide to Retail Pricing'</p> <p dir="ltr">02:55 - The reason for suboptimal pricing in most retail companies he works with</p> <p dir="ltr">06:13 - Pricing in B2B versus B2C as it relates to value associated with the product or service</p> <p dir="ltr">07:51 - Explaining about the lagged reaction between the value and the price of the product</p> <p dir="ltr">09:22 - Illustrating the work they do at RapidPricer when it comes to dynamic pricing</p> <p dir="ltr">13:16 - What helps customers in their decision when choosing stores to buy from</p> <p dir="ltr">15:05 - Frameworks used and discussed in Kiran's book</p> <p dir="ltr">16:16 - Identifying products that are profit drivers or traffic drivers</p> <p dir="ltr">17:45 - Determining individual product elasticity even without changing prices [plus a discus