Gartner Research

Prioritize 10 Best Practices for Successful Price Optimization Implementations

Published: 17 March 2015

ID: G00273683

Analyst(s): Robert Hetu


Tier 1 multichannel retailers are challenged by price optimization implementations that frequently fail to provide promised benefits. This research identifies common best practices among successful implementations of the three major types of price optimization.

Table Of Contents
  • Key Challenges



  • Human Resources Preparation
    • Executive Sponsorship — Secure Engaged, Active and Supportive Sponsorship From a Key Senior Business Executive
    • Change Management — Implement a Robust Project Management Office and Change Management Program
    • Business Leadership — The Business Must Lead With Strong IT Collaboration
    • Business User Readiness — Evaluate Business Users' Ability to Understand and Use Analytical Applications to Improve Decision Making
  • Data and System Preparation
    • Historical Data Evaluation — Determine the Quality and Availability of Relevant Historical Data
    • Visioning and Process Mapping — Conduct Visioning Sessions That Produce As-Is and To-Be Merchandise Pricing Process Mapping
    • RFP Preparation and Solution Selection — Take No Shortcuts During the RFP and Resulting Solution Selection
    • System Dependencies and Project Overlap — Know the Potential Roadblocks, and Alert the Executive Sponsor
  • Pricing Strategy Preparation
    • Pricing Management Process and Organization — Create an Effective Process and Structure in Anticipation of Required Change
    • Existing Pricing Strategy, Multichannel Pricing Trends — Understand Current Multichannel Pricing Strategy and the Impact of Future Pricing Trends

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