Gartner Research

Prioritize 14 Best Practices for Successful Price Optimization Implementations

Published: 04 August 2017

ID: G00338228

Analyst(s): Robert Hetu

Summary

CIOs of Tier 1 multichannel retailers are challenged by unified price optimization implementations that frequently fail to provide promised benefits. This research identifies 14 common best practices drawn from successful implementations of the three major types of price optimization.

Table Of Contents
  • Key Challenges

Introduction

Analysis

  • Unified Commerce Pricing Strategy
  • Human Resources Preparation
    • Executive Sponsorship — Secure Engaged, Active and Supportive Sponsorship From a Key Senior Business Executive
    • Continuous 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 Process and Resulting Solution Selection
    • System Dependencies and Project Overlap — Know the Potential Roadblocks, and Alert the Executive Sponsor
  • Pricing Process Preparation
    • Pricing Management and Organization — Create an Effective Process and Structure in Anticipation of Required Change

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