Zilliant and MDM Whitepaper: How Distributors Can Optimize Online Pricing
More than a trend, distributors now must have an optimized pricing strategy to thrive
The only way to make sense out of change is to plunge into it, move with it, and join the dance.
- Alan Watts, British philosopher
Ready or not, it’s time for distributors to take the plunge into eCommerce and, with it, optimized online pricing. But this doesn’t mean you need to do so blindly or brave the journey alone. Zilliant and Modern Distribution Management (MDM) joined forces to develop a roadmap for distributors to help them overcome the many obstacles to building an online pricing playbook.
On this journey, you will need to bring AI-enabled technology, a long-term strategy and plenty of gumption if you want to change the culture around pricing within your organization.
That’s right; price optimization is as much a cultural transformation as it is a technology one. Thought leader Jonathan Bein of Real Results Marketing provides many insights in this whitepaper, one of which is: “The No. 1 reason for success, or otherwise, when it comes to price optimization efforts is the cultural hurdles that must be met.”
Through the lens of a mid- to large-size multi-channel distributor, our whitepaper addresses pricing as it relates to five key areas:
- Time — Reevaluate the sense of urgency you have for pricing activities. Have a long-term plan.
- Measure and Test — Challenge all previous assumptions by constantly testing. Make it a part of the DNA of the organization.
- People — Understand who you’re working with. Do not underestimate the cultural hurdles you’ll face in reforming your strategy.
- Information — Know that information is power. The more data you have, the better you can establish optimal prices.
- Price Point — Reconsider how many price points you really need. Technology can provide pinpoint accuracy, if done well.
Understanding how these components fit into the overall picture of your price strategy across all channels will be critical for distributors to succeed into the future. Let us be your guides.
By starting this price optimization journey now, with the right big data and AI technology, you can develop a true competitive advantage in distribution that, over time, will only become harder for others to emulate.