Due to supply chain shortages and other pandemic issues, idle cargo ships have partnered with pricing software company Pricefx to promote new marketing and pricing strategies. Pricing is projected to continue amid the ongoing supply chain crisis.
“Retailers and e-commerce businesses this holiday season should be ready and able to make smart pricing decisions in real time, in response to minute market movements, multiple times a day,” John Gilbo, retail pricing expert at Pfaffenhofen, Germany-based Pricefx, said in a press release. “Competitors are constantly changing their prices in a very transparent market, filled with the side effects of the pandemic, like the broken supply chain and other challenging market conditions. This is an opportunity for retailers to reexamine their data, shift pricing algorithms, evaluate promotions, and other pricing strategies to close out the year with a profit.”
The supply chain has seen little in the way of relief from this perfect storm of disruptions.
Weather conditions could make an even greater impact on index prices and current exchange rates, along with price segments and bi-directional data, the release said. Another factor is the sweeping effect of workers across the globe quitting their jobs in search of better pay, benefits and working conditions.
The key, Pricefx says, is to cancel promotions and other markdowns. It certainly won’t help large corporations to cancel sales in an age where the vast majority of people are losing money. Furthermore, they encourage their consultants to lean into inflation and raise prices accordingly “in a timely manner."