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Static Pricing Explained

How to use the Static Pricing insight

Nicole O'Riordan avatar
Written by Nicole O'Riordan
Updated over 4 years ago

Pulse presents a number of insights about your store to help you increase profitability and fix issues that are costing you money. Insights can be found on the right hand side of your Dashboard when you log in to Pulse.


What is Static Pricing?

'Static Prices' is an insight on Pulse which highlights products that have not had a price change in over a year. These products could be earning you more margin, and Pulse will suggest this to you in the form of a price increase suggestion. 

Why is it useful? 

There are many factors used when determining a price on a product, and every retailer typically has KVIs (Known Value Items) which are the ones that drive value perception the most, and they tend to be priced more sharply and with attention paid to the competition.  

However, all other products tend to be regarded as more background items, and it is these background items that we are focusing on here. 

Strategically with less direct influence on value perception, background items can be priced with greater emphasis on improving margin - Pulse uses this to great effect in Price Increase Suggestions - however, what we also see happening is that lots of products stay at the same price for a long time simply due to inertia. The retailer can be surprised by how many products are still at the same price one, or two (and sometimes more) years later. 

This insight exists to highlight these products, and suggest that perhaps the price should be looked at to see if there is more margin to be had. Prices remaining static for such a long period of time are losing money, good housekeeping is essential to prevent the leaky tap.   



How does it work? 

The below grid is an example of what you see when you click on this insight. We will go into detail about each of the columns below, and you can read our How to use Grids guide for more information on how to navigate pages like this in Pulse.

Note: If you want to view any image in this article in more detail, you can right click the image and click 'View in new tab'.

Before we get into detail, we want to highlight five key areas of this insight (highlighted with numbers above):

  1. This highlights the number of months which have passed since the price has been changed. Obviously the greater this number to more stagnant the price.

  2. This highlights the actual date the price last changed for this product.

  3. The “Avg Daily Qty“ is the number of units of this product sold on average per day.

  4. The suggested price is a calculation based on adding 1% to the actual price.

  5. The annual gain is the margin, if the suggested price was used instead of the current price.

  • Selection Box: This allows you to select this product so that an action, or an exclusion can be carried out.  Note: multiple products may be selected at the same time to carry out the same action and or exclusion. 

  • Product: The product description.

  • Category: This is the category associated with the product.

  • Barcode: The product barcode.

  • Supplier Code: Code used internally/for ordering.

  • Months Since Change: How many months have elapsed since the price was last changed.

  • Price Changed: The date the price was changed.

  • Last Sold: The last date the product was sold.

  • Avg Daily Qty: The average quantity of the product sold every day.

  • Price: The current price of the product.

  • Suggested Price: The price suggested by Pulse based on a 1% price increase.

  • Annual Gain (margin): The annual gain in the margin (cash) if the suggested price is adopted based on the current average daily volume.

What should you do? 

1. Accept Suggested Price:

Taking this action tells the system you are going to act upon the price increase suggestion and to use the suggested price. You must then manually change the price on your ePoS system. Pulse puts these products in a campaign to track the impact of the change.

2. Add to a campaign
You may want to add selected products to a campaign, this might be nothing to do with the price suggestion itself - maybe you are unhappy with its sales rate and want to add it to a merchandising or Spotlight campaign.

Need more help?

Email us at support@markethub.ie with as much information about your issue as possible, and we will get back to you as soon as we can. 

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