By: Benjamin Garden, Director of Pricing Analytics In today's hyper-competitive marketplace, businesses are continually seeking new ways to increase revenue and maintain a competitive edge. One approach that has emerged as a promising solution is Price Optimization using AI algorithms. With the ability to analyze vast amounts of data in real time, AI algorithms [...]
By: Benjamin Garden, Director, Pricing Analytics, Iris Pricing Solutions It's no secret that pricing has a direct impact on profitability and customer satisfaction. In the digital age, where customers have access to information about prices from around the world in seconds, implementing effective pricing strategies is becoming increasingly important for businesses. With this in [...]
By: Ben Garden, Director of Analytics, Iris Pricing Solutions There are significant benefits to working with a team who has high-level pricing analytical skills and can use your company's data to inform pricing and create new pricing opportunities, especially in the areas of e-commerce and competitive intelligence. Leveraging your data and analytics to make [...]
Menu Price Increases Require a Strategic Approach "Between inflation and supply chain shortages, there are a plethora of issues affecting restaurants’ bottom lines. This has led many to adjust menu prices—according to a recent survey, 91% of operators have done so. How do you know when it’s time to raise prices?". Pricing Solutions Director [...]
Background Our client with over $100 million in revenue annually, sells original and aftermarket parts for automotive enthusiasts. They cater to individuals with private garages and lifts, and of the components they sell, almost 60% are for Ford Mustang, Jeep, and Chevy vehicles. During the pandemic, many enthusiasts had more time to work on [...]
Establish a logical offer structure built on customers' key value drivers The client was a large doggy day care and dog grooming service provider planning a large expansion in the following year more than doubling the number of locations. The locations were operated by franchisees who had autonomy on their pricing and promotional strategy [...]
The client is a global online B2B retailer that supports its global pharmaceutical, bio-pharma, and food industry clients with its thousands of quality products. With thousands of different substances per industry being sold in 15 countries, the client had no way to track what products their competitor was selling, or what price they were [...]
By Craig Singleton, Director of Restaurant Strategy, Iris Pricing Solutions Spring is here and it's the ideal time to re-evaluate menus and reconsider pricing. Producing new menu items or switching to a seasonal menu necessitates a consideration of current pricing. Many large, multi-unit restaurant brands procrastinate on pricing out of fear that an increase [...]
Last year we asked the question Can You Protect Your Business and Clients from Cost Shocks? While we may have all hoped that the surge in the cost of raw materials and Pandemic-related disruptions would dissipate, the truth is that we're now in a significant period of inflation with most companies needing to increase [...]
Cost pressures and an increasingly competitive market have resulted in severe price increases across the restaurant industry. Research by the National Restaurant Association has found that menu prices on average have increased 4.7% percent last year, and quick service has increased by 6.7% - which was the highest increase U.S. consumers experienced in over [...]
