Retail Evolution from the First Tech Solutions to Optimal Pricing
In the last few decades, retail industry went through remarkable transformations driven by technology. Global retail investments in tech solutions are expected to reach the point of $203 billion by the end of 2019. Both large and mid-size retailers invest heavily in technology as it’s the only opportunity to outperform rivals in building personalized and comprehensive customer experience. Pricing has always been — and will remain to be — a core capability of building a unique shopping experience. That's why retail stakeholders put special efforts in developing advanced pricing solutions.
Industry's tech evolution went through several explicit periods. The monopoly of large consultancy agencies was undermined by the first tech solutions that could analyze historical data, yet were too expensive and difficult in integration. The second wave of solutions could even build rough predictive models, however, remaining overcomplicated in onboarding and operational use. In the mid 2010s, retailers finally got the third-wave solutions that ruined giants’ monopoly on innovation and made optimal pricing possible for all types of retailers.
We put together the most landmark events in the tech history of retail so you can locate your business on the road to optimal pricing and make sure your team moves in the right direction. Let’s get started!