Home improvement retailer ups ante with price optimization
The Home Depot Mexico is one step closer to delivering on its promise "to provide the highest level of service, the broadest selection of products and the most competitive prices.”
By partnering with Revionics, the DIY retailer will be positioned to deliver more consistent, competitive and customer-centric pricing across 118 stores throughout the country. Its pricing team will leverage Revionics’ Price Management and Price Optimization solutions to gain better insights into customer price preferences, better compete with both online and brick-and-mortar companies and conduct scenario planning and analytics as the company continues to scale for growth across Mexico.
"Since entering the Mexican market in 2001, The Home Depot Mexico has enjoyed a warm welcome and continued robust growth as we reach our planned 119 stores nationwide at the end of this year," said Jose Del Angel, director of merchandising support for The Home Depot Mexico. "Revionics allows us to price more competitively where it matters while delivering measurable business results.”
The Home Depot Mexico is also leveraging the technology provider’s analytical services, including “Key Value Item” analysis, elasticity analysis and product affinity analysis. These will help the retailer develop a more consistent price perception that aligns with customer expectations, while competitively pricing items that matter most to its shoppers. The more modern, automated pricing infrastructure will also enable The Home Depot Mexico to scale seamlessly as its business continues to grow.
Wayfair app brings products to life right in shoppers’ hands
While some retailers struggle with mobile’s limited “real estate,” Wayfair sees it as a window of “shopping” opportunity.
The home décor pure play launched View in Room, a new feature within its mobile app that lets shoppers see furniture and décor in their homes before they buy. The new feature places two-dimensional (2-D) product images in any room through the camera of iOS and Android mobile devices.
“As we pioneer new emerging technologies, such as virtual and augmented reality, we are simultaneously focused on bringing new solutions to market that will immediately benefit all of our customers,” said Steve Conine, co-founder and co-chairman, Wayfair. “The new View in Room feature solves a common customer pain point by making it possible for shoppers to preview furniture and décor in their home before placing an order."
Besides being available in the Wayfair app, View in Room is also available on Joss & Main and AllModern mobile apps.
UPS: High-tech shoppers drive clicks this holiday season
High-tech purchases could account for a major portion of consumer holiday spending this year — and they will be placed by high-tech shoppers.
This prediction was made in a report by UPS, “2016 UPS How to Click with High-Tech Online Shoppers.”
Roughly 170 million people (68%) plan to purchase technology gifts this holiday season, according to the Consumer Technology Association (CTA). These will be made by high-tech purchasers — someone who purchased a computer, consumer electronic device, mobile phone or wearable device online, UPS said.
“High-tech shoppers have distinctive purchasing behaviors, and retailers need to look at what motivates them and influences their decisions across the shopping experience from pre-purchase through purchase, delivery and returns,” said David Roegge, director of high-tech segment marketing, UPS. “These shoppers hold a lot of purchasing power this holiday season, and it’s important to understand what makes them click.”
Among the key findings of the UPS report:
• High-tech purchasers have made significantly more purchases on their smartphones in 2016 (42%) versus purchasers of non-high-tech items (27%).
• High-tech purchasers are heavy users of social media, with 42% following retailers’ social channels; 37% saying that social media influences their purchasing decisions; and, 25% making purchases on social media sites.
• 61% of high-tech purchasers find peer reviews important versus 55% non-high-tech purchasers.
• 39% of high-tech purchasers prefer alternative delivery locations compared to only 31% of non-high-tech purchasers.
• While high-tech purchasers do a lot of shopping online, 46% of their purchases are made in store and 58% of these shoppers prefer to make returns to the store.