Periscope By McKinsey, which offers a suite of Marketing & Sales Analytics Solutions to help companies achieve sustainable revenue growth, announced that it has been positioned as a leader in the ‘IDC Marketscape: Worldwide Retail Price Optimization Applications 2019 Vendor Assessment’ (doc #US45034619, May, 2019). The report, which analyzes leading vendors offering Retail Price Optimization Solutions, notes that digital transformation AI and are intensifying the level of competition within Retail, and that achieving competitive and intelligent pricing is at the heart of this change retailers are now facing.
According to the report; “Price is a cornerstone of CMO (‘Curated Merchandise Orchestration’). Its many stakeholders can hold conflicting objectives. Setting the best price is always complex and data intensive, often error prone, and too frequently suboptimal. Realizing benefit from well-crafted prices can be stymied by ill-advised, but seemingly reasonable, overrides.
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“…Price optimization applications are automation tools that change how people work. Some people take longer to change than others. Make sure that stakeholders affected by pricing process changes, especially pricing strategists, merchants, and their collaborators in category management teams, are involved in these projects from the start to get their inputs and develop their buy-in throughout the process. Make sure everyone knows the upside to using the new tools and to look for quality issues after launch,” it continues.
Brian Elliott, Partner, Founder, Senior Advisor & Head of Innovation at Periscope By McKinsey, said; “We are delighted to be positioned as a Leader by the IDC Marketscape. Retail Price Optimization needs to be focused around innovation, for retailers to sustain competitive advantage and maximize sales and margins. With the increasing use of AI and ML in pricing solutions and with a rise in their presence across multiple physical and digital channels, the need to adopt this latest generation of pricing tools is now critical, as the IDC MarketScape notes in the report. Our Solution-as-a-service model is the key to our success; it helps our clients achieve maximum impact by leveraging the best machine solutions, people services and technology available then combines that with needed change management expertise to make it stick.”
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The IDC MarketScape report states that Periscope:
- “Utilizes deep expertise in retail industry dynamics, business processes and operations, data sciences, analytics application development, and organizational change management
- Applies competitive intelligence, customer journey behavior analytics, internal business rules, advanced econometrics, price elasticity, and product behavior analytics within well-managed workflows and an intuitive user experience
- Demonstrates ability to release new modules, user environments, science, and analytics and to sustain that pace in the near future with well-articulated and funded development plans”
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