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How can you use sales data to make better pricing and promotional decisions during peak periods?

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Peak periods, such as holidays, seasons, or events, can offer great opportunities for retailers to boost their sales and profits. However, they also pose challenges in terms of managing inventory, demand, and competition. How can you use sales data to make better pricing and promotional decisions during peak periods? In this article, we will explore some tips and strategies to help you optimize your merchandising performance using data-driven insights.

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Faizaan Amin Merchant

Business Development at TRMT - Group - Arabia
Ahmed Ramadan MBA

Sr. Sales Executive at Talabat | Ex MaxAB | Ex Akelni | Driving Growth, Business Development, Building Long-Term…
Mikala Schimke

Visual Merchandiser

1 Analyze historical sales trends

One of the first steps to make better pricing and promotional decisions during peak periods is to analyze your historical sales trends. By looking at your past sales data, you can identify patterns, fluctuations, and anomalies that can inform your future actions. For example, you can see which products, categories, or segments performed well or poorly during previous peak periods, and how they responded to different pricing and promotional strategies. You can also compare your sales performance with your competitors and the market trends, and see how you can differentiate yourself or capitalize on opportunities.

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Faizaan Amin Merchant

Business Development at TRMT - Group - Arabia
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1. Analyze pricing elasticity: Examine how changes in price affect sales volume during peak periods. 2. Monitor demand patterns: Analyze sales data to identify patterns in customer demand during peak periods. 3. Assess promotional effectiveness: Track the impact of past promotions on sales during peak periods. 4. Identify cross-selling and upselling opportunities: Analyze sales data to identify product combinations that customers frequently purchase together during peak periods. 5.Monitor competitor pricing and promotions: Utilize sales data to compare your pricing and promotional strategies with those of your competitors during peak periods.

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Ahmed Ramadan MBA

Sr. Sales Executive at Talabat | Ex MaxAB | Ex Akelni | Driving Growth, Business Development, Building Long-Term Partnerships, and Data analysis
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The decision is based on good analysis of data from various directions, such as the best-selling places, the timing of purchases, the quality of products, the average size of the order, the categories that make the most purchases, customer behavior by clicking on unavailable products, the amount of demand for those products, the average number of daily orders, and the days with the highest demand. The average age group and the colors of the most requested products are studied in detail to understand the nature of customers more and determine the strategy that will be taken after studying and analyzing the data.

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2 Forecast demand and inventory

Another important step to make better pricing and promotional decisions during peak periods is to forecast your demand and inventory levels. By using sales data, you can estimate how much demand you will have for each product, category, or segment during the peak period, and how much inventory you will need to meet that demand. You can also factor in external variables, such as weather, seasonality, consumer preferences, or economic conditions, that can affect your demand and inventory. By forecasting your demand and inventory, you can avoid overstocking or understocking, and adjust your pricing and promotional strategies accordingly.

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Mikala Schimke

Visual Merchandiser
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If you work for a larger corp, this is likely happening, however if you work for yourself, or a smaller business, this may not be happening. There could also be the possibility that the company is newer so you don’t have historical data to study. You can look at industry trends that you’re merchandising within. For example, in retail - there are specific times of year where everything goes on sale. Make a calendar! Lastly, as your building a database for yourself, make note of things like weather patterns, or things that were happening in the city, your business is within at that time, including things that are political, a fair, or an event, or any other thing that could disrupt or impact, positively or negatively the business itself.

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3 Set dynamic pricing and promotions

A third step to make better pricing and promotional decisions during peak periods is to set dynamic pricing and promotions. Dynamic pricing and promotions are pricing and promotional strategies that change based on real-time data and market conditions. By using sales data, you can monitor your sales performance, customer behavior, competitor actions, and market trends, and adjust your pricing and promotional strategies accordingly. For example, you can lower your prices or offer discounts or bundles for products that are not selling well, or increase your prices or reduce your promotions for products that are in high demand or low supply. You can also use sales data to segment your customers and offer personalized pricing and promotions based on their preferences, loyalty, or purchase history.

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4 Test and measure results

A final step to make better pricing and promotional decisions during peak periods is to test and measure your results. By using sales data, you can evaluate the effectiveness of your pricing and promotional strategies, and see how they impact your sales, profits, customer satisfaction, and loyalty. You can also compare your results with your goals, benchmarks, and expectations, and see how you can improve or optimize your performance. You can also use sales data to conduct experiments, such as A/B testing, to compare different pricing and promotional strategies, and see which ones generate the best outcomes.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use sales data to make better pricing and promotional decisions during peak periods?

1

2

3

4

5

1 Analyze historical sales trends

2 Forecast demand and inventory

3 Set dynamic pricing and promotions

4 Test and measure results

5 Here’s what else to consider

Merchandising

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How can you use sales data to make better pricing and promotional decisions during peak periods?

1

2

3

4

5

1 Analyze historical sales trends

2 Forecast demand and inventory

3 Set dynamic pricing and promotions

4 Test and measure results

5 Here’s what else to consider

Merchandising

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