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With COVID-19, the situation changes every few days as new protective measures are taken by governments. These fluctuations have unprecedented effects on customer demand as well as on the supply chain, and the entire fashion retail industry is heavily impacted. But leveraging Blue Yonder’s lifecycle pricing capabilities bonprix achieved the flexibility and reactiveness retailers need, especially during times of crisis. Able to quickly respond to changes in the market, stock and incoming orders, lifecycle pricing analyzes data to propose the prices that fully matched bonprix’s expectations and business objectives.
After a very successful go-live in Germany, bonprix decided to roll out the lifecycle pricing strategy in the other European markets, including Italy, Austria, France, Netherlands and Switzerland. While bonprix’s mid-term goal is to return to pricing that is fully customer-centric, the flexible switch bonprix has experienced between the pricing strategies will remain an important lesson learned and one that can be leveraged in case of similar disruptions.
What’s more, the pricing solutions are fully automated. Error-prone manual interventions would have missed certain factors and considerations and would have required labor intensive reassessments every single day. Blue Yonder’s AI/ ML pricing solutions automatically run daily price analysis, freeing the staff to deal with all the other challenges that are arising during these times, such as closely observing the conditions in the procurement markets.
Blue Yonder delivers
Bonprix achieved data-driven pricing decisions based on stock and demand levels after only 2 weeks of implementation. Few of these decisions could have been successfully made with employees, given the time constraints, large data sets and continuously unfolding events.
With flexible price strategy settings and full automation, Blue Yonder will continue to play a very important role in attaining future success.
Expansive capabilities
Rather than engaging in “price wars” and high discount promotions on their whole assortment.
