In my previous post, I highlighted the importance of driving user adoption of retail pricing solutions and the four essential steps that companies should leverage when designing and developing a solution. As a quick reminder, the steps focus on continuous collaboration and feedback from key business stakeholders and day-to-day decision makers is essential to ensure the solution addresses their biggest pain points and fits their business processes.
Now that you are familiar with the overall process and potential pitfalls from lack of involvement, let’s discuss some key components of a pricing User Interface (UI) that can help maximize its effectiveness and grow user adoption.
1) Integrate with your data and analytics platform. This represents the first building block to maximize the revenue potential of your pricing solution. By developing the UI on an integrated data platform, you ensure a single version of the truth and provide the business with seamless visibility into all key metrics. Combine data with the power of predictive analytics and you have effectively laid the foundation for your pricing recommendations. Now let’s consider how to use this data in the UI.
2) Rapidly and systematically flag opportunities. In an ever-changing pricing landscape, retailers need to have a system in place that notifies users of the best opportunities available so they focus their attention on the most impactful segments. If users spent 80 percent of their time on the top 20 percent of opportunities, the results would be astounding. Leveraging core stats that prioritize where users should focus first and systematically generating alerts are a great way to get users to hone in on key segments. These alerts could be due to a variety of factors, such as a competitor price change or a significant market shift. The solution should also notify users of any large changes to price recommendations to ensure those are reviewed and approved.
3) Provide transparency to support recommendations. Users that don’t understand the “why” behind the recommendations will be: (1) less likely to accept them and (2) will ultimately lose confidence in the system. By supporting your recommendations with key metrics such as expected demand, price sensitivity, competitor prices, and other proprietary metrics your company leverages on a day-to-day basis, you will instill a sense of transparency and faith in your system. Additionally, retailers can leverage icons (e.g., up/down arrows) or color-coding to make their systems more user-friendly.
4) Publish results to the pricing system of record. This may seem obvious, but publishing your results to the pricing system of record is essential. Any UI should be able to capture and store user overrides and should publish overrides along with any user accepted system recommendations to the system of record. Without this step, the UI will never get used to its fullest potential since it will require a user to self-report updated prices elsewhere.
An integrated UI that alerts users of highest priority areas, provides rationale behind its recommendations, and is easy to use and navigate will ensure a system is used to its fullest potential. Combining those key components with the four essential steps to developing a solution will increase user adoption and ultimately drive more revenue for the retailer.