🚀 Exciting insights from the 11th International Conference of Management and Industrial Engineering 2023 in Bucharest! 📊 🛒 The retail industry is undergoing a transformation, and automation is at the forefront of this change. Evgeniya Tonkova from the University of Economics in Varna, Bulgaria, presented compelling research on the case for price automation in traditional retail outlets, with a focus on fresh milk sales. 🧐 The study delves into consumer behavior, revealing that price sensitivity and real-time price comparison are significant factors in purchasing decisions. With the rise of online grocery shopping and the need for retailers to adapt to market fluctuations, the importance of dynamic pricing strategies has never been more evident. 🤖 Tonkova's research proposes that pricing automation models, which consider factors like shelf life, demand, and competitor prices, can optimize inventory management and enhance sales performance. These models can be tailored to single products or entire product categories, offering a flexible approach to pricing that responds to the ever-changing retail landscape. 📈 The findings from a survey of milk buyers in Bulgaria show that consumers are open to dynamic pricing, indicating a readiness to embrace the benefits of automation in their shopping experience. 🔍 As we move forward, it's clear that automation will play a crucial role in the future of retail. It's not just about efficiency; it's about delivering better value to consumers and driving profitability for businesses. https://lnkd.in/ebyp_6Cj 💡 Let's continue the conversation about how automation can revolutionize the retail industry. What are your thoughts on the role of technology in shaping the future of shopping? #RetailAutomation #DynamicPricing #ConsumerBehavior #Industry4.0
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Digital customer engagement is more important than ever. And more importantly, it's spilling over into the B2B world. In a year that's going to be incredibly competitive -- what are you doing in the last mile to differentiate? Check out this year’s study where it revealed that whilst 39% increased their purchasing, 67% of consumers experienced a delivery problem during the period surveyed. And 63% took action against the retailer or delivery company. Read more on our website.
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